Auto repair businesses are popular businesses for buyers and entrepreneurs. If you’re looking to sell your auto repair business, find out how to get more out of the sale.
Auto repair businesses for sale are usually snapped up by buyers because of their stability and demand. After all, everyone who has a vehicle will need an auto repair garage at some point!
There comes a time for every business to change hands, whether you’re passing the business down to the next generation, or selling on to someone new. Either way, you will want peace of mind that the selling process is a straightforward one. You will no doubt want to make sure you benefit from the sale too.
With that in mind, we offer some advice on getting the most out of selling your auto repair business. In this guide we’ll look at:
- Preparing your auto repair business for sale
- Why you need to stay competitive
- Why building revenue is important for a sale
- How you can improve your business before the sale
Preparing to sell your auto repair business
First impressions are everything, no matter what type of business you run. Once you’ve decided to sell your auto repair business, you should consider what you can improve about your garage.
Firstly, curb appeal is a huge factor both to customers and prospective buyers. The purpose of your business is to fix cars, so make sure your garage or office doesn’t look like it’s falling apart! Car garages are notorious for being a bit rough and ready, but professionalism and appearance can go a long way.
Look for areas that could do with some TLC, and invest some time and effort into sprucing the place up. It could make a huge difference to someone who is looking to buy a ready-made business.
Secondly, cleaning up your business also refers to its financial condition. Organise your financial records and ensure everything is above board. Buyers will want to look at cash flow and perhaps even a financial history of how your auto repair business has performed. This can have a massive impact on selling your garage. Take some time to get your financial information in order and readily available.
Stay competitive through online marketing
Having an online presence is crucial in today’s market. This is because it helps you to keep up with, or surpass, your competitors. Customers are now searching online for businesses more than ever before, and you’ll want to be found!
Without a simple website or a social media page, there could be hundreds of customers that have no idea you exist. It’s important to remain visible to your target market to make sure your business continues to thrive; more on this next.
Continuing to build revenue
You want to sell your auto repair business, so why should you waste time having a website built for it? Having a website can help to drive more customers to your garage, will in turn will have a positive impact on your revenue.
Even after you’ve decided to sell, your focus should be on growing steady revenue to make sure the business remains in a good position. Higher revenue can yield a much better valuation and sale price.
It would benefit the sale if you were able to give your business a boost and expand your customer base in its last few months under your ownership.
Enhance supplier relationships
Another way to help increase revenue and overall performance of your auto repair business is to look at your suppliers. Do you currently get all your parts from one supplier, or maybe a couple?
Look at the possibility of diversifying your supplier base, and spend some time negotiating your contracts to get fairer prices. This could your biggest overhead, and by finding ways to make it more efficient, you can sell your auto repair business at a much more attractive price.
Having multiple contracts with the best suppliers can also demonstrate to the buyer just how well-run your business is. After all, it takes some organisation and hard work to keep those contracts running at a good cost!
If you’re looking to sell your auto repair business, you’ll benefit from working with a professional, online business agent like Bizdaq. We have industry experts on hand to help you get the most out of your sale. What’s more, we can offer a fast, cheap and hassle-free selling process so you can move on to your next adventure.
Posted on April 30, 2019 | garage, MOT, mechanic, how to sell a business, how to value a business, selling