Cutting corners never pays off, especially in the sale of a chauffeur service.
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The business-for-sale market is extremely dynamic. So if you're waiting for the perfect market conditions to sell your chauffeur service, you could be waiting a while. If your business is ready to be sold, the time to sell is now. To improve sale outcomes, you will simply need to tailor your chauffeur service to today's buyers.
Leveraging External Resources
Rarely, if ever, do owners sell a chauffeur service without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
The methods for valuing a chauffeur service vary according to your business model and circumstances. However, there are generally three valuation methods appraisers use to determine your company's worth. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. In many sales, the most accurate valuation comes from the market method which determines value based on the recent sales of similar businesses. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. To drive up your sale price, position your chauffeur service by improving variables like assets, revenue and profitability during the years leading up to a sale.
Many sellers embarked on their chauffeur service sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. 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. The decision to sell a chauffeur service should allow opportunities for all family members to share their feelings and offer input about the sale process.
Given your interest in exit planning and in chauffeur services, you might find these additional resources to be of interest.
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