Selling your dealership can be a life changing decision.
Maintain Operations: Operate as if you were staying forever. You run the store; McNulty will sell the store.
- Financial Health Assessment: Ensure your financial records are available. Factory financial statements, provide complete list of non-productive add backs and off statement income to show true cash flow. Buyers will scrutinize these, so accuracy is important.
- Physical Appearance Matters: First impressions count. Invest in making your dealership premises visually appealing. A well-maintained facility can significantly boost perceived value.
- Inventory Management: . Review and adjust your inventory.
- Your Team: Provide a management position list – include hire date, with basic pay plans,
- Plan for Transition: Have a transition plan in place for yourself. Run the store, let McNulty run the sale. Take it easy on yourself, take extra time off to relax and be prepared for the decisions only you can make.
- Consider Market Timing: Our industry is subject to fluctuations. Sell when someone wants to buy. Selling your dealership when the market is favorable can significantly impact the sale price.
- Professional Valuation: McNulty will provide you a professional valuation, of your dealership’s worth in the current market. If selling Real Estate, current appraisal is important. These will help in setting a realistic and profitable selling price.
By focusing on these areas, you will enhance the value of your dealership and make it a smoother transition for you.