Sell a Business Tips
Selling a Special Trades Contractors Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your special trades contractors business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
The special trades contractors business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Undaunted by economic conditions, many special trades contractors business sellers are achieving their sale goals through deliberate sale strategies.
Average Timeframes
Hoping for a quick special trades contractors business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Sale Documents
We run into a lot of special trades contractors business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
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