April 10, 2020  
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Selling a Business


Selling a Scrap Iron and Metals Business

We hear it all the time: "This economy is a hostile environment for a business sale." However, scrap iron and metals businesses haven't heard the news and are reporting steady action on the business-for-sale market.

Personal and professional concerns surround the sale of a scrap iron and metals business. But have you considered how your customers, vendors and employees will handle the sale?
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Too often scrap iron and metals business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.

Closing Strategies

Today's scrap iron and metals business buyers expect sellers to offer concessions to persuade them to close the deal. But don't limit your view of concessions to financial incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young scrap iron and metals business owner, they can be critical launching points for their ownership journey.

Setting the Stage

In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. Professional business brokers understand buyers and know how to properly communicate a scrap iron and metals business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium scrap iron and metals business opportunity.

Broker vs. No Broker

The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your scrap iron and metals business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

Marketing a Scrap Iron and Metals Business

Why Hire an Exit Planning Consultant

Selling Part of a Business

How Much Is My Business Worth?

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Do you have any tips on selling scrap iron and metals businesses? If so, we'd love to hear from you!

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