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Buying or Selling a Business

[Author: Andy Goodman, INEDA President/CEO, 2013 | Keywords: Business, Operations, Acquisition] Over the past 12 years, I have consulted with many dealers considering buying or selling dealerships. Most sellers don’t think about selling until retirement or when business is on the downslide. The best time to sell a business, however, is when someone wants to buy it – usually when the economy is strong and the business is profitable and at its peak. While it may seem strange to sell a profitable business, this remains the most opportune time – especially when selling the business is your long-term goal. Whether you… Read More »

When Opportunity Knocks – Purchasing a Business

[Author: Samuel I. Kreamer, J.D., C.P.A., 2007; R-2013 | Keywords: Business, Operations, Acquisition] The perfect opportunity presents itself. A manufacturer has approached you to buy a nearby dealership; or a nearby dealer (who will still be a “pin on the map”) wants to know if you’d like to buy him out. What do you do now? Following is an outline of the “action steps” necessary when purchasing an existing business. Letter of Intent The purchase of a business often commences with a “letter of intent.” The letter of intent is designed to be a non-binding, generalized outline of the transaction. It… Read More »