Sell a Business Tips
Selling a School Bus Transportation Business
Economic uncertainty influences the timing of many school bus transportation business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your school bus transportation business on the market.
Today's school bus transportation business buyers tend to be more skeptical than most about the nation's economic outlook.
They require careful planning and an intentional strategy that emphasizes your school bus transportation business's strengths and meets the needs of the marketplace. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your school bus transportation business stays in the family, and everyone is happy. Yeah, right. In fact, selling your school bus transportation business to a family member can quickly become a no-win proposition. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
Sale Documents
In a school bus transportation business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some school bus transportation business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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