Selling Appliance Repair Service Business
We all know that owning an appliance repair service business is hard work, and you should be applauded for staying the course. But there comes a time when you need to decide if you will keep plugging away at your business, if you might hand it off to a family member, or if you want to sell it outright. If you have been questioning “How can I sell my appliance repair service business,” then there are many elements of the business that you need to consider.
According to research, the market size of the appliance repair industry in the United States has declined 2.9% per year on average between 2017-2022. Although some experts think that appliance repair service businesses will begin to gain ground in the future, the downward trajectory might have you thinking about selling.
If you are interested in selling your business, there are many variables that you need to consider before doing so.
Consider Your Own Goals
It doesn’t matter how great the industry is if your heart’s not in it. To this end, look inside yourself to see what your personal goals are for the future. Consider health, family (grandchild on the way?), other career aspirations, hobbies, and anything else you can think of to make this very personal decision. If you want to sell appliance repair service business, make sure you have something to fall back on, whether for economic reasons or just to have something to do.
Value Your Business
If you are asking “Should I be selling my appliance repair service business?” study the valuation of your appliance repair service company. Getting involved with an appliance repair service advisor will help you to make this pivotal decision. Obviously buyers look for strong investments, but there is often a niche interest with buyers who want to break into a certain market that can help you sell your business.
Create an Exit Strategy
If you are thinking of selling your appliance repair service business, the sale will generally take one of three forms. If you want to get out immediately, you can count on being done in 9-12 months. You will sell 100% of the business and then stay on for a few months to help the new owner. The partial sale people have another 2-5 years of work in them, and usually want to sell part now and then take a “second bite of the apple” down the road. Finally, the last group wants to sell their business more than five years out, and is currently establishing stellar cash flow in order to get the best deal later.
Look at the World
To sell appliance repair service business, study the business itself. Can you diversify at all to create a bigger company? What are the ins and outs of your recruiting and training process? Is there any way to work towards geographic growth? Once you have dissected your own company, look more broadly at the world. If a recession is looming, that will affect a sale. If the world is experiencing inflation, then it will certainly affect a business. And with continued supply chain issues, owning a business gets even trickier.
Play Out Your Options
As you have worked at the helm of your appliance repair service business, you may have always thought that you would someday pass it on to your child. But now that the time has come, that is not always feasible for a variety of reasons. Some business owners also think that a trusted manager could take over the business some day, but as the date looms closer they realize that it simply will not work. Selling appliance repair service business to an investor, therefore, becomes your best bet.
Full Throttle
If you want to jump in with both feet, sell 100% of the business, and then stay on for a few months to work with the new owner and troubleshoot.
Even an “immediate” sale like this takes 6-9 months from start to finish. If you want to sell appliance repair service business, you will need to dedicate time and energy to the process.
Piecemeal
For business owners asking “how to sell my appliance repair service business a little more slowly,” a piecemeal sale is more your speed. In this scenario you would sell the majority of the business, retaining 20-30% for yourself.
Since you still own part of the business, you will work diligently with the new owner to build up cash flow and build the business. Generally, 2-5 years down the road you will sell out completely, and take a “second bit out of the apple” at that time gaining the rest of the proceeds.
In the Future
If you are still young and energetic enough to work, you still might be thinking “how to sell my appliance repair service business.” If you are on a long-term plan, you will be looking to sell in more than five years, and will spend the time before that working hard to build cash flow in your company. When you maximize the value now, you are better off in the future.Why Work With Brentwood Growth
Access to Buyers
Over 400 private equity firms and consolidators that are actively looking to purchase.
Confidentiality
Ensure the sale of your business remains confidential to avoid disruptions for you.
Industry Expertise
More than 20 acquisitions with transactions from $80 million with an average of $4 million.
Valuation
Learn the value of your business and receive support with pricing to the market.
Negotiation
As your mediator, we work with you and the buyers to make sure both parties are satisfied.
Experience
Lead by a team with 75+ years of experience. Our experience ensures a smooth experience.
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