Optimizing Business Exits
Selling a Repossession Services Business
Your repossession services business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a repossession services business sale works.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to repossession services businesses that exhibit strong financials and potential for future growth.
After the Sale
Due diligence has ended and you're ready to close on the sale of your repossession services 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. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Setting the Stage
Effective repossession services 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. Financial statements, appraisals, operations manuals and other documents lay the foundation for your repossession services business sale, creating incentives for prospects to agree to a higher asking price.
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