Exit Planning Advice By Market
Selling an Auto Dealership
Most businesses are susceptible to economic conditions and auto dealerships are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
An assortment of hurdles and obstacles stand between you and the successful sale of your auto dealership.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Family Issues
You're ready to sell your auto dealership, but is your family prepared for the transition? In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the auto dealership. The sale of the business will likely result in new family dynamics. Subsequently, selling an auto dealership should allow opportunities for all family members to share their feelings and offer input about the sale process.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your auto dealership, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. Good negotiation teams support sellers, giving them insight and advice about how to overcome buyer objections and drive the process forward to a successful conclusion.
Working with Appraisers
Next to your broker, a skilled appraiser is the person most capable of adding value to the price of your auto dealership. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Share this article
Additional Resources for Entrepreneurs