Selling a Company Advice
Selling a Used Car Dealers Business
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a used car dealers business sale isn't as scary as it seems.
When it comes to selling a used car dealers business, there are no shortcuts to success.
Success is a factor of preparation, execution and a keen eye for the market. But for business sellers, the process begins with having the right mental attitude.
Family Issues
You're ready to sell your used car dealers business, but is your family prepared for the transition? In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the used car dealers business. The sale of the business will likely result in new family dynamics. Subsequently, selling a used car dealers business has to include ample communication and shared decision-making.
Leveraging Industry Connections
Today's used car dealers business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. More focused prospects are typically found within industry networks. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a used car dealers business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
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