1.00 Indian rupee ₹ 20 year old business in AC sales & services Mumbai

Published date: January 7, 2021
Views: 4
  • Location: Mumbai, Mumbai, Maharashtra, India

20 year old business in AC sales & services
I have 20-year-old business in AC sales & services with 20 employees & 3 crore turnovers. I have decided to retire. So, what are the points I should consider while selling it. (BBGV712021)
Most entrepreneurs are planning the proceeds from the sale of their business to finance their retirement. However, the Owners Readiness Survey revealed that more than eighty percent of entrepreneurs don't have a formal transition plan. Historically, only twenty-five percent of businesses for sale actually sell. These chances are likely to get worse as millions of baby boomers attempt to sell their businesses same applies for your AC business also.

• Start planning now! It's never too early or too late to start planning your business sale. You will need to be informed about the emotional aspects to anticipate and educated on the many tactical complexities of the business sales process. This will help you put yourself on an equal footing with buyers and increase the odds of a successful sale.

• Create an apparent vision of what comes next. One of the main reason’s companies don't sell is that entrepreneurs don't have a vision of what they're going to do next. They cannot imagine that they are not the owners of Company and fear of the unknown makes them abandon a deal at the last minute (cold feet). For you, what comes next may involve a different job, spending more time on charity work, or becoming a coach. Taking the time for this introspection early in the sales process greatly increases your chances of successfully arriving at the closing table.

• Be armed with the facts. It's only natural that, as an entrepreneur, you value your business more than most buyers. You've spent years of blood, sweat and tears building your business and you know it inside and out. Unfortunately, buyers don't have the same level of knowledge or legacy. Before buyers start asking questions, perform your pre-sale due diligence on your business. Visualize your business through the eyes of a potential buyer to identify impending problems and arm yourself with detailed business facts. Sellers who can answer detailed questions with facts and data (as opposed to opinions and anecdotes) install trust in buyers and simplify the due diligence process.

• Minimize surprises. Surprises are enjoyable for birthdays, but not when selling a business. When dealing with a potential buyer, it's human nature to want to avoid discussing a negative issue such as a problematic customer relationship. Especially for proud entrepreneurs who feel confident those relationship problems can be solved. Buyers may not have the same trust without the years of history with that customer. Instead, identify potential negative issues during your pre-sale diligence and reveal them immediately while you still have negotiating power. Once the letter of intent is signed, a negative surprise in due diligence could result in a reduced purchase price or a failed deal.

• Don't take it personally. Due diligence is the most personal thing you will do in business and it is vital that you do not take it personally. Buyers regularly perform due diligence to confirm what you have told them and to find potential reasons to reduce the purchase price.

This is standard business practice. Buyers question everything about the business and want the facts to support the answers you've provided. You may feel that you have been attacked and a buyer is criticizing your business. By having a vision for your life after the sale and being ready to answer difficult questions, you can keep your emotions in check and get to the closing table. An unexpected illness (yours or a family member) or a significant change in your financial situation could bring you to the negotiating table earlier than expected. Preparing yourself and your business now will increase your chances of a successful sale when the time comes.

450, Mastermind 1, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065
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