Business Exit Planning
Selling a Mining Development and Exploration Business
In any market, there are sellers and then there are serious sellers. We'll give you the tools you need to be taken seriously when you decide to sell your mining development and exploration business.
In a down economy, many mining development and exploration business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of mining development and exploration businesses that are actually for sale.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a mining development and exploration business sale. To improve sale outcomes, you will simply need to tailor your mining development and exploration business to today's buyers.
Finding Mining Development & Exploration Business Buyers
Buyers of mining development and exploration businesses run the gamut. Some are seasoned mining development and exploration business veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Average Timeframes
Hoping for a quick mining development and exploration business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your mining development and exploration business, you'll need to invest as much as a year in preparing it for prospective buyers. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . By the time the deal reaches the final contract, many of its features are set in stone. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
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