Exit Planning Tips
Selling a Heavy Duty Trucking Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the heavy duty trucking business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a heavy duty trucking business whem market conditions threaten a successful 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 heavy duty trucking business.
Despite the conventional wisdom, we believe current economic conditions are right for selling a heavy duty trucking business. We'll tell you what you need to know to achieve a successful sale outcome
Equipment and Inventory Concerns
Buyers typically perform an independent appraisal of your heavy duty trucking business's real assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. Without an accurate assessment of asset values it's impossible to intelligently negotiate on price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your heavy duty trucking business.
Legal Concerns
We run into a lot of heavy duty trucking business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your heavy duty trucking business may be a waste of time.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your heavy duty trucking business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
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