4th Quarter Tips: How to Avoid Getting Burned By the Backburner
For many business owners, selling your transportation business is not a question of “if” but “when.” And for some, that time may be approaching sooner than later. As you consider the upcoming fourth quarter, a season of holidays and non-stop demands on your time, consider these tips to make sure you avoid putting timely decisions with serious financial implications on the backburner.
Tip 1: Commit to Secure Answers Today because Procrastinating can be Dangerous.
Selling a business takes time. It takes time to gain an understanding of what the business is worth. It takes time to procure and screen potential buyers. Once a buyer agrees to a price and signs a letter of intent, it can take 90-120 days (or longer) to secure financing for the deal. It takes time to satisfy the buyer’s and seller’s attorneys in the process.
What if after an initial consultation, your broker reveals that your business is not ready for the market and needs grooming? What if you discover your retirement plans need adjusting based on what your business will likely attract in the open market? Can you afford to delay obtaining that type of information? Do not wait. Time matters. Commit to secure the answers you need to plan your future today before your time is lost in the 4th quarter fuss.
Tip 2: A decision of such magnitude deserves your full attention.
Thanksgiving and Christmas come every year. Do not be surprised when you and your calendar become overwhelmed from November 15th through Jan 2nd. The decision to potentially sell your transportation business is too important to put off for 90-120 days. It deserves your full attention. CTA suggests seeking professional assistance between October 1 – November 15th in order to avoid getting burned by the 4th quarter backburner.
