Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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The economy hasn't squashed the market for auto body shop equipment repair businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
The upfront time you investment in the sale of your auto body shop equipment repair business will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Tips for Working with A Business Broker
Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the auto body shop equipment repair business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.
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