Mark Cuban once said, “There are no shortcuts. You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it.” By that vein, it’d seem that luck doesn’t exist at all. For even the lottery winner must prepare by making an extra stop on the way home from work, walking inside a store, and buying a lottery ticket.
Unfortunately, being ready to win the lottery, as thousands do every week, and preparing to sell your trucking business is not equal when it comes to effort. Sometimes, this is hard to grasp, as sellers are often anxious to retire or move onto the next step in life. With one foot out the door, it can be difficult to make the effort to gain a true understanding of your trucking business’s value, but it’s worth sitting down and taking the time to establish the details that make your company an asset that can’t be overlooked by your potential buyer.
Like anything in life, you must prepare. Before you started your business, you made a plan. That’s how you’ve grown. Over the years, you’ve probably planned many other things that led to further success – marketing campaigns, special events, logistics. Now, you need to prepare for the meetings that can make or break the sale of your business.
The main goal of your preparation should be to gain a deep understanding of your company’s worth so you can maintain composure and answer buyers’ questions with confidence as they arise. To ensure you have all the answers, a thorough evaluation of your business’s assets and practices should be performed. While this can be done in-house, at the Tenney Group, we offer valuation services that are based on over 40 years of experience assessing transportation businesses. Harnessing our knowledge in a detailed report gives you the confidence you need to find the right buyer who will provide you with the best return from your investment.
Confidence is the key to obtaining the sale that makes the most sense. When you’re leaving the industry, it might seem like making the easy sale is your best option. Of course, it is an option – but you’ve worked hard to build a trucking business, and that owner who spent so many hours developing a company deserves to go out on a high note; you deserve that happy ending.
Preparation + Understanding = Confidence. You’ll find that after you’ve done your homework, you’ll walk into negotiations with your head held high. You’ll feel comfortable answering questions because you’ll have all the answers, and you’ll have strategized the correct buyer for your company – the one who will provide you with the highest assessment. You’ll be much more likely to end up with the best possible result for your next chapter in life.
Confidence + Confidentiality = Success. When you spend a great deal of time building a business, and then preparing it for sale, it’s hard to keep the details mum. However, it’s important to hold information close, discussing particulars with only those directly involved in the process. When potential buyers hear through the grapevine that a business is for sale, rather than learning through proper channels, it can create rumors of discourse within the company – leading to a longer sale process and/or a lower purchase price.
At the Tenney Group, our expert advice helps our sellers gain the confidence necessary to take, and keep, control over their final business dealings in the transportation sector. Our knowledgeable team can help you go out on top. Contact us today to start preparing, understanding, and developing the confidence your business needs so you can follow your dreams.