Sell a Business for the Best Price
Selling a Petroleum Oils Retail Business
Don't believe anyone who tells you it's easy to sell a petroleum oils retail business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
You need to get a good price for your petroleum oils retail business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
If you're ready to move on, now is the right time to sell your petroleum oils retail business.
Moving On
What will happen if your petroleum oils retail business is a success? many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your petroleum oils retail business attractive to buyers.
Dealing with Buyers
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood petroleum oils retail business sellers with questions and requests, often to the point of becoming a nuisance. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
Brokerage Benefits
There are many reasons why hiring a broker makes sense in petroleum oils retail business sales. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. Even more, the best brokers have a track of record of discreetly identifying likely buyers and contacting them on your behalf. Although you will pay a fee for brokerage, it's generally worth it because the end result will be a higher sales prices and more favorable terms.
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