Sell a Business Tips
Selling a Soil Services Business
A lot can go wrong during the sale of a soil services business in today's economy. We'll tell you how to keep your sale and your future plans on track.
Dire economic forecasts have forced many soil services business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
The business-for-sale market is extremely dynamic. That's why we think it's important for soil services business owners to know that it's possible to sell a business in any economy. You just need to know your buyers and structure the deal accordingly.
Should I Hire a Business Broker?
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your soil services business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some soil services business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Negotiation Teams
Even if you hire a business broker to facilitate the sale of your soil services business, it's likely that you will be the front line negotiator. But although you will responsible for negotiating terms with buyers, you should never approach negotiations without support. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Share this article
Additional Resources for Entrepreneurs