Selling a trunks business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
(article continues below)
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to trunks businesses that exhibit strong financials and potential for future growth.
Promoting a trunks business Sale
Successful trunks business sales incorporate comprehensive advertising plans. But if you think advertising your trunks business will be the same as running a product promotion, think again. Multiple factors complicate business-for-sale advertising, not the least of which is the fact that you don't want your competition to know that your company is on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing trunks business sales while maintaining the confidentiality that is critical to your business.
Finding Trunks Business Buyers
It's difficult to predict where the buyer of your trunks business will come from. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Hiring an Attorney
There is no way around the requirement to hire professional legal assistance when you sell your trunks business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Given your interest in exit planning and in trunks businesses, you might find these additional resources to be of interest.
If starting a trunks business is on your agenda, these guides will help you get started:
If you consider trunks businesses to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical directory of exit planning guides below.