Business Exits By Industry
Selling a Commercial Vehicle Dealers Business
A good business is about more than dollars and sense. To make your commercial vehicle dealers business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Selling a commercial vehicle dealers business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
If you're looking for a reason to wait to put your business on the market, you'll find it. Any commercial vehicle dealers business can be sold at any time -- you just need to know how to influence the right buyers.
Sale Documents
In a commercial vehicle dealers business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some commercial vehicle dealers business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Closing Strategies
Today's commercial vehicle dealers business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. If you aren't familiar with typical commercial vehicle dealers business concessions, consult with a professional to learn how you can build incentives into your deal.
Share this article
Additional Resources for Entrepreneurs