Exit Planning Techniques By Market
Selling a Fleet Insurance Business
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a fleet insurance business sale isn't as scary as it seems.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a fleet insurance business, capital restrictions are holding them back.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Laying the Groundwork
Effective fleet insurance business preparation focuses on communicating value to prospective buyers. A first-rate business broker can give your business an edge by facilitating the preparation process and orienting your presentation toward today's buyers. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium fleet insurance business opportunity.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your fleet insurance business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your fleet insurance business, your business brokers may or may not be willing to conduct negotiations for you. But although you will responsible for negotiating terms with buyers, you should never approach negotiations without support. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Share this article
Additional Resources for Entrepreneurs