Selling a transportation business is not something many do repeatedly. Therefore, the amount of seller expertise found amid transportation business owners is limited. They are all too likely to make classic mistakes due to lack of knowledge. Unfortunately the first and most classic mistake which a seller will make is divulging too much information. The excitement of the first interested buyer often overrides the caution a seller must exhibit. The person walking onto your lot may be an interested buyer; however, they could also be a tire kicker or a spy from a competing business, there merely wasting your valuable time. Their presence threatens the stability of the business and success of the sale.
Too Much Attention
Listing a transportation business for sale puts the owner, employees, buyers and anyone else involved in a very tricky situation. Reaching the correct buyer, the one willing to pay the most money, often means reaching as many people as possible. However, exposing the business openly may destabilize it, destroying the hope for any good sale.
Certain types of people, particularly those who hang around car dealerships with little intention of buying a car while doing tests drives and making ridiculous offers, waste the time of the sales people. Likewise, competitors or individuals with an agenda will act interested in a business to gain sensitive information in order to destroy value. Some may even string a seller through all the negotiations of a sale only to disappear. The detriment here is obviously the sensitive information and the waste of time and resources. A discouraged seller may settle for a small buyer just to get the process over with the second time around.
The real trouble turns up when sensitive information falls into the hands of an enemy. Competing businesses may act interested in a sale while only collecting harmful information, such as the names of your key clients. Once this person has gained the information they want, they can inform your current employees and clients of the sale, thus helping to destabilize the business.
Protecting the confidentiality of a business is key to stability during a sale. Communicating directly with a buyer opens a business up for all kinds of unstable situations. Opening plans to sale to the general public alerts buyers and competitors alike. Placing the sale of a transportation business in the hands of a transportation business broker creates an intermediary barrier between threats and your business’ stability. Additionally a transportation business broker has the advantage of experience. They can leverage extensive industry contacts and take a targeted approach to the sale. Trusted broker names, like Tenney, will attract the right kind of buyers and investors to any transportation business sale.