Profitable Niche Market Exit Plans
Selling an Oil Field Specialties Business
The sale of your oil field specialties business is the culmination of this stage of your entrepreneurial journey. Although most business owners expect a storybook ending, it will take the careful application of sound selling principles to bring your sale to a successful conclusion.
You won't find any magic formulas for selling an oil field specialties business, especially while the market is struggling to overcome the perceptions created by a down economy.
Undaunted by economic conditions, many oil field specialties business sellers are achieving their sale goals through deliberate sale strategies.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. On the one hand, confidentiality is critical for a successful oil field specialties business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the oil field specialties business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Tips for Working with A Business Broker
Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the oil field specialties business-for-sale market, where aggressive selling strategies are the norm. Brokerage doesn't replace the seller's requirement to be involved in the sale; it augments the seller's efforts and creates a more seamless sale process. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.
Selling Time
Hoping for a quick oil field specialties 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. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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