In profound ways the trucking industry is being affected and in serious ways too by mergers and acquisitions. Many persons who are in the industry have heard or seen people who have knocked on their doors whether they are interested in selling or not interested in selling their trucks. It is important that one understands the life cycle of his business in order to know when is the right time to sell a business or when it is the wrong time to do so. The author has outlined 16 tips in the blog that shows when a trucking business would not likely be sold. One reason is when the trucking business lacks a growth story. Many buyers shy away from these businesses that are stagnant that is why to sell you must have a compelling story of growth to tell them. Another drawback to not selling the trucking business is that it is dependent on the owner. People who want to get paid for their trucking business should get out of the way of the business. When owners depend much on themselves in the trucking business, they create an unnecessary amount of risk and buyers would be reluctant to consider such a business. Other suggestions are outlined in the blog.
- Buyers will compete to purchase your business if you are able to present them with a growth narrative that peaks their interest.
- Your employees job requirements and what you expect from them should be clearly spelled out.
- You should know the value of your business be getting a valuation from a third party in order to insure your asking price is reasonable.
“No matter the stage of your company’s life cycle, it is important for you to understand what may help or hinder your ability to sell your business when the time is right.”