Every family business is unique and has its challenges. Selling a family owned business brings a new set of challenges, risks, and issues. Transferring ownership of your business in the transportation industry is one of the biggest financial and emotional decisions you’ll ever make.
If you are looking to sell up your transportation business, the Tenney Group will help you handle all the unforeseen challenges and issues to get the most out of your sale.
These are the most common difficulties and challenges family business owners can face during the process of selling their business:
- Choosing the Wrong Time
Time is everything when selling your family-owned business. Timing a sale is not an easy task if we take into account the constantly changing factors such as the economy, the market conditions, business’s wealth, available working capital, personal circumstances. Selling your transportation business requires a lot of time for planning and preparations. This is the reason why many business owners fail to choose the right time to sell the business.
We are here to help transportation business owners make the most of their sale at the proper time for them.
- Not Knowing the Value of Your Business
If you decide is time to make that grand exit and sell your family-owned transportation company, is critical to determine the right value of your business and do everything to protect it. Don’t make the same mistakes as many sellers and buyers do and estimate your company’s value based on similar transportation businesses. On a competitive marketplace, is crucial to know the right value of your business. It is true that the entire process of assessing a transportation business is complex, but only when you understand the true value of your business, you can make important decisions. Size, structure, market outlook, management organization, earnings, reputation are just a few factors to take into account when determining your business’s value. The best way to value your business correctly is obtaining an independent valuation from a third-party industry expert. We are your trusted adviser, dedicated to providing external professional advice and helping you simplify the entire selling process.
- Poor Preparation
Lack of preparation is one of the most common issues when selling a family-owned company. The whole sale process is overwhelming. Before listing your transportation business in the for-sale marketplace, you should take care of some essential issues: financial documents, internal documents, agreements, management issues, staffing problems are just some aspects you should take care of as they can impact both salability and the price of your business.
- Not Knowing Your Buyer
When you decide to sell your family-owned business is important to identify your buyer and make sure that your best clients are your best clients. Even after you have identified the buyer for your company, the gap between them is full of challenges. Put yourself in the shoes of your buyer as you develop your selling strategy. Using our nationwide network of buyers, we’ll help you understand the buyer persona and pricing your business will attract.
Selling a family business is emotional and stressful. Owners running a family company invest everything in their business: years of work, time and money, their personalities and their lives. When family members work together, emotions interfere with business decisions. Managing the emotional toll of selling your business is crucial. Emotions can drive bad financial decisions and jeopardize the profitability of the selling process and this is the main reason why preparing a strong exit strategy in advance will make you more emotionally prepared.
Advice from experts in the transportation industry can add value to your business and provide you with sizable savings. The Tenney Group will help you get the most out of your sale, even if selling is years away. Choose the best sale package and the proper buyer to carry on your company’s name.