Business Exits By Industry
Selling a Car Rental Company
Selling a car rental company doesn't happen overnight. It takes a deliberate process to get top dollar for your company.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
Most car rental companies are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the car rental company. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a car rental company has to include ample communication and shared decision-making.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
Working with Accountants
Accountants come into play at several stages of the sale process. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
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