Facilitating the sales of businesses daily, it is not hard to develop a sense for what matters most to business owners as they exit the transportation industry.
Make sure to surround yourself with professionals (attorneys, brokers, accountants, etc.) who can help you incorporate the following ingredients into the process of selling your business.
Security
Protecting confidentiality is always at the top of the list for satisfied sellers. Make sure you understand from your broker how you will be protected from tire kickers and from competitors seeking sensitive information. Because seller financing commonly plays an integral role in business sales, make sure you have an experienced transaction attorney who will help secure your financing.
Speed
Time kills deals. How quickly can your accountant organize and provide necessary financials? How quickly can your broker get a deal negotiated and under contract? How quickly can your attorney provide creative contract solutions that satisfy both parties? When all members of the transaction team share the same sense of urgency, a seller has a very good chance of being satisfied with the sale of the business.
Simplicity
Selling a business is a complex process. Sellers hire professionals to help simplify it. Is your accountant on top of the company’s financials? Is your broker structuring a transaction that is creative but clear and straight forward to all parties? Is your attorney able to use one word, when others may take 4 or 5 to accomplish the same thing? The less complex your hired professionals can make the process of your sale, the more likely you will be satisfied in the end.
Skillfulness
Each professional that is part of a seller’s deal team should bring something unique and valuable to the table. Otherwise, why are you paying them? It could come in the form of tax sheltering, out-of-the-box deal structuring, or iron clad legal language. Knowing that the skills of each member of your deal team can and will provide you financial advantages throughout the transaction is a key part of being satisfied with the sale of your business.
