You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a concrete pumping service and equipment business.
(article continues below)
Many concrete pumping service and equipment business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Capital is hard to come by these days. Thanks to more stringent commercial lending requirements, sellers have become de facto lenders, providing the financing buyers need to get their feet in the door. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your concrete pumping service and equipment business goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Preparing Family Members
Many sellers embarked on their concrete pumping service and equipment business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your concrete pumping service and equipment business has been an important part of your family life. The sale of the business will likely result in new family dynamics. The decision to sell a concrete pumping service and equipment business has to include ample communication and shared decision-making.
We think you may find these additional resources to be of interest.
If you plan on opening a concrete pumping service and equipment business, these helpul resources may be just what you've been looking for:
If you want information on how to sell to concrete pumping service and equipment businesses, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are eager to get business succession tips for a different industry, please browse our directory of exit planning guides below.