What’s involved in selling a set of business assets?
The short answer is that it really depends on what you’re selling. But the long answer involves more detail, and more of a strategic approach in deciding how to get the most value out of your existing business holdings.
These are three tips that have been good for us, and we think they’ll be good for you, too.
Many experts who look at commercial interests often say that the business is ‘more than the sum of its parts.’ That means you add up all the details like existing client bases, mailing lists or other marketing materials, resources having to do with assets, and the general track record of the business, and you come up with an overall picture that has a lot of detail attached.
That, in turn, helps to value your business fairly. It’s a good place to start if you need some tips on how to go about this the right way. Check out the web site for more.
Knowledge is Power
You also want to work with people who know the particular field in which the business is operational.
Sometimes people go with the generic agent approach, and there’s nobody in the pipeline with a real knowledge of the type of business being valued.
That can be less than ideal, because in some cases it impairs the ability to really fairly target an outcome! How do you value something that you don’t know much about?
Then there’s obviously the time horizon that you’re dealing with for selling the business.
More times than we can count, we’ve seen people rush into a deal because they just wanted it to be done.
But again, that’s not really the ideal way to do business.
Patience gives you more opportunity in figuring out the right way to go about something. It gives you time to consider all offers and make an educated decision. Rushing in often ends up giving you just the most basic outcome that was possible, the easiest low-hanging fruit.
In buying and selling existing pool routes, think about these business principles and how to use them strategically. Whether it’s a family business or some other kind of small business, it’s helpful to consider best practices like these to get your deal done. Talk to Sealey about buying and selling pool routes in this interesting and compelling market.