Sell a Business Tips
Selling a Spray Painting and Finishing Business
You've heard the naysayers - now isn't the time to sell a spray painting and finishing business. But what they don't know is that many entrepreneurs see spray painting and finishing businesses as a smart business investment.
The economy isn't the only thing that is uncertain these days. So are spray painting and finishing business buyers, many of whom are waiting to pull the trigger on their next acquisition.
A business sale is always a sophisticated transaction and if you aren't prepared for it, your spray painting and finishing business sale could have an unexpected outcome. To stay on course, you'll need sound strategy and meticulous execution on your side.
Preparing Your Employees
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. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
How to Work with Business Brokers
Many sellers employ business brokers to manage the details and direction of their sale. Brokerage is particularly common in the spray painting and finishing business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. To maximize your broker's potential, conduct periodic consultations throughout the process and deliver requested information as quickly as possible.
Timing the Market
Timing is everything when it comes to selling a spray painting and finishing business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on spray painting and finishing businesses. When the economy recovers there will be more spray painting and finishing business buyers on the market, but higher interest rates could present challenges. At Gaebler, we recognize the value of timing the sale of your spray painting and finishing business. But we think it's more important to properly position your business for current market conditions -- whatever they may be.
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