Optimizing Business Exits
Selling a Refrigerated Trucking Business
You've heard the naysayers - now isn't the time to sell a refrigerated trucking business. But what they don't know is that many entrepreneurs see refrigerated trucking businesses as a smart business investment.
The refrigerated trucking business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
What to Expect in a Refrigerated Trucking Business Sale
The sale of a refrigerated trucking business can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. You can prepare yourself by talking through your emotions with friends and family members, and thoroughly evaluating your minimum requirements before you put your refrigerated trucking business on the market.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling a refrigerated trucking business to an employee. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your refrigerated trucking business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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