Advice on Niche Market Exit Planning
Selling a Tonneau Covers Service and Repair Business
Think tonneau covers service and repair business sales have dwindled to a standstill? Think again. Here's what you need to know to get a fair price for your company.
In a down economy, many tonneau covers service and repair business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of tonneau covers service and repair businesses that are actually for sale.
Does that mean selling your tonneau covers service and repair business will be a piece of cake? No -- but you might be surprised to learn that the tonneau covers service and repair businesses that are selling these days are finding success though simple, common sense selling strategies.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Maintaining Objectivity
Emotions run high during the sale of a tonneau covers service and repair business. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Even more, the best brokers have a track of record of discreetly identifying likely buyers and contacting them on your behalf. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
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