Selling My Business can help you sell your commercial vehicle hire services business using extensive knowledge and practical experience of your sector. Our expert team will assist at every stage of the sales process, and provide a reassuring presence throughout.
So what do you need to think about before placing your business on the market? Here are just a few considerations.
This is the initial document distributed to interested parties once your business is placed on the market. It contains general information about why you are selling and who your main customers are, as well as some financial data. Confidentiality is an issue at this point as you do not want sensitive information falling into the hands of competitors.
Negotiating with potential buyers is often a stressful part of the sales process. We can undertake negotiations discreetly on your behalf using comprehensive non-disclosure agreements to protect your asset.
The information you provide to prospective purchasers will be carefully scrutinised at this stage to ensure its accuracy. If anything untoward is found, it is likely to result in a renegotiation on price and/or other aspects of the sale.
The sales agreement details the results of your negotiations, any warranties and indemnities to be provided, as well as your earn-out arrangement if you have decided to stay on in the business for a time.
It can be challenging to balance the investment in digital services that is typically required to increase efficiencies in this sector, with the need to provide a service tailored to customer needs. If you have not invested in technology, the value of your business may be perceived as lower than that of your competitors.
Managing the vast amounts of vehicle and customer data held by commercial vehicle hire companies is a crucial issue if you are to avoid hefty fines under the new data security legislation, the General Data Protection Regulations. GDPR-compliance consumes resources in terms of time and money when profit margins may already be tight.
An increase in self-employment as a whole means your sector is now serving a growing number of sole trader van drivers operating home delivery businesses. This new client demographic has an increased risk profile, however, both from a credit and an operational perspective, which if not carefully managed could ultimately compromise profit margins.
For more information on selling your commercial vehicle hire services business, and to arrange a free consultation, please contact our expert team at Selling My Business.
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