How Do I Sell My Contractor Business?
The construction business can be a lucrative world, but it can also be a taxing one. You have many employees and materials to keep track of all the time, scheduling deadlines to meet and cost overruns to look out for. If you’ve managed to build a successful contractor business, and you are ready to sell, you want to get the best possible price for all the work you’ve done. So you may ask, “how can I sell my contractor business to maximize my profit?” We'll cover some of the details in this article.
Business Broker with potential buyers for Contractor businesses
Synergy Business Brokers has many years of experience selling both residential contractors and commercial contractors. As a result, we have a large database of potential buyers for contractor businesses. This will help to maximize your price and sell your contractor business faster than a broker that doesn't have any experience in this industry.
At Synergy Business Brokers, we do not have an upfront cost because we believe we should only make money once we sell your contractor business. We have experience selling a variety of contractor businesses that have annual revenues of $600,000 to $30million including contractors that specialize in HVAC, Landscaping, Roofing, Energy Reduction Analysis, Spray Foam Insulation, Environmental Remediation, Underground Tank Removal, Water Treatment, Concrete Foundations, and more.
Know the Value of your Contractor Business
You can’t get the most value from your contracting business if you don’t know what that value is. You can add up all your assets and subtract your debts, but you may be missing some intangibles, such as the state of the housing market or the reputation you have built, that can drive up the price considerably. A professional contracting business broker can help you generate a good starting asking price by providing you with a potential asking price that doesn't leave money on the table but also doesn't price you out of the market.
A professional Business Broker can consider the intangibles beyond your assets and debts. They may be able to determine the value of repeat customers, your employees' skills, and the neighborhoods your company has access to and has built relationships with. This can all add up to a significant number that you can use to set the price when negotiating with buyers.
If you’ve been putting off making sure all the financial records are in place and accurate, now is the time to take care of it. Potential buyers will want to see a clear history of assets, debts, and other financial information. Even though everything you are doing may be aboveboard, if the financials don’t look right, it could cause potential buyers to be suspicious.
If there are any issues that may give buyers pause, such as the hiring of undocumented workers, don’t try to hide it. Take care of it before the sale and be honest about it with buyers.
Sell My Contracting Business in NY, NJ, CT, MA, PA & Nationwide with Synergy Business Brokers
When you hire a business broker, you want to be sure to hire one with specific experience in the world of contracting and construction. Throughout the East Coast, in places like New York, New Jersey, Connecticut, Massachusetts and beyond, that broker is Synergy Business Brokers. We help owners sell businesses ranging from landscaping, home improvement, environmental services, insulation, and other construction businesses.
If you are ready to start a conversation about selling your contractor business fill out our seller registration, or for more information on how we can help you sell your company fast and at a high price, contact us today. We'll discuss whether we think the timing is right for you to begin the process.