60% of sales fail because of something going awry during the due diligence process
Phoenix, AZ (PRWEB) July 23, 2015
In the popular Finish Line podcast series, Andy Ahern, the CEO and Founder of M&A consulting firm Ahern & Associates, covers many topics critical to the industry; topics are brought to light and discussed, ranging from economic updates to information on Hours of Service, and much more. Subscribers and viewers from across the country are exposed to valuable information they may not find anywhere else by way of the podcasts, which are extremely well-received and highly anticipated by followers.
In a recent podcast featured on CFF Nation, Mr. Ahern presents sound advice regarding owners preparing to sell a business. He begins by explaining that the day an owner starts a business is the day he or she should also start planning an exit strategy – but most don’t. Those in the trucking industry often aren’t able to dedicate the time needed to planning, however, with so many daily tasks needing so much attention in the trucking industry. Owners don’t focus on the bigger picture, but that business is retirement for these owners. If owners plan to pass the business onto their children, they need to treat children like employees and evaluate their strengths and weaknesses.
Since the trucking business is one that is cyclical, an owner needs to know what the market is willing to pay for the business at any given time, and there is certain information that needs to be captured and if a seller can’t capture that information, he or she won’t cross the finish line and sell. Having a pre-audit done by a third party is critical to being able to cross the finish line and sell the business. 60% of sales fail because of something going awry during the due diligence process. Ahern & Associates performs these audits for clients and visits on-location for a few days and look at operations, dispatch, maintenance, employees, and more, then devise customized software for that client.
Sellers also need to look at their employees; strategic buyers are looking for intellectual capital and people who can take the business to the next level. They look for the ability to grow and have a stronger management team. A seller has to surround himself or herself with people who are smarter than they are, and he or she has to have the ability to listen to those people. Sellers must have a plan, or they will not be able to grow. Sellers must know when accountants, attorneys and others need to get involved; sellers also have to have a story to tell. If sellers cannot accomplish these checklist items, they are not ready to sell.
In addition to visiting the CFF website, interested parties can listen to the Ahern & Associates podcasts via the official Ahern & Associates website, and they can also see the presentations on YouTube.
About Ahern & Associates, Ltd.
Ahern and Associates is North America’s leading trucking and transportation management consulting firm. The skilled consultants at Ahern and Associates specialize in mergers and acquisitions of trucking and logistics companies as well as the restructuring and evaluation of existing carriers that seek to increase operating efficiency and improve profitability. Since 1987, Ahern and Associates has aided hundreds of buyers in the acquisition of trucking and logistics companies throughout the U.S. and Canada as well as assisting many transportation and logistics companies in reducing their overall operating costs and increasing their profitability.
For more information, please call 602-242-1030 or visit http://www.ahern-ltd.com.