Program to Sell Your Printing Business with Minuteman Press
Now that we have reviewed these options, let’s review the Process to Sell Your Printing Business with Minuteman Press.
Preparation
The first step would begin by conducting a proper evaluation of your business. Some of the business & financial documents would be reviewed first, including the following:
- Brief history of the business
- Financial records
- 3 to 5 years of tax returns and P&Ls
- Equipment list
- Equipment leases
- Employee details
Many buyers also like to have a detailed overview of the business that explains what the business is all about, the history, and how business is conducted. These not only help the buyer feel more confident with their purchase of your business but it will also ease their transition and make life much simpler down the road as they begin to operate as the new owner.
Preparation
As mentioned, the business evaluation can make or break the sale, so it’s important to get a proper evaluation. Many owners may evaluate their business on potential, past earnings, the amount they invested in it, and the time, effort, and emotional attachment to the business. However, what it really all comes down to is the financial performance of the business and how it compares to similarly sold businesses.
Minuteman Press will help you assess and evaluate your business. Our free evaluation will look at factors such as:
- Past performance history
- Revenue & expenses
- Equipment (owned and leased)
- Trends for the business – are sales up or down?
- Cost of goods & labor expense – are percentages in line with industry standards?
- Owner’s responsibilities and duties
- Employees’ responsibilities and roles
The main objective for this free evaluation is to get to an idea of what the business can sell for and to make sure it is priced right. Minuteman Press can provide insight on what similar printing businesses that are in line with similar performance are selling for.
Also, while selling your business is understandably an emotional decision, this evaluation will help get to a fair asking price that fits with the financials that buyers will be assessing.
“As the Owner/President of Plese Printing & Marketing in Spokane, WA for over 32 years, I can say without hesitation that my experience with Minuteman Press and Chris Jutt, Regional Vice President PNW, has been amazing to say the least. I would highly recommend Minuteman Press to anyone who might be considering selling their independent printing business. The family-owned Minuteman Press business enterprise has 45 years of success in the printing industry. I was able to sell my business for a fair market price knowing that all my years of hard work was going into good hands. My entire staff stayed on after the sale and my customers are satisfied knowing that they have the great service and quality products they’ve known for years. I am so grateful to Chris Jutt for making this happen for me. It’s been a complete pleasure from beginning to end.”
– Kim Plese | Plese Printing & Marketing
Spokane, WA
Answer This Question: Why Are You Selling the Business?
There is one question you’re almost guaranteed to be asked by every buyer you come across. Maybe even by your appraiser, your friends and family, and/or the person who helps you with your finances. That question is: Why are you selling the business?
Your response will help the buyer feel more comfortable. Are you ready for retirement or simply looking for a change? Are you worried about competition? Do you have health concerns? They’re going to want to know the answer, and they deserve to know it. It’s important that you know the answer before they ask.
Ultimately, selling your printing business is a personal decision, and this particular step is something you need to really think about and determine on your own. With that said, after you answer this question, it doesn’t hurt to have other people who have been in the printing business to be there to lend an empathetic ear and support you through this process.
Timeframe
According to SCORE, a non-profit association for entrepreneurs and partners of the U.S. Small Business Administration, a business sale usually takes between 6 months to 2 years.3 That means once you decide to sell your business you can’t lose focus and still have to operate it until it’s sold.
If you’re looking to retire, but aren’t quite ready yet, you’ll want to make sure you time things properly. Even if you aren’t thinking about selling your business just yet, you want to make sure you are preparing now. Making minor changes today can equate to a higher return on your business during the sale down the road.
One advantage of partnering with Minuteman Press is that we can help facilitate the sale in a timely manner while doing the legwork for you. Minuteman Press will be there for you every step of the way, saving you the extra effort, time, and money on locating a buyer.
In addition, because Minuteman Press is already tasked with evaluating printing businesses and then connecting buyers and sellers, we can help you handle the selling process in a timely manner. After all, when a current franchise owner is looking to retire or sell the business, Minuteman Press steps in to assist with finding qualified buyers and securing a proper exit strategy. That infrastructure within our franchise system is already in place, which gives us an edge on helping people sell their printing businesses.
Source:
3. Investopedia: https://www.investopedia.com/articles/pf/08/sell-small-business.asp
Finding a Buyer
Finding a buyer for any business is not an easy task & it can be costly.
Minuteman Press has relationships with the top business for sale websites and has a proven method to market and advertise a printing business. We will spend money on campaigns that are specific to your business locally and nationally.
By partnering with Minuteman Press, you will be able to save time and money, and everything is done in a confidential manner. In addition, Minuteman Press has local representatives who will meet with buyers face-to-face. We will interview, vet, and qualify buyers before you meet with them, which can save you from having your time wasted.
The buyers also know that after the sale is completed, they will receive full training on ongoing support from Minuteman Press. That is also a huge benefit to you, since you won’t have to worry about training the buyers, and you’ll have the extra added peace of mind that your business will be in good hands.
The Sale
Minuteman Press can assist with the negotiation process and also help qualified buyers obtain financing. When a printing, sign, or promo business is priced properly, we have found this to be a very straightforward and quick process.
Once terms are agreed upon and then finalized, the buyer will attend our training school. We will then continue to train them onsite assisting with the transition. Typically, your responsibility in the transition process will be to introduce the new owner to clients and provide them with an overview of daily operations.
Perhaps the most important benefit of utilizing the resources provided by Minuteman Press is that in addition to getting the proper value for your business, you’ll also know that the business you’ve put all that hard work into is going to be well taken care of after you move on, as well as the clients you’re leaving behind.
Post-Sale
Following the sale, Minuteman Press will provide the buyer of your business with full training and ongoing support. During this time, you would introduce your clients to the new owner, which allows for an easier transition. Our goal is to ensure that your business continues to build strong relationships with your clients.
Because the buyer will be supported by Minuteman Press, it means your clients will be left in good hands. Minuteman Press has over 45 years of experience in training and supporting buyers. With our longevity in the industry and support capabilities, you can rest assured that your customers will be taken care of after the sale is complete.
“The smooth transition has reassured me that it was the right move to sell my business with Minuteman Press International. They have the right plan, the right experience, and everyone has been incredible to the very last detail. In my acquisition experience, nothing has ever been as easy as this. I had everything to gain and nothing to lose, and there were absolutely no hiccups along the way. I would easily rate my experience as 10/10.”
– Mike Cutler | Custom Printing
Nampa, ID