Business Exits By Industry
Selling a Cranes, Hoisting, and Rigging Services Business
You've heard the naysayers - now isn't the time to sell a cranes, hoisting, and rigging services business. But what they don't know is that many entrepreneurs see cranes, hoisting, and rigging services businesses as a smart business investment.
You need to get a good price for your cranes, hoisting, and rigging services business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Does that mean selling your cranes, hoisting, and rigging services business will be a piece of cake? No -- but you might be surprised to learn that the cranes, hoisting, and rigging services businesses that are selling these days are finding success though simple, common sense selling strategies.
Working with Accountants
Professional accountants lend credibility to the financial preparation of a cranes, hoisting, and rigging services business sale. 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.
Average Timeframes
Hoping for a quick cranes, hoisting, and rigging services business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your cranes, hoisting, and rigging services business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive cranes, hoisting, and rigging services business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
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