Business Broker – Transportation Expert

Recently, the sister of a transportation business owner called CTA. The owner had passed unexpectedly. The sister, who knew nothing about the transportation business, was designated to handle the estate. Overwhelmed, she asked for CTA’s assistance.

This scenario is very common. When an owner passes unexpectedly, a business that was once very valuable can quickly become worth very little. The consequences of not preparing for the unexpected often traps loved ones in financially and emotionally precarious positions. So, how do transportation business owners prepare to protect their family’s interest from the effects of unexpected tragedy?

3 tips to help you prepare for an event that may require expediting a fast business sale:

Communicate openly with your spouse and your family about handling the details of an unexpected tragedy. If your children work in the business, it is critical to be honest with each other about their professional capabilities to maintain the business and about their desire to continue working in the business. They may have different life goals, and/or different appetite for debt, risks, etc. Do not assume your spouse or family desires to inherit your chosen career path. Through communication you are likely to discover many things about your family that will reinforce the value of preparing for this scenario.

Educate yourself and your family about the sale process now. Understanding the importance of having your financials and business documentation in order can reduce a tremendous amount of stress and confusion your family would inherit otherwise. Also, educate yourself about your advisor/industry professional options. Identifying expertise from a professional who knows how to get deals done in the transportation industry will be crucial in helping your family expedite a fast, fair and seamless business sale.

Write a formal plan that instructs specific action. If you prepare for the unexpected but do not formally write a plan, the preparation will be of little value. When faced with a crisis, families of business owners can understandably be overwhelmed. Take the thinking out of the equation for your loved ones. A written plan will serve your family well in the context of a future crisis and provide clarity and comfort to family members in the present.

If you would like to speak to an industry specialized business broker concerning a sale in the future, please submit the contact form below for a no obligation consultation.