The closing of a dealership buy/sell transaction can prove to be a challenging and stressful time for many dealers. The cause of the challenges and stress will usually relate to the dealer either being poorly prepared, ill advised, or without the proper support in the final days and hours of a transaction. Being poorly prepared, ill advised and without the proper support at the closing can, and has, cost dealer tens of thousands of unnecessary dollars being forgone at the closing table.
Dealership closings are much more than simply counting inventory, verifying the assets, and preparing a closing statement. Effective dealership buy/sell closing entails keeping the multiple components and personnel involved in the transaction moving forward and not allowing the closing to get sidetracked or stalled. Effective dealership closings are those that run smoothly and are low stress for all parties involved. However, a smooth closing will seldom occur unless you have an experienced professional at your side.
When representing our clients, it never ceases to amaze us how the other party tends to be poorly prepared or under-represented. It’s comparable to fielding a football team without an offensive line; the result is a one-sided competition where our client, the opposing team, is the ultimate beneficiary.
Our advisors have many years of experience consulting on buy/sell closings of all sizes and complexities, including partner buy-ins, stock sales, and multi-store/multi-state closings.