Profitable Niche Market Exit Plans
Selling an Oil Equipment Sales and Service Business
A lot can go wrong during the sale of an oil equipment sales and service business even if the seller has previous business sales experience. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
You won't find any magic formulas for selling an oil equipment sales and service business, especially while the market is struggling to overcome the perceptions created by a down economy.
However, serious buyers also understand the value of a good oil equipment sales and service business. Financial statements and ROI are essential in converting modern oil equipment sales and service business prospects into buyers.
Average Timeframes
Hoping for a quick oil equipment sales and service business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
Tapping Into Business Networks
Today's oil equipment sales and service business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based oil equipment sales and service business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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