Exit Planning Techniques By Market
Selling a Ferry Services Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet ferry services businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
In a down economy, many ferry services business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of ferry services businesses that are actually for sale.
For sellers who are willing to perform adequate sale preparation, the numbers make ferry services businesses a solid investment for qualified buyers in the business-for-sale marketplace.
Selling a Ferry Services Business to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based ferry services business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Average Preparation Time
It's critical to properly plan for the sale ofa ferry services business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a ferry services business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Maximizing Sales Price
There are no simple ways to sell a ferry services business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their ferry services businesses.
Share this article
Additional Resources for Entrepreneurs