A quick business sale isn’t just convenient – it’s also effective. While you don’t want to rush into a sale with the wrong buyer, you also don’t want to spend months – or years – waiting for the right one.
Research has shown that the longer a business lingers on the market, the less likely buyers are to show interest. Meanwhile, the economy, market factors, and owner distraction can drain limo business value. While a deal won’t happen overnight, taking the right steps before putting your limo business for sale can result in a swifter and more satisfying deal.
1. Perform Pre-Sale Prep
While a pretty package alone won’t motivate buyers to bite, it can convince them to take a longer look. If you want to sell a limo business quickly, focus on making the benefits of your business as apparent as possible. With an accurate limousine service valuation, you can start the sale process off on the right foot by setting a realistic asking price. Of course, to back up that price, you’ll need clean and organized data. Don’t wait until a buyer shows interest to get your financials and other documents in order. This is the time to get your books ready, write down important policies and procedures, and compile a list of customers and suppliers.
2. Reach Out to the Right Buyers
Listing a limo company for sale in trade publications and online marketplaces is a common, but passive, approach. To increase chances of a quick sale, business owners may need to take more aggressive action. Rather than wait for qualified buyers to come to you, why not go to them? Limo business brokers have the ability to leverage large buyer databases, reach out to industry contacts, and use good old-fashioned word of mouth to target and engage the buyers most likely to be interested in your company. At the same time, industry professionals have the understanding and know-how to carefully protect confidentiality and integrity while marketing your business.
3. Sweeten the Deal
If you want to attract buyers right off the bat, you’ve got to make an offer they can’t refuse. Sweetening the deal with perks and incentives not only grabs buyers’ attention, but it may also make them more likely to commit. Benefits such as owner training, seller financing, and recently-renewed customer contracts make a new owner’s life easier. If a buyer believes he is getting a good deal, he may be more inclined to act quickly before someone else snatches up the sale.
4. Employ an Experienced Team
Selling a limousine business takes hard work and dedication at every step of the way. It’s not enough to find the right buyer – business owners must also retain that buyer. A team of experienced professionals consisting of a limo business broker, transaction attorney, and CPA can help business owners navigate obstacles and keep communication flowing all the way to the closing table. A smooth sale is the formula for a fast sale.