Exit Planning Tips
Selling a Hoisting and Rigging Equipment Rental Business
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But hoisting and rigging equipment rental businesses haven't heard the news and are reporting steady action on the business-for-sale market.
The economy isn't the only thing that is uncertain these days. So are hoisting and rigging equipment rental business buyers, many of whom are waiting to pull the trigger on their next acquisition.
Most hoisting and rigging equipment rental businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Sale Costs
In a hoisting and rigging equipment rental business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a hoisting and rigging equipment rental business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Preparing for What's Next
The decision to sell your hoisting and rigging equipment rental business can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
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