Exit Planning Advice By Market
Selling an Antique and Classic Auto Restoration and Repair Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your antique and classic auto restoration and repair business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
Economic data is scary stuff for small business owners. But quarterly data dumps don't impact antique and classic auto restoration and repair business sales nearly as much as sale strategy.
Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell an antique and classic auto restoration and repair business, you can - even in today's economy. Here's how to do it . . .
Are You the Right Person to Sell Your Business?
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your antique and classic auto restoration and repair business in the business-for-sale marketplace. But your knowledge and personal insights about the antique and classic auto restoration and repair business are also the problem. Nearly all sellers have an inflated sense of their company's value. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful antique and classic auto restoration and repair business sale.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. The most common seller concession is seller financing. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Laying the Groundwork
Effective antique and classic auto restoration and repair business preparation focuses on communicating value to prospective buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your antique and classic auto restoration and repair business on the market.
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