Business Exit Planning
Selling a Marine Fiberglass Service and Repair Business
A lot can go wrong during the sale of a marine fiberglass service and repair business even if the seller has previous business sales experience. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
Like it or not, a marine fiberglass service and repair business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. But have you considered how your customers, vendors and employees will handle the sale?
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Selling a marine fiberglass service and repair business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the marine fiberglass service and repair business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Sale Costs
The calculation of your asking price should include a buffer to cover the expense of the sale process. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of a marine fiberglass service and repair business sale. Likewise, you'll need to consider how much it will cost to promote the sale as well as the lost time it will take for you and your team to navigate the sale process.
Setting the Stage
Effective marine fiberglass service and repair business preparation focuses on communicating value to prospective buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your marine fiberglass service and repair business on the market.
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