Tips to Improve Exit Planning
Selling a Junk Dealership
Business-for-sale markets are susceptible to a variety of influences. As you know, the junk dealership industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a junk dealership whem market conditions threaten a successful business sale.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a junk dealership.
Market timing is a constantly moving target. That's why we think it's important for junk dealership owners to know that it's possible to sell a business in any economy. To improve sale outcomes, you will simply need to tailor your junk dealership to today's buyers.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based junk dealership sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some junk dealership sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for junk dealerships than other buyers.
Leveraging Industry Connections
Today's junk dealership buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
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