Business owners hoping to sell their companies quickly may be in for a rude reality check.

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In 2011, the U.S. business market saw the highest level of mergers and acquisitions since 2007, according to M&A research group Mergermarket. Whil...

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If buyers believe a business acquisition will pay off in the long run, they may be willing to overlook some forms of financial distress – from declining performance to large debts.  

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Keeping a business operating efficiently requires active involvement. As a business owner, it’s normal to experience waning levels of energy, en...

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Attracting potential buyers to your business is one thing. Getting them to commit is another. Sometimes sellers can waste months fielding inquiries fr...

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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 firs...

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When pricing your business, it’s important to remember that what you see isn’t always what you’ll get. Any gains you receive from th...

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When your business involves many hours spent on roads and highways, accidents are an unavoidable risk. But lawsuits in the limo industry don’t j...

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It’s common for business owners to intertwine personal and business-related finances to some degree, but that doesn’t mean it’s a go...

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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 inve...

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Many new entrepreneurs will do anything to get their business idea financed. But falling into common funding traps can cost you big bucks – and ...

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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 ...

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While it can seem like everyone is on Facebook and Twitter these days, those in the service-based transportation industry have been more reserved abou...

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During President Obama’s State of the Union address on January 24, 2012, he asserted that taxpayers making more than $1 million should pay not less than 30 percent in federal taxes. This is a clear indicator President Obama believes that the federal capital gain rate should be increased to 30 percent for taxpayers with over $1 million of taxable income.

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Harrison Global announces it has merged with  TCI Worldwide, a chauffeured sedan service based near Boston, MA. as of  February 3, 2011.

Derek Marcou, co-owner of Harrison Global, , said this regarding the transaction,  “TCI Worldwide  is a fine company with an excellent reputation. What makes this transaction dynamic for Harrison Global is the addition of one of the most experienced management teams in the history of the chauffeured transportation industry."

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The Tenney Group will provide more details on how the transaction came together in the coming weeks. Keep checking back in with us. 

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Financing a business is rarely a walk in the park, but financing a transportation business can be particularly challenging. Because it is often difficult for lenders to understand the unique value aspects of this market, transportation business owners have limited options.

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More than seven in 10 fleets are either feeling the force of this year’s truck shortage on their business operations or expecting to feel it soon, according to a survey by CK Commercial Vehicle Research. But how does the shortage affect putting a truck business for sale?

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So far, the only noticeable impact of Obamacare for most Americans has been a higher insurance premium – 9 percent more expensive on average, according to the Kaiser Family Foundation. But as we approach 2014,

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Village Tours & Travel  announces it has purchased the assets of  Salina Charter Coach, charter and tour business based in Salina, KS. Jeff Arensdorf, co-owner of Village, said this about the transaction.

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Harrison Global of Waltham, MA announces it has purchased the assets of  A Touch of Elegance, Inc., a chauffeured transportation business based out of Wakefield, MA.

Derek Marcou, Executive Vice President of Harrison Global, said this about the transaction...

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A purchase price is more than an individual number. Instead, it’s the sum total of every asset being transferred during a business sale. The manner in which fair values are applied to different assets to make up one final price is known as price allocation. Purchase price allocation is both an art form and a science that can impact negotiations, taxes, and, ultimately, the ability to complete a deal.

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Marketing a business for sale is a lot like marketing a product or service. In both cases, a seller has a better chance of success if the advertising strategy is geared toward a target demographic.

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You may be ready to sell your business, but is your business ready to be sold? Owners who rush to put their trucking or limousine company for sale without evaluating the quality of their business may be shocked at the low offers they receive. From a messy relationship with a partner to a messy desk, here are some of the most common sales sabotages.

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Many business owners mistakenly look at selling as a failure when, in fact, it can be a mark of success. Whether you are putting your charter or limo business for sale by choice or by circumstance, you are exercising the best financial judgment at the present time.

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When a seller and buyer express mutual interest in a making a transportation business sale, it’s standard practice to test the waters with a letter of intent before get into the nitty gritty of negotiations.  This fairly flexible document is useful for laying out a buyer’s intentions, confirming that both parties are serious, and marking the start of the negotiation period.

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There’s just one rule of thumb for valuing a trucking business: that rules of thumb don’t apply. Since no two companies are the same – especially in the varied transportation industry – the most accurate trucking company valuation will be based on a wide variety of factors, from location and cash flow to intangibles like name recognition and potential for growth.

