Business Exits By Industry
Selling a Collision Services Business
A good business is about more than dollars and sense. To make your collision services 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.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Does that mean selling your collision services business will be a piece of cake? No -- but you might be surprised to learn that the collision services businesses that are selling these days are finding success though simple, common sense selling strategies.
Realistic Expectations
Emotions run high during the sale of a collision services business. You have invested yourself in making your collision services business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based collision services business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your collision services business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. 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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