Niche Exit Planning Tactics
Selling a Well Drilling Equipment and Supplies Business
It's a misconception that no one is buying well drilling equipment and supplies businesses these days. Savvy entrepreneurs see well drilling equipment and supplies business opportunities as a path to short-term profits and long-term growth. Here's what you need to know to get a fair price for your company.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
If your exit strategy involves selling a well drilling equipment and supplies business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for well drilling equipment and supplies businesses than other buyers.
Sweetening the Deal
Today's well drilling equipment and supplies business buyers expect sellers to offer concessions to persuade them to close the deal. 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. A limited amount of training and mentoring may seem inconsequential to you, but to a young well drilling equipment and supplies business owner, they can be critical launching points for their ownership journey.
The Best Person to Sell Your Well Drilling Equipment & Supplies Business
There are benefits and drawbacks to handling the sale of your well drilling equipment and supplies business on your own. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your well drilling equipment and supplies business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Business owners are subjective and biased about their company's true worth. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful well drilling equipment and supplies business sale.
Share this article
Additional Resources for Entrepreneurs