Advice on Niche Market Exit Planning
Selling a Truck Transport Business
With the economy limping along, many truck transport business owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a truck transport business. Here's why . . ..
The decision to sell a truck transport business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
Market timing is a constantly moving target. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a truck transport business sale. To improve sale outcomes, you will simply need to tailor your truck transport business to today's buyers.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Realistic Expectations
Objectivity is a rare commodity in a business sale. Sellers typically overvalue their companies compared to the rest of the marketplace. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Post-Sale Details
As your truck transport 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. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
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