November 17, 2019  
 
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Selling a Company

 

Selling an Auto and Truck Brokers Business

Is the economy still a little shaky for a business sale? Sure it is. Yet auto and truck brokers businesses continue to sell at a brisk pace, regardless of the economy.

Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a auto and truck brokers business sale. To improve sale outcomes, you will simply need to tailor your auto and truck brokers business to today's buyers.

Finding Auto & Truck Brokers Business Buyers

It's difficult to predict where the buyer of your auto and truck brokers business will come from. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their auto and truck brokers businesses in multiple channels. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.

Sale Documents

A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.

Preparing Family Members

Many sellers embarked on their auto and truck brokers 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 auto and truck brokers business. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling an auto and truck brokers business often begins with a family conversation and a mutual decision to move on the next stage of life.

More Exit Planning Articles

Given your interest in exit planning and in auto and truck brokers businesses, you might find these additional resources to be of interest.

Marketing an Auto and Truck Brokers Business

Terms of Investment Banking Agreement

Why Hire an Exit Planning Consultant

Pros and Cons of Using Business Brokers


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What challenges have you experienced in selling an auto and truck brokers business or are you just getting started? If you have questions or advice to share, we'd love to hear from you!


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