June 4, 2020  
 
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Selling an Exotic and Luxury Car Rental and Leasing Business

At first glance, an unstable economy would seem to be an unfriendly atmosphere for an exotic and luxury car rental and leasing business sale. At Gaebler, we think it's a great time to sell an exotic and luxury car rental and leasing business. Here's why . . ..

Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an exotic and luxury car rental and leasing business sale works.
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In today's market, there is still plenty of room for exotic and luxury car rental and leasing businesses that demonstrate solid earning capacity and a robust market position.

Current Market Conditions

No one plans to sell an exotic and luxury car rental and leasing business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell an exotic and luxury car rental and leasing business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.

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.

Legal Considerations

It's obvious that you're going to need to hire an attorney to finalize the sale of your exotic and luxury car rental and leasing business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your exotic and luxury car rental and leasing business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in exotic and luxury car rental and leasing businesses, you might find these additional resources to be of interest.

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