Advice on Niche Market Exit Planning
Selling a Taxicab Services Business
A lot can go wrong during the sale of a taxicab services business these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a taxicab services business sale works.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your taxicab services business can be sold at or above fair market value right now.
Preparing Family Members
Many sellers embarked on their taxicab services business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the taxicab services business. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a taxicab services business has to include ample communication and shared decision-making.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your taxicab services business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Sweetening the Deal
Today's taxicab services business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. In fact, many concessions have little or no financial impact, but go a long way toward making the deal more palatable to young entrepreneurs. A limited amount of training and mentoring may seem inconsequential to you, but to a young taxicab services business owner, they can be critical launching points for their ownership journey.
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