Exit Planning Tips
Selling a Heavy Duty Towing Business
Although a heavy duty towing business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.
In a down economy, many heavy duty towing 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 heavy duty towing businesses that are actually for sale.
Despite the conventional wisdom, we believe current economic conditions are right for selling a heavy duty towing business. Here's how to do it . . .
Tips for Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized heavy duty towing business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. As you prepare for the sale of your heavy duty towing business, expect to be asked to finance a substantial part of the sale price.
Leveraging Industry Connections
Today's heavy duty towing business buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. More focused prospects are typically found within industry networks. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the heavy duty towing business. The sale of the business will likely result in new family dynamics. To keep the family intact, the sale of a heavy duty towing business has to include ample communication and shared decision-making.
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