With a 2.8 percent annual growth rate between 2013 and 2018, the HVAC industry is heating up! If you own a Charlotte-based HVAC business, now could be the perfect time to sell. To help you prepare for a successful transaction, VR Business Brokers offers six tips to sell an HVAC business in Charlotte, NC.
1. DEVELOP AN EXIT STRATEGY
Whether you plan to sell an HVAC business in Charlotte, NC this year or ten years from now, you should always have an exit strategy in place. An exit strategy should outline everything from when you plan to sell to who you will sell the business to.
2. CREATE A GROWTH PLAN
To increase the perceived value of your HVAC business, develop a realistic growth plan. Buyers will want to understand the growth potential of your business and what steps need to be taken in order to improve sales. With a growth plan in place, you’ll increase the value of your business and have an easier time finding someone interested in buying an HVAC business in Charlotte.
3. IDENTIFY WEAKNESSES
You don’t want any skeletons in your closet to come up during the due diligence process, so before you list your HVAC business for sale, consider the areas of your business that are in need of pre-sale improvement. Some areas to focus on include licenses, contracts, marketing, staff and business model.
Once you’ve identified weak points, create an action plan with strict deadlines to ensure your business is in tip-top shape before presenting it to buyers.
4. ORGANIZE KEY DOCUMENTS
Interested buyers are going to analyze every aspect of your business, so be prepared to answer questions and provide key documents. Some particularly important documents to focus on include:
- Financial Statements
- Lease Agreements
- Tax Documents
- Employee Contacts
- Long-term Client Contracts
- Trademark Registrations
To ensure everything is in order, work with your accountant, lawyer, and trusted advisors.
5. VALUE YOUR HVAC BUSINESS
The value of any business in Charlotte, NC and the surrounding areas typically depends on four key value factors:
- Terms of Sale
- Seller’s Discretionary Earnings
To properly value an HVAC business in Charlotte, NC, owners should enlist the help of a professional valuation service. Equipped with a professional valuation, a seller can more easily defend his or her asking price.
6. FIND A CHARLOTTE, NC BUSINESS BROKER
Selling an HVAC business in Charlotte, NC is no task for the faint of heart. Between listing the business for sale, marketing the listing, finding potential buyers, qualifying said buyers, and negotiating a deal, it can be extremely difficult to maintain day-to-day operations of a business. Leave the sales process to a business broker to alleviate stress and maximize the value of your business.
VR Business Brokers of Charlotte, NC is a fantastic resource for business owners preparing to buy, franchise, or sell an HVAC business in Charlotte, NC and the surrounding areas. VR’s team of brokers has years of experience connecting sellers with potential buyers and successfully closing deals.
To learn more about working with our team and begin preparing your Charlotte-based HVAC business for sale, contact VR Business Brokers Charlotte, NC today!