Optimizing Business Exits
Selling a Rerefined Oils Business
Looking for shortcuts? You won't find them when you sell a rerefined oils business. In this industry, a business sale takes time, effort and dedication. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a rerefined oils business.
There is no simple way to sell a business. But the most prepared rerefined oils business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Pros & Cons of a Sale to an Employee
Although it may seem easier to sell your rerefined oils business to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based rerefined oils business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
Should I Hire a Business Broker?
When selling a rerefined oils business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a rerefined oils business. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Share this article
Additional Resources for Entrepreneurs