Selling a Company Advice
Selling a Used Tools Business
A good business is about more than dollars and sense. To make your used tools business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
In any economy, there is a right way and a wrong way to sell a business.
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Any used tools business can be sold at any time -- you just need to know how to influence the right buyers.
What to Expect in a Used Tools Business Sale
It's impossible to predict the emotional highs and lows you will experience during the sale of your used tools business. The emotions of a sale are complicated by the fact that it may take time to locate the right buyer and the final sale price may be less than you think your used tools business is worth. Although it isn't easy, you can mitigate the emotional impact of a used tools business sale by setting realistic expectations before you list your business.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Good business brokers are adept at separating serious buyers from the rest of the pack. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
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