Niche Exit Planning Tactics
Selling a Wood Waste and Recycling Business
Your wood waste and recycling business has been good to you. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
You won't find any magic formulas for selling a wood waste and recycling business, especially while the market is struggling to overcome the perceptions created by a down economy.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a wood waste and recycling business sale. To improve sale outcomes, you will simply need to tailor your wood waste and recycling business to today's buyers.
Realistic Expectations
For most owners, the hardest part of selling a wood waste and recycling business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the wood waste and recycling business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Post-Sale Details
The way you exit your wood waste and recycling business is just as important as the way you sell it. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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