For print shop owners, the decision to sell a printing business is not a simple one to make. Some of the greatest concerns that printers have are: how they will find a professional buyer; will they be able to offer funding for the deal if necessary; and will they need to stay involved to train the purchaser in order that they can properly run the business. In addition to that, printers will want to make sure their customers are in capable hands after promoting the business.
As a result of these factors, many independent printers state, “I really don’t understand how to sell my printing business if I wished to.” The good news for them is that there are techniques to sell a printing business the right way, where the business is properly valuated, the print shop owner gets the ideal value for their business, the buyer is fully trained and supported in managing the business, and clients continue to get the high levels of quality and service they deserve.
Here are five steps to guide owners on how best to sell a print shop:
1. Be Prepared to Answer Why You Are Selling Your Printing Business. You’ve decided or are at least thinking about how to sell my printing business. This is a question that potential buyers will probably be asking, so you would like to make sure you are prepared to provide a thoughtful response. Frequent reasons for selling a business are due to retirement, the owner wanting to proceed to some new pursuit of other business ventures, or health reasons. No matter what your motive is for selling your printing business, it is a great idea to write down your reasons and think of what the real reason may be. This can help you be ready for the query from buyers who is quite likely to develop.
2. Prepare Early for Your Sale to Ease the Transition. Whether your schedule for selling a printing business is immediate or in the near future, it is essential to prepare early for the sale. You want to be certain you have all your business documentation up to date to create for a smooth transition for you and the buyer including financial records, tax returns, customer info, and equipment leases. All this preparation will help pave the way to your prospective life after the business is sold. Also, you should think about your next steps and what you wish to do with your life after the purchase is made. Write down a list of post-business goals or ideas, which will further motivate you to get organized so that you may make those dreams a reality. In order to accomplish this, you need to price your business properly by obtaining a suitable valuation that will ensure you sell your printing business at the right price.
3. Be Sure You Get a Full Valuation of Your Business from People Who Know Printing. Perhaps the toughest aspect of selling a printing business is that many owners do not know how to sell a print shop for the correct cost. It’s important to find an accurate business appraisal from seasoned professionals who understand the business of printing, such as each of the logistics behind it. Placing an unrealistic price for the business will dissuade buyers and prolong the sale, and it could even possibly lead to not being able to sell the business at all. Luckily, there is help for printers who would like help in figuring out the ideal price for their printing business. Consult with business experts like Minuteman Press which may offer a suitable valuation of your printing business because they have been involved in the printing business for more than 40 years. Avoid working with individuals who have never set foot at a print shop; make sure to partner with individuals that may provide an accurate valuation of your business to ensure you get full, fair value for this. It’s also important to discover a partner who can attract a larger pool of buyers than you can on your own.
4. Preserve Your Legacy. Printers are a particular breed of business owners that genuinely care about the goods as well as the customer support they supply. Over the years, your clients have become like family, and as an element of your local neighborhood that you want to be certain that they’re cared for once you sell the business. The good news is that there is a way for you to get the right buyers for your printing business that will continue to serve your customers with the utmost quality and service while also getting a fair price that you deserve. By partnering with business experts to sell your print shop, you’ll be able to secure the proper exit strategy for your business with the extra peace of mind that comes with understanding your clients are going to be in great hands.
5. Know Your Time Frame. Many business owners wait too long to sell their business. Keep in mind that when you sell a printing business, it requires time. Think in terms of years. Are you ten years or two years away from retirement? Why not see what your options are earlier than later? There’s no reason or need to scramble at the last minute when there are tools that will help you get ready for the sale. The key is to reach out early and ask the right people for help in order to give yourself the proper time it takes to sell the business. Follow the actions outlined above to give yourself a solid head start, and meet experienced printing business professionals who can assist you with all aspects of the sale.
Minuteman Press International has over 45 years of expertise in the printing industry and assists independent printers with selling their printing businesses. Click here to learn more information about how to sell your printing business with Minuteman Press.