May 31, 2020  
 
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Selling a Company

 

Selling a Farm Equipment Service and Repair Business

Selling a farm equipment service and repair business doesn't happen overnight. It takes a deliberate process to get top dollar for your company.

Cutting corners never pays off, especially in the sale of a farm equipment service and repair business.
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But the good news is that there is still demand for farm equipment service and repair businesses that present well and offer solid earning potential.

Post-Sale Details

Due diligence has ended and you're ready to close on the sale of your farm equipment service and repair business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.

Finding Prospects

Whether you know it or not, prospective buyers for your farm equipment service and repair business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.

Identifying Serious Buyers

Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your farm equipment service and repair business until the prospect has been qualified as a serious buyer.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

Marketing a Farm Equipment Service and Repair Business

Pre-Exit Employee Incentive Programs

Terms of Investment Banking Agreement

Renewing Leases Prior to Selling a Business


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