At any given time, hundreds of Houston area business sellers are waiting for the right investor. As transportation business brokers, it’s The Tenney Group’s responsibility to connect these businesses with their best possible buyers. But our sellers have some responsibilities as well. If you aren’t serious about putting your trucking or limo service for sale, everyone’s time may be wasted. Who is the ideal seller for The Tenney Group? Our client’s exhibit the following three essential qualities.
An “everything is for sale for the right price” kind of attitude is not sufficient motivation for The Tenney Group or for any other transaction professional who values their own time. As for price, our transportation brokers understand the importance of securing an excellent offer for your company. We have the ability to provide sellers with a fair market value based on an accurate trucking company valuation. Everything about The Tenney Group is uniquely built to create a superior transportation business sale for our clients—whatever that sale price may be. When business owners and The Tenney Group do not see eye to eye on the value of a particular business, it usually indicates that a business owner is not as motivated to sell as they think they are.
Asking questions before and during a sale is encouraged. However, ignoring or quarreling with experienced business brokers over the sales process wastes precious time and only serves to discourage buyers. Cooperation is the key when attempting to secure a sale. A business intermediary has the resources to identify and target the most beneficial buyers for trucking companies for sale. As the seller, it’s your responsibility to be ready to take action when the right buyer materializes. Failure to produce required documentation or obtain necessary legal or accounting services in a timely manner routinely kills deals.
In every deal, both buyers and sellers need to accomplish specific goals. It’s vital that both parties be willing to make reasonable compromises in order to meet somewhere in the middle. Fair-mindedness refers to a deal that acknowledges the needs and desires of both parties. A seller who is not willing to trade concessions or be fair-minded is not ideal. We understand that a seller needs to achieve the best possible price, particularly if the business provided a sole source of income. But often times, receiving the most advantageous result requires a willingness to concede on several small points along the way, whether it’s by agreeing to carrying back a note or allowing the buyer to opt out of purchasing some portion of your assets.
From your commitment to your flexibility, a willingness to work in mutual cooperation with The Tenney Group can result in a mutually beneficial deal.
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Spencer Tenney, vice president of The Tenney Group, is a member of the International Business Brokers Association and a Certified Business Intermediary (CBI). The Tenney Group is exclusively focused on business sales, acquisitions, business valuations and exit planning in the transportation industry.
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