Even good things must come to an end, and if you are looking at retiring or selling your sanitation business in 2022, you might be having some mixed feelings about moving forward. Likely, you may even have some concerns, which is perfectly normal. Odds are good that you spent a lot of time and effort making your business what it is today, and taking the next steps can be a bit terrifying. After all, you want to ensure that your fleet of vacuum tank trucks, your employees, and your customers are all going into good hands. So if you’re making that leap this year, what can be done? We have a bit of advice that might help.
1.) Do Your Research
Once you have listed your business for sale, make sure to do your research on any and all potential buyers. Take a close look at their reputation, business partners, who they purchase equipment from, longevity in the industry, and what types of policies they have for both customers and employees. Don’t be afraid to ask them questions, including what their vision is for the company once they buy it. This will help you to come to an informed decision.
2.) Have an Exit Strategy
2.) Have an Exit StrategyNothing can slow a process down like a bunch of red tape and fine print. Staying on top of paperwork and other legalities throughout the way can make a huge difference in expediting the sale of your company. Here is a list of a few things you should have ready in advance:
Exit Strategy Prep List
Get your books in order
Organize your legal paperwork. Consult or work with a qualified attorney for assistance.
Have a conversation with your financial advisor
Itemize and create an inventory of your company’s equipment if you don’t have one already. This can include vacuum tank trucks, safety gear, office technology, and any other equipment necessary for running your business. Knowing what everything is worth on paper will help you get the most money out of your sale.
3.) Prepare for Price Negotiations
Once you have an offer from a buyer you really like, don’t be afraid to enter into negotiations with them. After all, you are the one who knows and understands the value of your business. However, at the same time, be willing to be flexible and listen. You don’t want to run a good buyer off by being unwilling to make a few compromises. Trust your instincts in making a decision. If you have a business partner, be sure to talk over everything with them as well before signing along the dotted line.
Choosing to sell your sanitation business is a huge step that requires a lot of thought, time, and attention to detail. You have spent years creating a legacy and you want to be sure that the people who come behind you preserve the integrity of your hard work. When beginning the process, keep some of these tips in mind, and that should help considerably.