Marine Fabricator January/February 2024 - 15

SELLING
your pride and joy
THE DECISION TO SELL A BUSINESS ISN'T A PAINLESS ONE, AND
IT'S OFTEN NOT AN EASY ENDEAVOR. BEING PROACTIVE AND
GETTING ALL YOUR DUCKS IN A ROW WELL AHEAD OF TIME IS KEY
TO A SUCCESSFUL AND SATISFYING OUTCOME.
by Pamela Mills-Senn
I
f selling a residence can be an angstfilled
undertaking, how much more
unsettling is the thought of selling
a business, especially one you've
poured heart,
soul, money and
reputation into? But as potentially nervewracking
as the prospect may be, there
are measures shop owners can take to
lessen the stress and achieve their desired
outcome. As in any successful endeavor,
planning ahead is key.
Timing matters
Although it may seem counterintuitive,
the optimal time to sell a business is
when it's doing well, says Sally Bergesen,
mergers and acquisitions business sale intermediary-manufacturing
sector transaction
team member with International
Business Associates (IBA), a full-service
business brokerage firm headquartered in
Bellevue, Wash. According to Bergesen, a
common mistake many would-be sellers
make is waiting too long to begin the
sales process.
" Just like when selling a pleasure craft,
you want everything to be looking good
when assessed. You want your buyer to be
able to picture themselves at the helm, running
the ship, " she explains, adding that
sellers should also give themselves ample
time to make adjustments if necessary.
Bergesen recommends business owners
start the sales process anywhere from
one to three years ahead of when they
want to leave.
What's it worth?
Jay Hanks, owner of Allerton Harbor
Canvas LLC in Hull, Mass., has been
testing the waters for about three years.
Hanks, who says he's now ready for retirement,
first had a certified public
accountant (CPA) evaluate his marine
canvas, upholstery and repair shop. This
included an equipment inventory and
a review of the previous five years, as
well as calculating the value of his database
of more than 3,000 customers.
Hanks has also assembled marketing and
Everything about
the business will be
scrutinized by the
buyer. Preparation is
90% of success. "
Sally Bergesen
International Business Associates
MarineFabricatorMag.com | 15

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Marine Fabricator January/February 2024

Table of Contents for the Digital Edition of Marine Fabricator January/February 2024

Marine Fabricator January/February 2024 - Cover1
Marine Fabricator January/February 2024 - Cover2
Marine Fabricator January/February 2024 - 1
Marine Fabricator January/February 2024 - 2
Marine Fabricator January/February 2024 - 3
Marine Fabricator January/February 2024 - 4
Marine Fabricator January/February 2024 - 5
Marine Fabricator January/February 2024 - 6
Marine Fabricator January/February 2024 - 7
Marine Fabricator January/February 2024 - 8
Marine Fabricator January/February 2024 - 9
Marine Fabricator January/February 2024 - 10
Marine Fabricator January/February 2024 - 11
Marine Fabricator January/February 2024 - 12
Marine Fabricator January/February 2024 - 13
Marine Fabricator January/February 2024 - 14
Marine Fabricator January/February 2024 - 15
Marine Fabricator January/February 2024 - 16
Marine Fabricator January/February 2024 - 17
Marine Fabricator January/February 2024 - 18
Marine Fabricator January/February 2024 - 19
Marine Fabricator January/February 2024 - 20
Marine Fabricator January/February 2024 - 21
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Marine Fabricator January/February 2024 - 24
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Marine Fabricator January/February 2024 - 30
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Marine Fabricator January/February 2024 - 41
Marine Fabricator January/February 2024 - 42
Marine Fabricator January/February 2024 - 43
Marine Fabricator January/February 2024 - 44
Marine Fabricator January/February 2024 - Cover3
Marine Fabricator January/February 2024 - Cover4
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