Advice on Niche Market Exit Planning
Selling a Tank Maintenance and Repair Business
We hear from a lot of business owners who are timid about listing their tank maintenance and repair business. Despite the mood of the market, we think there are still opportunities to receive a good price for your tank maintenance and repair business. Here's what you need to know . . .
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
There is no simple way to sell a business. But the most prepared tank maintenance and repair business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Negotiation Exit Strategy
Negotiations have a way of dragging on forever. Yet eventually many negotiations reach a stage where further discussion is pointless. A lull in negotiations may be part of the buyer's strategy. Then again, it may be a sign that the search for common ground is a lost cause. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Preparing Family Members
Many sellers embarked on their tank maintenance and repair business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the tank maintenance and repair business. Unless everyone is prepared for it, the sale could have a devastating effect on your family. To keep the family intact, the sale of a tank maintenance and repair business should allow opportunities for all family members to share their feelings and offer input about the sale process.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your tank maintenance and repair business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Share this article
Additional Resources for Entrepreneurs