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Limousine Charter & Tour Magazine recently published an article written by Spencer Tenney, CBI of The Tenney Group. "Exit Strategies for Your Transportation Business" addresses one of the most explosive variables in transportation business sale: Emotional intelligence.

For the complete article, click here!

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Once a buyer and seller have agreed to the terms of a deal, the buyer will conduct due diligence to ensure that the business being represented by the seller matches reality. How a seller prepares for and manages the process of due diligence can often make or break a deal.

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Selling your business is a very unique process that requires diligent preparation and proven techniques to produce the maximum sale result. The following five tips can help you begin to enhance your negotiating position when you decide to sell your transportation business.

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In addition to reaching an agreement on the price of the business for sale, the terms, the closing date, and transition details, buyers and sellers also have to agree on the handling of an existing facility lease for the transfer of ownership to be successful. If the handling of a facility lease is not handled carefully, business sales can fall apart before they even begin.

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Many transportation businesses do not sell because business owners do not avoid common pitfalls when they begin to approach a business sale.  Avoid the following three pitfalls and you will have your business sale starting on the right track.

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In an article earlier this month in Bus & Motorcoach News, The Tenney Group addressed a variety of issues that influence the sale of bus companies.  Some of these topics included: available financing, valuing a bus business, the Baby Boomers impact on business sales, and others.

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One ingredient for success in a recent limousine business sale in Washington DC was the expertise of a transaction tax specialist. The larger the transaction the more complex tax issues typically become. Transaction tax specialists help buyers and sellers navigate through complex tax codes and apply creative solutions that help both parties eventually get what they both want—around deal impasses.

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Recently a transportation business owner reached out to The Tenney Group about selling his business. He had owned the business for nearly twenty years and was ready for a change. When we began discussing representation during the sale process, he asked a very common question.

 

The question was, “Do I have to pay your fee if I sell the business on my own during the term of this agreement?”

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A significant part of closing a recent transaction in the Washington D.C. came down to the seller choosing the right buyer. The right buyer is not always the one presenting the most financially attractive offer on paper, because a seller's transaction goals are rarely limited to just the sale price.

In this transaction the seller had three very important goals he needed to accomplish.

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Business owners are often reluctant to formulate formal exit strategies. After all, “why spend money and time to plan for something I don’t even know that I want to do…sell my business.”  This sentiment underlines a common disconnect between many hard working transportation business owners and the purpose behind an exit strategy.

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Writer John Warrillow offers a unique lens into the reality that many, many business owners face when considering a possible business sale.  Built to Sell is a fictitious tale of Alex Stapleton, the owner of an advertising agency, and his journey to build a business that has undeniable value—both to prospective buyers and to him personally.

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The Tenney Group has had the pleasure of working with many fine transaction attorneys. We have also worked with attorneys that had no business being involved in a transportation business sale. If you are preparing for the sale of your transportation business, I encourage you to consider the following tips as you hire an attorney to protect your interests at the closing table.

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The Tenney Group announces the completed sale of a chauffeured transportation company in the Boston, Massachusetts. The sale took exactly 90 days to close. Said Charles Tenney, managing partner of The Tenney Group, “It is always a pleasure to help hard working transportation business owners move on successfully to their next chapter of life.”

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This past week I was in Tampa, Florida attending the United Motorcoach Association Expo. The time I spent in private meetings with charter, tour and school bus business owners from across the United States was a great reminder of why I love this industry.

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Recently, The Tenney Group finalized the sale of a chauffeured transportation business in the Washington D.C. area. Though the names of the buyer and seller and the details of this transaction are currently confidential, the teaching moments from this deal can still be very valuable to both future sellers and future buyers.

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Strategic acquisitions can be a very attractive form of business development for transportation business owners. They can also be very intimidating for business owners who are inexperienced or who have had a bad experience in the past. Fear, education, and misunderstanding the benefits available through strategic acquisitions often prevent business owners from capitalizing on many growth opportunities. If you want that to change in this upcoming year, apply these three recommendations.

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As we wrap up another year and start a transition to a new beginning, many transportation business owners are using this time to reflect on the past and contemplate the future. I enjoy challenging business owners to visualize what they want to see happen both in their careers and in their lives in the future. One way to do this is to name the title of your next chapter of life.

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Earlier this year, Farmington, CT Chauffeured transportation business owner Steve Begin approached The Tenney Group about a possible business sale or merger.  As the original owner of 19 year old, King Limousine, Steve was ready for a change. He had built a great business with a long list of satisfied clients, but the time had come for a new chapter of life to begin.

