Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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The business-for-sale market is extremely dynamic. So if you're waiting for the perfect market conditions to sell your limousines service and repair business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. You just need to know your buyers and structure the deal accordingly.
Sale Preparation Timeframes
There are no effective shortcuts for selling a limousines service and repair business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a limousines service and repair business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
How to Choose a Business Broker
First-rate business brokers deliver prospects and profits to their clients. During the selection process, look for brokers with a proven track record of successful limousines service and repair business sales. Take our word for it -- limousines service and repair businesses are unique businesses and you need a broker who understands how to properly market your limousines service and repair business to prospective buyers. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling limousines service and repair businesses.
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