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Selling a Cars Service and Repair Business
You've heard the naysayers - now isn't the time to sell a cars service and repair business. But what they don't know is that many entrepreneurs see cars service and repair businesses as a smart business investment.
The decision to sell a cars service and repair business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
If you're ready to move on, now is the right time to sell your cars service and repair business.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your cars service and repair business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. 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.
Should I Hire a Business Broker?
When selling a cars service and repair business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a cars service and repair business. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered cars service and repair business sale.
The Case for Confidentiality
Highly publicized cars service and repair business sales are risky cars service and repair businesssales. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
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