If you’re considering selling your paving company, it can be a tough decision. But with the right preparation and understanding of what to expect from the process, you’ll be able to sell your company for top dollar in no time.
Here are our top 4 tips for paving company owners who want to sell their business:
1) Selling Your Paving Company – Is It Ready for Sale?
The first thing you should do when considering selling your paving company is determining if it’s ready for sale. This means that factors such as profitability and marketability need to both exist within your business before a successful sale can take place. You may not have any control over these two things – they’re simply based on supply and demand at this point in time- so just make sure there is room for improvement or expansion if possible.
2) Prepare Financials & Records Properly for Prospective Customers
Another tip for selling your business successfully is to have your financial records in order. This means you’ll need to be sure your books and records are up-to-date. And if they’re not, it’s time for a serious discussion with an accountant who can help prepare them so that when someone wants to buy or partner with your business, there won’t be any questions left unanswered – meaning less time wasted on waiting for answers and faster selling times.
In doing so, the potential buyer will know exactly what he/she is getting into in terms of cost structure & it will build trust, which also may lead to a higher sale price.
3) Hire a Business Broker
In order to get top dollar, you’ll need to make sure that your asphalt paving company is selling for more than it costs. You also want a timeline in place so that buyers or partners are aware of when they should expect an answer from you on their offers. Business brokers have the skill, experience, and contacts to help you find the right buyer for your company quickly.
Brokers assist with preparing to sell your paving company from start to finish because there are many things – such as financing – which must be prepared for prior to listing businesses for sale. They will also have access to current market research for paving companies in your area and make sure that you have a realistic idea of what selling prices are. Business brokers work hard to help paving contractors understand their long-term options and obtain the most value for their clients.
4) Market Your Company Professionally to Find Potential Customers
How do you market a paving company? Develop a professional marketing plan to maximize the value of the business, and then execute that plan on social media, trade shows, through word of mouth, online ads, etc. In order for potential buyers to know about your business in the best possible light (and see their own needs fulfilled), you need people everywhere who can help them find out more about you. Having a business broker sales team available to generate interest on social media platforms, provide marketing ideas and execute those marketing strategies, is an invaluable asset.
Selling a paving company can be an emotional process, but it doesn’t have to be. Take the time to evaluate your business and determine if you are ready for sale. If so, prepare financials and records properly then hire a professional broker who will help market your company professionally. Don’t forget that Sunbelt Business Brokers offer free consultations on how we may assist you in selling your paving company successfully!
We’re here to help Florida business owners get top dollar for their business when selling a paving company. We have offices in Naples, Fort Myers, and Sarasota. Call us today!