Niche Exit Planning Tactics
Selling a Water Well Inspection and Testing Business
Don't believe anyone who tells you it's easy to sell a water well inspection and testing 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 survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a water well inspection and testing business.
Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell a water well inspection and testing business, you can - even in today's economy. We'll tell you what you need to know to achieve a successful sale outcome
Sweetening the Deal
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your water well inspection and testing business. Concessions can consist of non-cash as well as cash incentives. In fact, many concessions have little or no financial impact, but go a long way toward making the deal more palatable to young entrepreneurs. In the current economy, seller financing is becoming common in water well inspection and testing business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your water well inspection and testing business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.
How to Choose a Business Broker
A good business broker is your best bet for a fast and profitable business sale. In the water well inspection and testing business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling water well inspection and testing businesses.
Share this article
Additional Resources for Entrepreneurs