The limousine business comes with pros and cons. On the one hand, it’s a relatively easy industry to enter. On the other hand, competing with more prominent rivals as a small chauffeur business can be tough. There are many strategies for standing out from the crowd, from focusing on excellent customer service to offering the […]
Transportation
4 Signs Limo Business Owners Need a New Exit Plan
By definition, an exit strategy is a plan for leaving one’s current situation – in this case, your limo business. But if you wrote your most recent exit strategy back when you wrote your business plan, there’s a good chance it’s no longer relevant to your current situation. Between shifting business cycles, new regulations, and […]
The Importance of a Strong Selling Memorandum in Limo Business Sales
A selling memorandum is a first impression, marketing tool, and business plan all rolled into one. Not surprisingly, this all-important document can have a big impact on the outcome of a chauffeur business sale. By including the right information – and the right presentation – a strong offering memorandum benefits both buyer and seller. Attracting […]
3 Types of Buyers & the Different Ways They Value Your Chauffeur Business
Just like business owners have various reasons for selling a business, buyers have different incentives for purchasing one. When a company fits with an investor’s goals, they will be more willing to buy your limo business – and may even pay a premium for it. By better understanding the motivations behind different types of buyers, […]
Preparing for Due Diligence: Tips for Limo Business Sellers
Due diligence can be an intimidating concept for sellers. The idea of a potential buyer rummaging around in your affairs in order to verify your representations probably sounds about as appealing as an IRS audit. But buyers aren’t trying to make your life difficult – they’re just trying to ensure they’re making a wise investment. […]
What Market Consolidation Means for Your Limousine Business
In 2011, the U.S. business market saw the highest level of mergers and acquisitions since 2007, according to M&A research group Mergermarket. While limousine industry statistics show that the market is still largely made up of small fleets, there’s a growing trend toward overall consolidation. Independent operators have a tendency to feel intimidated by market […]
Portrait of an Ideal Seller by the Expert Transportation Brokers
As we at The Tenney Group attempt to connect investors with just the right transportation businesses for sale, we come into contact with many less-than-ideal sellers. If you’re considering putting your transportation business up for sale, we hope you’ll consider these three characteristics of ideal sellers before entering into the stressful world of negotiating a […]
Buying vs. Leasing: Which Is More Valuable to Buyers in a Limo Business Sale?
In today’s tight credit market, many new chauffeur business owners with limited capital get their start by leasing vehicles. But is leasing your fleet a good long-run strategy? Leased and owned vehicles come with pros and cons, whether you are planning to expand your business or put your limo company for sale. Leasing Leasing equipment […]
How the Baby Boomer Cash-out Will Affect Your Chauffeur Business
At 77 million strong, baby boomers make up the nation’s largest generation. Soon, they’ll also make up the largest group of retired business owners. Starting last year, boomers began hitting age 65 at a rate of approximately 10,000 a day – a trend expected to continue for the next 18 years, according to Businessweek. Considering […]
Biggest Business Plan Mistakes Limousine Business Owners Make
A business plan is as useful as you make it. Owners who view the document as a one-time chore miss out on the ability to refresh their vision and reevaluate goals as their business evolves. Those who look at a business plan as a valuable roadmap to be referred to on a routine basis are […]