Asphalt Business Sales Checklist

If you’re thinking of selling your asphalt business in the future, you want to plan ahead. You want to create systems that reduce owner dependency so your potential buyer feels confident in the business remaining viable after the sale. Start by writing things down. Documentation of everything in this checklist will help you in the valuation process.

• Document your scheduling process
• Create a crew leader checklist for every job type you run
• Build a robust training sequence for new hires
• Document vendor relationships, contacts and pricing in a way that makes sense to an outsider
• If you’ve negotiated favorable rates with vendors like the local asphalt plant, get those terms in writing
• Always push for written contracts over handshake agreements
• Maintain a current vendor list with pricing terms and payment arrangements on file
• Collect and update certificates of insurance from subcontractors annually
• Track basic metrics so you can show actual costs against estimates on a per-job (or per-job-type) basis
• Track material costs, labor hours and what you spend on subcontractors by project
• Make sure your estimating and accounting systems can (and do) talk to each other
• Maintain clean client records
• Consider diversifying your revenue and pushing for as much recurring work as possible
• Start preparing now, well in advance of a potential business sale

Read parts one and two of this series of how to prepare for selling your asphalt business from Ori Eldarov of OffDeal here on TheAsphaltPro.com for more detailed insights on preparing your business for potential sale.