Business Exit Planning
Selling a Marine Equipment Service and Repair Business
Planning and execution can dramatically influence the price you receive for your marine equipment service and repair business.
Personal and professional concerns surround the sale of a marine equipment service and repair business. In our experience, a common owner concern is how the sale will affect customers and employees.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your marine equipment service and repair business on the market.
Broker vs. No Broker
When selling a marine equipment service and repair business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a marine equipment service and repair business. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your marine equipment service and repair business until the prospect has been qualified as a serious buyer.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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