Advice on Niche Market Exit Planning
Selling a Truck Striping and Lettering Business
It's a misconception that no one is buying truck striping and lettering businesses these days. Savvy entrepreneurs see truck striping and lettering business opportunities as a path to short-term profits and long-term growth. Although final sales prices vary, the best sales combine strategy and hard work to achieve desired outcomes.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a truck striping and lettering business.
But at Gaebler, we see truck striping and lettering businesses still selling at a brisk pace. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
Average Preparation Time
There are no effective shortcuts for selling a truck striping and lettering business. For starters, the financials need to demonstrate a track record of profitability and growth. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. At a minimum, plan on spending six months preparing your truck striping and lettering business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized truck striping and lettering business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Post-Sale Details
The way you exit your truck striping and lettering business is just as important as the way you sell it. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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