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 or in 20 years, a strong core of drivers and managers will help you attract buyers and secure the best price.
Your drivers are literally the faces of your limo company. If you depend on repeat business, it’s crucial that employees make a positive impression on customers. All it takes to enter the chauffeur business is buying a limousine and getting proper licensing. As a result, the limo industry is a particularly fragmented market. When competition is high, brand is everything. The best limo businesses hire and retain safe drivers who provide consistently great service. Careful selection of employees and regular training are an important part of the equation.
Employee attitudes are often a direct result of a business owner’s attitude. When workers are treated like employees, they’ll act like employees; when treated like stakeholders, they’ll act like stakeholders. Chauffeured transportation companies that create a culture of ownership among employees consistently enjoy lower employee turnover and improved performance. Contented workers are more likely to be conscious of how their actions impact the company overall, especially in a small, tight-knit business environment.
For most buyers, purchasing a company is an expensive and life-altering decision. Whether an investor is looking to buy a job or merge with an existing limo company for sale, he or she needs to know what to expect. Buyers are attracted to businesses with stable environments because stability allows them to more accurately estimate profits and develop succession strategies. Employees are an important factor in stability. This is one of the reasons confidentiality is so important when planning to put a limo company for sale. While it’s understandable to want to share the possibility of a sale with trusted workers, doing so can cause unnecessary stress and disruption, which can in turn erode value and scare off potential buyers.
Value is ultimately determined by what a buyer is willing to pay for your limo business. If buying a limo company for sale will require hiring new employees, retraining existing employees, and building a client base from scratch, a buyer will understandably offer a lower price. If your company comes complete with quality employees (most of whom won’t be retiring anytime soon) and a history of satisfied customers, a buyer can afford to bump up the price. Receiving a professional limo business valuation is the best way to ensure that every aspect of value is taken into consideration, including employees. With an accurate valuation, you can reach buyers who stand to benefit most from your company and its superior workforce – and who will be able to pay top dollar as a result.