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The Tenney Group is not in the business of motivating transportation business owners to sell. We are in the business of helping transportation business owners make the most of their business sales at a time that is right for them. Every owner’s reason for selling is different. Below are descriptions of five different transportation business owners who have come to The Tenney Group in the last two weeks. Each business owner shared a different reason for selling.

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Business owners who are thinking about a possible sale often ask these questions: 1) Who is going to know I am for sale? And 2) What are business brokers or intermediaries going to do to help me get the business sold?

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As a business owner considers placing his or her company on the market, ascertaining the proper value for the company is critical.

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Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending Agency plans to restart Recovery loan approvals on March 10

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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.

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Business owners seek business valuations for many reasons. One of the most common reasons is for settling a divorce. The following case study offers a look into a reality over 50% of transportation business owners face at some point in their career.

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When acquiring transportation businesses or any business for that matter, sometimes what appears to be a great deal on paper does not materialize on the buyer’s bottom line. In many cases, this occurs because the deal is deficient in fair-mindedness.

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The sale price your business attracts is often very different from the amount that actually goes in your pocket following a business sale. The following model is a helpful tool to help you understand how a typical asset sale functions.

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The problem with many exit strategies is their failure to exist. Whether this is your first or thirtieth year in the transportation industry, an exit strategy is an essential part of ensuring your long-term financial interests stay in tact despite a number of scenarios that could require you to adjust your career plans in the transportation industry.

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If you are like many transportation business owners, your business could be down from 10-25% or more compared to last year. But as surprising as it may seem, your business may be more valuable today than it has been in several years.

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Selling a transportation business should be and is a rewarding experience for many owners. However, some business owners are never able to overcome the anxiety that can accompany the sale process.

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“Yes, I am interested in selling. But…is there anyone buying charter & tour businesses right now?” Considering CTA just wrapped up its 7th transportation business sale in 5 months, it is safe to say that someone is buying them. Here is what is happening in the market right now.

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Effective Oct. 1, The Small Business Administration will modify a restriction it had placed on loans used to finance acquisitions of small companies.

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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.

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That may depend on which business broker you ask. The Tenney Group has sold three transportation businesses since April 3rd with two more business sales scheduled to close any day. The time it took to complete each deal: 181 days, 70 days, & 128 days.

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Selling a business is a complex process that often requires creative problem solving skills along the way to get a deal across the finish line. Failure to confront tax implications early in the sale process can create big problems late in the game. And the later a problem is discovered in the process of a deal, the more difficult it is to overcome.

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Whether selling your business is in your 1, 3, 5, or 10 year plan, it is always important to continually focus on improving the value of your business. And, yes, there are many ways to improve the value of your business in a down economy. Here are five to get you started.

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When approaching a business sale or business purchase, it is imperative to surround yourself with the finest financial advisors possible. Forget the economy. Nothing can cause financial damage in a business sale or purchase like inviting an advisor into the game who doesn’t know how to put his uniform on.

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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.

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With economic pressure throwing a few wrinkles into retirements/exit timetables, many owners of family operated transportation businesses are facing succession plan decisions much earlier than anticipated. Failure to address/adjust plans while considering today’s economic climate/forecast as well as your current business value could subject your retirement plan to severe risks.

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Often in tough economic times, seeking out a business valuation is about as enticing as standing on a scale after Thanksgiving dinner. Because the information we expect to find is undesired, many of us would rather not welcome the discouragement.

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By Dr. Michael L. Lawrence, TTG partner

The following “Six Most Important Things to Not Do”, in order of importance based on the damage I have incurred or witnessed, are from the perspective of the seller or prospective seller. In a future article, I will offer a similar list for prospective buyers. Since sellers tend to be much less experienced in this field than buyers, here are the “watch outs” for prospective sellers.

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Because much of the industry experienced a performance dip in the final quarter of 2008, an effective sales strategy will be paramount in the first quarter of 2009. Here is a snapshot view of three possible approaches to maximizing your results in the first quarter.

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Are banks lending money to finance business purchases in the transportation industry? Yes. But owners in the process of selling or considering a sale should understand that lenders are being much more selective with the business transfers they choose to finance.

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The U.S. economy has entered a downturn that is likely to be the most severe recession of the last 25 years. Many of the operators in the Limousine and Chauffeured Transportation Industry (LCTI) have reported a dramatic drop in revenues in the fourth quarter of 2008 and are expressing concern that they might not survive an extended, significant drop in business.

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