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Selling My Business can help you sell your commercial vehicle hire services business using extensive knowledge and practical experience of your sector.

Sell My Commercial Vehicle Hire Services

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. 

  • Your reasons for selling
    Are you selling the business to fund your retirement? Maybe the sale has been planned since your business was first established, and market conditions are just right?
  • How you will extract the value from your business
    Withdrawing the value from your business in the most tax-efficient manner is a key element of selling. It needs to be planned with care to avoid overpayment of tax.
  • Your ‘ideal buyer’
    Do you have an ‘ideal buyer’ in mind? If not, we can help you establish a profile to make your marketing efforts more efficient.
  • Exiting your business once it is sold
    Do you want a ‘clean’ exit from the business, or are you prepared to stay on for a period of time and maybe receive its value in instalments to help with your tax situation?

What are the main stages when selling a commercial vehicle hire services business?

Sales Memorandum

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.

Negotiations

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.

Buyer due diligence

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.

Sales Agreement

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.

Challenges facing the commercial vehicle hire services sector

Balancing digital elements with personal customer service

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.

Data handling and security

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. 

A changing customer base

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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