InPaint Magazine, the magazine for professional painting contractors in North America, recently interviewed Steven Denny to provide insight for its membership on the ins / outs of selling a private commercial services business. Denny emphasized a three-step approach to selling a business:
- Start with a Business Valuation. This will identify the business value in the current marketplace.
- Assemble a Team – work with professionals that have experience in transactions.
- Get Your Business In Order. Often there is some clean-up required to ensure that the business is transferrable to another.
The interview also discussed some common misconceptions that business owners have about the buy/sell process:
- Business owners often think buyers buy potential, when in reality buyers buy past performance.
- Business owners often think that they should be responsible for the most important client relationships when in reality this scares buyers away.
- Business owners often think of selling when things get hard when in reality the most value is often realized when the business is doing its best.
The entire article can be found at: http://inpaintmag.com/the-art-science-of-selling-your-painting-business/