Doing it Yourself (“DIY”) vs. Professional Assistance
Make no mistake; the absolute GOAL of selling your business is to accomplish the process quickly and efficiently, and to sell at the BEST PRICE possible, with the BEST TERMS possible, given your unique situation.
- A lack of understanding of the current market demand for general aviation businesses.
- A lack of acceptance about the true market value of their business.
- Personality conflicts with potential buyers, airport personnel, or their financial institutions which can complicate the sale.
- Although some of those owners were eventually able to sell their business; on many occasions, the final result was for a fraction of the price that they needed or were expecting.
- Significant breaches of confidentiality via their airport authority, real estate brokers, their employees, and/or their competitors. This compromised the entire sale process, the sale itself, and they gave their competitors an opening to sabotage the process.
- They’d failed to recognize that the sale process for an FBO or specialty business can be a long-lead-time event. Accordingly, because they’d waited until the last minute; they ran out of time and money and were forced to close the business and/or file bankruptcy.
Doing it Yourself: Honestly Assess Your Capabilities
- What parts of the process can/should I do myself? What can I contribute that is valuable? Specifically: Do you have the expertise to write and produce an Offering Document that includes the summary financial presentation which will be necessary to professionally present your business to buyers?
- Do you have a realistic and defendable idea of the value of your business? Will your price stand up to the scrutiny of informed and knowledgeable buyers?
- Do you have the expertise that will be necessary to manage the process of marketing and advertising your business for sale? Do you have access to any web-based platforms you can use to assist in internet advertising?
- Do you have the proper resources and system/software tools available to you to accomplish the above? These would include: A secure and available computer with an advanced word processing program, an advanced financial spreadsheet program, PDF converter software; and an advanced graphics software program.
- If you decide to be the key contact for potential Buyers, are you capable of fielding calls from each potential buyer, preparing the NDAs, executing the dissemination of information, maintaining confidentiality, and participating in negotiations for price and terms; all without attracting attention from employees, customers, and/or airport authority personnel?
- Do you have the time to be involved in any or all of the foregoing? Can you meet the time constraints that may be associated with selling your business? If you are heavily involved in the process, can you maintain your existing workload?