If you have recently purchased or started a limousine business or are considering purchasing or starting one, then one of your primary concerns is probably how to determine your company’s rates. Finding a balance between making enough profit to sustain your business (and yourself) and keeping your customers happy with fair rates can be quite […]
Transportation
How Much Risk Should You Take to Grow Your Limo Business?
In the right doses, risk can be a good thing. Without taking a leap of faith, successful entrepreneurs would never have gone into business in the first place. However, taking risks to expand an existing business can be nerve-wracking. Without challenging yourself, you’ll never grow – but if you bet the business, you could lose […]
5 Reasons Investors Won’t Commit to Buying a Bus Business
Most business owners know finding a buyer won’t happen overnight, yet many are surprised to discover just how difficult it can be to get an investor to commit. But consider the buyer’s point of view. Buying a business requires an enormous amount of money, energy, and time. Essentially, buyers are signing up for a new […]
How to Reduce Risk for a Lawsuit That Could Ruin Your Chauffeured Transportation Business
When your business involves many hours spent on roads and highways, accidents are an unavoidable risk. But lawsuits in the limo industry don’t just come from collisions. Often times, class-action lawsuits and other legal actions are brought from within an organization. An expensive lawsuit can easily sink a small business and leave a business owner […]
4 Biggest Turnoffs for Limo Business Buyers
Buying a limousine business is stressful enough for a buyer when everything goes right. If investors run into obstacles in the beginning, you can bet they won’t stick around to see if the situation improves. When hundreds of thousands of dollars are on the line, qualified buyers can change their minds in a heartbeat. Here […]
How Your General Attorney Can Cost You a Limo Business Sale
When it comes to hiring an attorney to structure your chauffeur business sale, you really do get what you pay for. An experienced attorney can manage even the most complicated business transactions smoothly and seamlessly. However, an unqualified lawyer can make a seemingly perfect deal vanish into thin air. Attorneys have a reputation for being […]
How Your Employees Affect the Value of Your Limo Business
Great employees are a hallmark of any successful company, but they’re especially important in a reputation-driven industry like the limo business. Not only do the quality of your drivers and the good name of your brand influence clients, but they also impact value. Whether you’re planning on putting your limo business for sale this year […]
5 Ways Limo Business Owners Unknowingly Hurt Market Value
Sometimes business owners are our own worst enemies. It’s easy to get caught up in the flow of day-to-day operations and forget to occasionally step back and take an objective look at the business. Keeping your nose to the grindstone may keep cash flowing, but when it comes time to put your limo company for […]
4 Common Problems Limo Business Owners Face When Succession Planning
Many business owners dream of someday passing the torch to a son or daughter or to a trusted employee. In reality, succession planning takes more than a dream – it takes a plan. Carelessly-executed ownership transfers can strain relationships, lead to legal battles, and degrade company value. In some cases, selling a limo business to […]
3 Advantages of Using a Limo Business Broker to Market Your Chauffeur Business
Most people wouldn’t think twice about hiring a realtor to sell their home. Yet when it comes to putting a limo company for sale, many business owners are reluctant to pay for a specialist. Unfortunately, it’s a decision that usually costs more than it saves. When you put an average amount of time and money […]
Can Selling Mean Success?
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 […]
Earn More Money from Your Limo Business Sale: 3 Easy Tips
The price you ask for doesn’t have to be the price you settle for when you have a limo business for sale. Though your business valuation is determined by your assets and liabilities, your real value varies depending on what your company is worth to buyers. By preparing for a sale strategically, chauffeur business owners […]