If you’re not creating a continuity plan then it may be best to begin formulating an exit plan for your plumbing business. Even if you’re not ready to permanently park your service van, it’s always handy to create a plan on how you plan to exit your business. This could include ending it all together but even taking the steps to look into selling it if your plumbing success has created a successful brand within the community.
You’ve worked so hard to build the plumbing business so why not try to profit when it’s time to make the exit? As uncomfortable as the idea is, it can be very helpful to just let it go and sell it to someone else. These tips will tell you how to do just that.
What Is The Process Of Selling My Plumbing Company
The process of selling a company is long and complicated. It can take up to a year or but you can expect it to take even more. Whether or not you’re selling a business that is not profitable, the whole process itself will be stressful. The first step is to find a buyer, which is almost always difficult to do. You will need to find a company or an individual that has the same values as yours and has the right size for your company. Sometimes companies who buy businesses will still want to keep the branding since it’s familiar. So you shouldn’t want to feel the need to sell to just anybody.
Don’t Forget About the Legality
Once you find someone or a company that would be suitable for selling your business to, you’ll then need to come to the next step which is the whole legality of selling your business. Then you have to go through the legal process of transferring ownership of your company to the new owner.
In order for this process to go smoothly, you will need an experienced business broker who understands how this process works and can help you with all of the steps in between. But sometimes a lawyer will have to step in as well to ensure the entire process is smooth. This could include each party having their own lawyer or the party that is making the purchase will hire one.
How to Create a Solid Exit Plan
A solid exit plan is a necessary part of any business. It ensures that the business and its employees are prepared for what could happen if the company is sold or closed down. Even if you’re going to sell your company to someone one or another company, there still needs to be an exit plan for your plumbing business.
This exit plan will need to be updated as more information is revealed about the state of the company such as when there will be a rebranding (if there is going to be), plus when the services of your plumbing business will be terminated. . When creating an exit plan, there are a number of things to consider, including:
- The type of exit you want to have
- The financial situation
- The time frame
- Who will be responsible for what tasks
While the idea of having an exit plan sounds straightforward, it can be a tad difficult as you don’t want to skip over anything necessary.