How Do I Sell My Concrete Business?
The concrete business can be a rewarding industry, but it takes a lot of hard work, and you may be thinking that it is time to retire. You may be wondering how to sell your Concrete Business for a good price and to the right buyer. You have employees and customers to look out for. If you’ve managed to build a successful concrete business, when it’s time to sell, you want to get the best possible price for all the work you’ve done to get the company where it is.
Step One: Hire a Business Broker that has experience selling Concrete Businesses
Synergy Business Brokers has been selling businesses in construction and concrete for many years, and we have built up a database of 25,000 potential buyers. Part of our job is figuring out which prospective buyers are qualified and interested in buying your Concrete Business. Before we do that, though, we'll need to speak with you and understand your business, the unique qualities and challenges that you face, and the advantages that your company provides. For example, do you do mostly underground foundation work, or do you focus more on paving and aboveground work? Or perhaps you concentrate on home improvement or swimming pools.
In addition to that, we'll review your last three years of tax returns and a current year-to-date financial statement (if you have one, otherwise an idea of where you are in revenue and expenses compared to the previous year.)
Step Two: Know the Company’s Value & Market the Business
You can’t get the most value from your concrete business if you don’t know what that value is. We'll analyze the data on what other similar construction businesses have sold for and provide you with a potential asking price. If this is something you want to move forward with, we'll have you sign our Listing Agreement that provides for a commission only if we sell your concrete business. We'll invest in advertising and marketing your business to potential buyers. We'll develop a profile about your business that gives an overview but will still maintain your confidentiality. When prospective buyers want to get more information, we'll have them sign a Non-Disclosure Agreement and provide us with their qualifications. We'll need to speak with a number of potential buyers to get some solid offers for the business.
Step Three: Negotiate Offers
In most cases, we're able to get multiple offers when selling a concrete business. This gives us more leverage when negotiating. It usually takes a few months to get offers, and then we'll negotiate the best terms that we can that work for both buyer and seller. Once you have an accepted offer, you will enter the due diligence phase, where you provide more information to substantiate the business's information. After that, an attorney representing the buyer and seller will negotiate the purchase and sale agreement. We'll assist in keeping the deal on track and moving forward. On average, it takes 6 to 9 months to close the transaction from start to finish.
We help owners sell their construction businesses with annual revenues ranging from $700,000 to $70 million. If you are ready for a confidential consultation, please fill out our seller registration, or call (888) 750-5950.