Consolidation in the Towing Industry – After a false start in the late 1990s, consolidation of the towing industry finally began in 2023. Up until that time, there were only a handful of towing businesses generating more than $20 million in revenue within this $14 billion industry. Towmen wanting to retire or sell for any reason had no choice but to sell to other towmen. That option is still available, but now over a dozen professional buyers are building towing networks. Primarily, these are Heavy-Duty / Recovery networks, but there are also a few Private Property Impound and Light-Duty networks.
The Tow Broker (dba of GM Consultants) specializes in representing owners of towing companies who desire to sell their business. Owner George Metos is in touch with dozens of potential buyers, ranging from towmen who want additional locations, to the professional buyers. He has sold towing businesses to several of the professional buyers and large independent towmen as well. With this focus, he is able to recognize the right opportunities for selling towmen.
Many times he is able to sell a towing company without advertising, by making outbound calls to the buyers he has met over the past decade in the business.
Selling your Business – GM Consultants will work with sellers to understand the business and the seller’s objectives. If it makes sense to the parties, an agency agreement is arranged, similar to a listing agreement with a commercial real estate company. Or the parties may agree that a valuation analysis of the business is warranted first, for a fee which can be credited back to the seller once the company sells. The parties agree to a marketing plan, at which point GM Consultants collects the necessary documents from the seller, builds the marketing literature, and engages with potential buyers.
Commissions are based on a percentage of the sales price, minus any retainer paid.
- Owners typically sell due to retirement, health, personal reasons, or a change in their business strategy.
- GM Consultants works with sellers to determine the marketability of their business, the value, and then goes out and works hard to sell it.
- The valuation is done based on the experienced gained from working with hundreds of buyers and sellers.
- We’re not a chain, so you will have personalized attention.
- A good business broker will take much of the emotion out of the deal. Buyers may not want to speak candidly to a seller. This is why most sellers are not present when a realtor brings a buyer to see a home, for instance.
- GM Consultants works hard to keep the marketing of a business confidential.
- Many of the potential buyers are on speed dial and we can get through to the decision makers.
Buying a Business – From time to time, so long as there is not a conflict of interest, GM Consultants is hired to locate a business for their clients. By specializing in the representation of owners of towing companies, the Tow Broker (dba of GM Consultants) strives to avoid this conflict. GM Consultants is more likely to represent a buyer in an industry outside of towing.
