Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a driving information business sale works.
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Most driving information businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
It's rarely possible to sell a driving information business in a month or two. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your driving information business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Seller concessions are becoming more commonplace in business-for-sale transactions. The most common seller concession is seller financing. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Broker vs. No Broker
When selling a driving information business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your driving information business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Given your interest in exit planning and in driving information businesses, you might find these additional resources to be of interest.
If you plan on opening a driving information business, these helpul resources may be just what you've been looking for:
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