Confidentiality and privacy are major buzzwords when it comes to the information that businesses share. So, what happens when you buy or sell a business like a car wash? These are some things that must be considered.
What Happens to the Employees?
One concern that always comes up when a business is sold is whether or not the new owners will keep on the old staff. Of course, it may seem a little crazy to let a company’s entire team go just to hire and train new people. But you do not want employees to get cold feet and look for other work. As a seller, this could cause complications in completing the deal if you are suddenly shorthanded. A buyer may not want the headache of hiring and training new staff. The smart thing to do is to keep the sale quiet until all those details are worked out.
Inconsequential Information Requests
When you are buying a car wash, you want to beware of requesting information that really doesn’t influence whether or not you will buy the business. Asking for this information wastes the time of the seller and may cause them to look elsewhere for a buyer.
On the other hand, if you are the one selling the company, you need to weigh your time versus the prospects. If this buyer is your only serious option, you may want to comply with odd or time-consuming requests just to make sure the deal goes through. However, you may also choose to deny the request and just see how things play out.
Deciding when to share proprietary information is one of the most significant privacy factors. What if someone is only posing as a prospective buyer to gather industry information? Or what if the inquiry starts out legitimate, but the potential buyer later backs out of the deal? Did they acquire enough know-how to compete with your wash and lessen its value in the eyes of the next potential buyer?
Buying and Selling an Existing Car Wash Versus Investing in New Development and Construction
Of course, the expense of building a new car wash may far exceed that of buying an existing one, and it still comes with some risks. However, you can mitigate those risks more easily by working with an experienced car wash design and development team. Car Wash Pro Designers brings decades of experience to the table on our turnkey car wash projects. Contact us today to learn more about this investment opportunity.