One of the most rewarding things about being a part of The Tenney Group is helping limousine business owners make their business sale as rewarding as possible. Some unpleasant aspects of specializing in this field are the circumstances in which our firm accepts assignments. The demands of this industry can take a toll on business owners over time in ways that affect plans for the future sale of your limousine business.
Divorce rates in this country are around 50%. I don’t have firm statistics, but I would venture to say that the rate for limousine business owners is considerably higher. Like any demanding job or business, the commitment required in the business will pull attention from other existing commitments if business owners do not establish the appropriate balance. During the process of divorces, husbands and wives often spend thousands of dollars for each of their accountant’s and attorney’s fees arguing back and forth over the value of the limousine business. To avoid adding strain to an already tough situation, agree to have a third party industry specialist establish a value for your limousine business and agree to accept that value.
When exposed to high levels of stress over time, no business owner in the limousine industry is immune to health issues. Two business owners called me to discuss a sale this week because they had minor strokes. One was 45. The other was 42. If you want a long career in this industry, take care of yourself. Make sure your daily routine contains a healthy diet and regular exercise to counter balance the effects of the stress this industry applies to the human body. As part of recognizing this basic reality, make sure your business contains a crisis management plan that equips your loved ones to handle a business sale should anything unexpected happen to you.
If you haven’t already had a serious dispute with your business partner, there is a high probability you will be forced to deal with one during the life of your partnership. Partners come to The Tenney Group looking for solutions to divorce themselves of one another. We recommend you recognize that there is always a possibility of a partnership going separate ways over good and bad circumstances. While your partnership is healthy, get a plan in place that addresses how your business will be valued in such a situation and how you can sell your shares to each other to avoid an exhausting and expensive legal hassle. This is one of the best insurance policies your business can employ.
My hope is that you will never have to face these challenges. My experience and The Tenney Group’s 170 completed transportation business sales suggest there is a high probability that you may face one or even all of these challenges over the course of your career. The Tenney Group wants you to have a long, successful career in this industry. Protect your loved ones, your financial interests, and your future in this industry by addressing these likely challenges head on. The Tenney Group is here to help you in anyway we can.