Lawn and landscaping service companies have always stayed fairly competitive over the years in Charlotte and neighboring cities. Despite a temporary setback last year, businesses and homeowners continue to rely on lawn care services. If you’re a lawn or landscape professional contemplating selling a lawn care business in Charlotte, NC, preparation can be the difference between a quick or arduous sale. Take the following steps into consideration as you begin exiting your lawn service business.
5 STEPS TO PREPARE YOUR CHARLOTTE, NC LAWN CARE OR LANDSCAPING BUSINESS FOR SALE
Regardless of when you intend to exit out of this 114.6 billion dollar industry, it’s never a bad idea to have a plan in the works. Follow these steps to ensure the sales process ends as a top-dollar transaction.
1. PREPARE AN EXIT STRATEGY
Almost every successful sale begins with a well-planned exit strategy in place. To map out yours, first consider your intentions for the future and ask the following:
- What type of new business owners do I hope to sell to?
- How soon do I intend on selling?
- Will my current employees stay on after the sale?
- Am I comfortable staying on part or full-time for a set period to offer the new owner guidance?
- Are my retirement plans dependent on this sale?
Answering these questions can help you establish a clearer idea of your goals and get an idea of how obtainable they are. Plus, they’ll help the new owner get a better sense of how the lawn care company will operate without you in the picture.
2. GET YOUR ESSENTIAL PAPERWORK IN ORDER
Next, you’ll need to start locating and sorting essential business documents, such as cash flow records, tax information, and any outstanding invoices. Potential buyers will likely want to review them to spot any potential red flags. If you’re unsure how to get these documents in order, enlist the help of a professional accountant or attorney.
3. PUT YOUR BEST FOOT FORWARD
It’s recommended that you make an effort to increase your business’ value before listing it on the market. That way, it’ll be seen as a more attractive investment to potential lawn care business buyers. Make a note of your current offerings and spot any possible ways to increase your customer base and attract new residential clients or commercial accounts. You may even want to look into:
- Expanding your current service offerings
- Improving your online and social media presence
- Creating a customer loyalty or referral program
- Finding ways to increase employee retention rates
4. GET A PROFESSIONAL VALUATION
After making an effort to drive up your business value and position it accordingly, you’re ready for a professional valuation. Since personal and emotional attachments often get in the way of valuing small businesses, we recommend hiring a third-party evaluator. An experienced business broker can help ensure your selling price is fair and reasonable.
5. LIST YOUR BUSINESS FOR SALE
With the above steps in place, it’s finally time to list your lawn or landscaping company for sale. While it’s certainly possible to list it on the market yourself, we advise working with a professional broker. It’s hard enough competing with the dozens of business listings on Charlotte’s market. A broker can ensure that qualified buyers see your listing while you focus on keeping your small business up and running.
Ready to exit out of the industry and sell your lawn care business in Charlotte, NC? Reach out to the experts at VR Business Brokers of Charlotte. With decades of selling experience under our belts and local market knowledge, our team is more than equipped to lead you to a rewarding and profitable sale. Contact us today to get started!