Selling a truck rental business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your truck rental business.
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 truck rental business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Finding Truck Rental Business Buyers
Qualified truck rental business buyers come from a range of sources and backgrounds. To cover all your bases, you'll need to conduct a broad buyer search process. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Networking is another useful tool in locating buyers. It might surprise you to learn how many truck rental business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Average Preparation Time
There are no effective shortcuts for selling a truck rental business. For starters, the financials need to demonstrate a track record of profitability and growth. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey truck rental business operation. Unless you have already started planning for your truck rental business sale, it's going to take at least six months to prepare your business. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
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