Being a business owner means making financially responsible decisions based on ever-changing circumstances, both within the industry and your personal financial situation. Here at The Tenney Group, we work with transportation business owners who want or need to sell for a variety of reasons. Sometimes we meet sellers who think that selling their transportation business is a sign of failure; however, making a financial situation based on good judgment can be a sign of business savvy and even great success. As you consider selling your business, you’re allowing your legacy to live on while ensuring your own financial future—such a win-win situation hardly sounds like a failure to us!
In order to ensure the greatest level of success as you sell your business, there are three issues you need to consider: the right timing, problem-solving, and attaining valuation.
The Right Timing
The transportation business owners who equate selling their business with giving up are most prone to miss the right timing in selling their business. Making a sound business decision means taking an opportunity to sell at the best price possible, not waiting until you’re desperate to sell and hoping someone will see the diamond in the rough. There is certainly no shame in quitting while you’re ahead—in fact, it seems to make good business sense.
While selling your business may help solve some of your financial problems, buying your business may help a larger company to expand their business in a way that they otherwise could not do. Your buyer may be able to solve some of the recurring problems you had in running the business and take it to the next level that you never could. While there’s always risk involved on the parts of both the buyer and the seller, your sale stands to help solve problems on both sides.
You may wish to sell your business for a particular price in order to cover certain debts or because you truly believe that the business is worth that amount. However, as the business owner and prospective seller, you’re not exactly an unbiased source of such a determination. Instead, the valuation you can receive from a third party who specializes in transportation business sales can help your business to have the best chance possible at earning you top dollar and selling in a timely fashion. The Tenney Group can help evaluate more than real assets—we can assess your brand presence, client potential, and other intangibles that heighten your business’s value. By working with experienced transportation business brokers, you can feel secure in knowing that you’ve made the wisest decision possible in your business sale.
To find out more about how transportation industry specialists at The Tenney Group can help you with every aspect of your sale, visit our website at thetenneygroup.com today.