Personal and professional concerns surround the sale of a used and rebuilt tires business. But have you considered how your customers, vendors and employees will handle the sale?
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You'll always have an excuse for not putting your business on the market. Selling a used and rebuilt tires business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Signs You're in Over Your Head
Many used and rebuilt tires business are tempted to save brokerage fees by selling their businesses on their own. But for every successful unassisted sale, several other used and retreaded tires businesses sell below market value or languish on the market for years without attracting the interest of qualified buyers. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your used and rebuilt tires business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
In a tight economy, seller concessions are the name of the game. But that doesn't mean you can't push for buyer concessions to achieve a more favorable outcome in the sale of your used and rebuilt tires business. 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.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your used and rebuilt tires business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
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