Advice on Niche Market Exit Planning
Selling a Taxicab Insurance Business
Your taxicab insurance business has been good to you. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a taxicab insurance business sale works.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your taxicab insurance business on the market.
Economic Considerations
When you sell a taxicab insurance business, there are a number of variables you need to consider. Many would-be sellers are laser-focused on economic indicators, anxiously awaiting the perfect time to list their companies. The truth is that perfect market conditions may never materialize. If you don't believe your taxicab insurance business would sell for top dollar right now, what can you do to make it more attractive to the marketplace? Increase profitability? Build brand visibility?. In our experience, the most important factors in the sale of a taxicab insurance business have little to do with the economy.
Post-Sale Details
As your taxicab insurance businesssale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a taxicab insurance business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
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