Exit Planning Techniques By Market
Selling a Fire Department Equipment and Supplies Business
When it's time to sell your fire department equipment and supplies business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
Personal and professional concerns surround the sale of a fire department equipment and supplies business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your fire department equipment and supplies business a success.
In today's market, there is still plenty of room for fire department equipment and supplies businesses that demonstrate solid earning capacity and a robust market position.
Setting the Stage
In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium fire department equipment and supplies business opportunity.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your fire department equipment and supplies business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your fire department equipment and supplies business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
Most fire department equipment and supplies business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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