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The best time to sell something is when somebody wants to buy it.
Generally speaking, when it comes to car dealers--when things are good, they don’t want to sell.
But when things are bad, it’s hard to sell.
So instead of looking at the decision to sell over a six month period of time, broaden that to maybe a five- or eight-year period of time. Make a plan for your sale.
What happens then is that you can catch the crest of the wave for your particular business cycle…your franchise…your area of the country…your market.
And then you find that you’re able to sell it when somebody wants to buy it instead of selling it based on your personal cycle.
Too many people sell during their worst personal cycle, rather than during their best business cycle. And they lose more value and money…without even knowing they’re losing it.
Look at it this way. There are many reasons dealers get in the business—but when it comes time to sell...optimizing your financial gain should be at the top of your priority list.
Want to find out where you are in the value cycle? We have a spreadsheet that will help you come up with a rough estimate of where you are.
Conclusion: The sooner you get your plan together, the more flexibility you’ll have for realizing the biggest gain from the sale of your dealership...whenever that comes.
Pat McNulty is the founder and president of McNulty Automotive Business Consultants, LLC. In addition to building several successful dealerships as an owner, he has assisted owners and their family members with over 150 dealership transitions. To learn more about how you can intelligently deal with this sensitive issue, contact Pat at 1-800-800-4728.
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