Niche Exit Planning Strategies
Selling a Dry Docks Business
A good business is about more than dollars and sense. To make your dry docks 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.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a dry docks business.
However, serious buyers also understand the value of a good dry docks business. To sell your dry docks business, you'll need to go the extra mile to prove your company has the potential to deliver steady revenue and a solid ROI.
Average Preparation Time
Preparing a dry docks business sale takes time. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your dry docks business sale, it's going to take at least six months to prepare your business. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Leveraging Industry Connections
There are a lot of different places to look for dry docks business buyers. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. More focused prospects are typically found within industry networks. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
Selling to a Family Member
There is no easy way to sell a dry docks business, not even to a family member. In fact, selling your dry docks business to a family member can quickly become a no-win proposition. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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