Profitable Niche Market Exit Plans
Selling an Oil Well Services Business
It's a misconception that no one is buying oil well services businesses these days. Savvy entrepreneurs see oil well services business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy an oil well services business, capital restrictions are holding them back.
If you're ready to move on, now is the right time to sell your oil well services business.
Pre-Sale Checklist
The upfront time you investment in the sale of your oil well services business will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Workforce Concerns
Business sellers face a dilemma when it comes to their employees. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
The Best Person to Sell Your Oil Well Services Business
There are benefits and drawbacks to handling the sale of your oil well services business on your own. Few people know your business as well as you do. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the oil well services business to gain an objective sense of fair market value.
Share this article
Additional Resources for Entrepreneurs