Advice on Niche Market Exit Planning
Selling a Taxicab Service
You've learned a lot during your tenure as a taxicab service owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
The economy isn't the only thing that is uncertain these days. So are taxicab service buyers, many of whom are waiting to pull the trigger on their next acquisition.
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Selling a taxicab service isn't easy, but we believe sellers can achieve their goals in any economic environment.
How to Work with Business Brokers
Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the taxicab service-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. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your taxicab service on BizBuySell.com and other online business-for-sale sites.
Selling a Taxicab Service to an Employee
Employee sales have pros and cons. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based taxicab service sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
The Emotions of a Business Sale
There is no easy way to say goodbye to your business. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
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