Sell a Business for the Best Price
Selling a Parking Facility Equipment and Supplies Business
Market shifts affect business values and the parking facility equipment and supplies 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 parking facility equipment and supplies business during challenging economic times.
These days, the small and medium-sized business market is more confusing than ever before. There are lots of buyers who want to own a parking facility equipment and supplies business, but have limited capital to get their foot in the door.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your parking facility equipment and supplies business.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your parking facility equipment and supplies business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
Realistic Expectations
For most owners, the hardest part of selling a parking facility equipment and supplies business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your parking facility equipment and supplies business, a sale to an employee is probably not a possibility.
Share this article
Additional Resources for Entrepreneurs