For years you have worked hard making your small business the very best it could be. Now the time has come to sell your business. This process is incredibly daunting and time consuming.
Avoid these common pitfalls and ensure that the sale of your business is another success story. T & L Laundry Equipment, your number one Continental Girbau dealers in North Carolina, can help you with all sorts of business needs. Let us help you with designing new laundromats, financing new equipment, or helping you upgrade with our quality overstock and used equipment. Call today to learn more.
Avoid These Mistakes When Selling Your Laundromat Business
1. Not having a selling partner
People hear the word realtor and many think they can do a better job themselves, but when you are sick you go to a doctor, so you should also go to a professional when selling your business. These people work with selling businesses everyday. They know what to look for and how to protect you from loopholes in contracts. It is very important to select the right realtor for you. Make sure that they have the experience to represent you well in the sale of your business.
2. Not being prepared for the sale
Did you wait too long to sell? Is your lease up and now you are in a hurry to sell? Is your equipment in horrible condition? Knowing when your business is in peak condition to sell is very important. Having a professional to help you with this process will definitely benefit your sale. It typically takes 2 to 4 years to buy a small business so make sure you keep detailed business records and a sales portfolio. You never know when the right buyer will come along.
3. Big price tags
Listing your business at a high price point might seem like a good idea but you need to know what the market is doing. Is the crime rate high in your area? Is there a competitor close by? Is your business in a desirable area?
4. Selling to Mr. or Ms. Right
Don’t just sell your business to the first available buyer that comes along. Make sure they have some business background. It will make the transition a lot easier and lower the risk of the deal falling through at the last minute.
5. Make sure you understand the process
You must make sure that you understand during the buying and selling process you will need to disclose many trade secrets to the potential buyers and have a realistic talk with them about how well the business is doing and what tips you have to stand out from other laundromats. Ensure that you have a nondisclosure agreement drafted and ready for any potential buyers with whom you need to have an in-depth conversation.
6. Selling a low income business
Though there are many buyers that look for rundown businesses to rebuild and give a makeover, it's not something that happens on a daily basis. Some business owners lose their gumption after some time and they get overwhelmed with day to day things. If the business is suffering you may have a harder time selling. Most buyers want to buy an already successful business so if you did not turn a profit be prepared to disclose this to buyers and explain why the business is not doing well.
Selling a business is incredibly stressful and the stakes are too high to attempt to do this yourself. Enlisting the right real estate professional can make your sale a success.
Reputable Continental Girbau Dealers in North Carolina
Are you ready to purchase new laundromat equipment or upgrade an existing one? Let T & L Equipment help you choose the right vended washers and dryers to meet your laundromat’s needs. We want to help you grow your business by replacing outdated equipment with top quality equipment that will be the best investment in your business. Your customers will thank you for choosing one of the top brands in coin-operated vended laundry equipment. We are the best Continental Girbau dealers in North Carolina. Call us today for the biggest savings, and ask about our financing options.