Niche Exit Planning Strategies
Selling a Driver Testing Services Business
There's a right way and a wrong way to sell a driver testing services business even if the seller has previous business sales experience. With little room for error, your business sale has to feature the flawless execution of concepts that are driving today's business-for-sale marketplace.
Personal and professional concerns surround the sale of a driver testing services business. In our experience, a common owner concern is how the sale will affect customers and employees.
But the good news is that there is still demand for driver testing services businesses that present well and offer solid earning potential.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Preparing Family Members
Many sellers embarked on their driver testing services business sale without adequately considering the impact it will have on their families. 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 driver testing services business. The sale of the business will likely result in new family dynamics. Subsequently, selling a driver testing services business has to include ample communication and shared decision-making.
Turning the Tables: Buyer Concessions
Most driver testing services business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Like seller concessions, buyer concessions should be addressed during negotiations, before the preparation of a Letter of Intent.
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