Business Exits By Industry
Selling a Coal Mining Services Business
Don't believe anyone who tells you it's easy to sell a coal mining services business. A lot of things need to happen before you can successfully exit your business. We'll tell you how to thrive in the middle of it and get top dollar for your company.
The coal mining services business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
The economy hasn't squashed the market for coal mining services businesses. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a coal mining services business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
Average Timeframes
It's rarely possible to sell a coal mining services business in a month or two. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your coal mining services business, you'll need to invest as much as a year in preparing it for prospective buyers. 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.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Good business brokers are adept at separating serious buyers from the rest of the pack. Never provide detailed information about your coal mining services business until the prospect has been qualified as a serious buyer.
Share this article
Additional Resources for Entrepreneurs