Exit Planning Advice By Market
Selling an Auto Transmissions Business
A good business is about more than dollars and sense. To make your auto transmissions business what it is today, you've had to fully invest yourself in its success. Now it's time to put that same kind of focus into selling it.
You won't find any magic formulas for selling an auto transmissions business, especially while the market is struggling to overcome the perceptions created by a down economy.
However, serious buyers also understand the value of a good auto transmissions business. So for auto transmissions business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Working with a Professional Accountant
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. A professional audit can ease buyer concerns and amp up the value of your financial presentation. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Dealing with Your Emotions
Coping with the emotions of a business sale can be difficult, even under the best of circumstances. You probably have good reasons for selling your auto transmissions 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.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. It's completely normal for auto transmissions business sellers to be asked pointed questions during due diligence. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
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