International Door & Operator Industry

NOV-DEC 2017

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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Page 35 of 126

TOP 10 WAYS A dealership owner will inevitably, at some point, sell or transition the business to new owners. Obviously, we can't live forever, but a well-managed business can outlast any owner. When it is time to sell or transition the firm to new owners, the owner has many choices. A business might be turned over to a family member or a key employee or key employees, or to a non-related third party. Regardless of whom the new owner might be, a prudent owner wishing to leave the garage door business must prepare the business for the transition to assure that selling the business generates a fair return for the owner. The first 5 Ways were previously discussed in the October issue. MANAGEMENT Continued on page 34 by John Zoller & David Bowen, Zoller Consulting, Inc. V O L U M E 5 0 I S S U E 6 D E C E M B E R 2 0 1 7 33 #6. Are the Values on Your Balance Sheet Real or Contrived? Having a clean balance sheet is a must for a selling firm. Any errors will send up a red flag to a potential buyer and create doubt about the veracity of other information the seller presents to the buyer. Inventory must be valued realistically. Old or unusable material should be scrapped. Inventory values should be correct. Many firms, in the interest of reducing taxes understate inventory. When selling, the inventory number must be accurate and defensible. TOP 10 WAYS to Prepare Your Business for Sale The PART 2 OF A 2-PART ARTICLE Editor's Note: John Zoller and David Bowen of Zoller Consulting, Inc. presented a seminar at the 2017 IDA EXPO in Atlanta on preparing your business for sale. This article is Part 2 of a two-part article based on the concepts presented at the Atlanta seminar. See Issue 5, Volume 50 – October issue for Part 1 of this article.

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