Exit Planning Tips
Selling a Hazardous Waste Disposal Business
When it's time to sell your hazardous waste disposal business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
It's a fact: Successful business sales take time.
Too often hazardous waste disposal business owners cave under the pressure and settle for a lower sales price than they should. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Sale Documents
In a hazardous waste disposal business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
When Is the Right Time to Sell?
Most business owners know when it's time to exit their company. There are a lot of naysayers out there advising hazardous waste disposal business sellers (or would-be sellers) to take a wait and see approach. We aren't nearly as pessimistic about the hazardous waste disposal business marketplace. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based hazardous waste disposal business sale can be more complicated than selling to a stranger. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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