Smart Exit Planning Strategies for Niche Markets
Selling a Garage Door Repair Business
With the economy limping along, many garage door repair business owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a garage door repair business. Here's why . . ..
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a garage door repair business sale. To improve sale outcomes, you will simply need to tailor your garage door repair business to today's buyers.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a garage door repair business that languishes on the market for months or even years. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Current Market Conditions
No one plans to sell a garage door repair business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your garage door repair business as attractive as possible so to buyers right now.
Maximizing Sales Price
There are no simple ways to sell a garage door repair 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. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. 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 garage door repair businesses.
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