Niche Exit Planning Strategies
Selling a Drilling and Boring Machines Business
Is the economy still a little shaky for a business sale? Sure it is. Yet drilling and boring machines businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Personal and professional concerns surround the sale of a drilling and boring machines business. But have you considered how your customers, vendors and employees will handle the sale?
A business sale is always a sophisticated transaction and if you aren't prepared for it, your drilling and boring machines business sale could have an unexpected outcome. To stay on course, you'll need sound strategy and meticulous execution on your side.
Finding Drilling & Boring Machines Business Buyers
Buyers of drilling and boring machines businesses run the gamut. Some are seasoned drilling and boring machines business veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their drilling and boring machines businesses in multiple channels. Networking is another useful tool in locating buyers. It might surprise you to learn how many drilling and boring machines business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Professional Appraisals
There is no substitute for a qualified appraisal in the sale of your drilling and boring machines business. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
How to Identify Prospective Buyers
Whether you know it or not, prospective buyers for your drilling and boring machines business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. 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 you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
Share this article
Additional Resources for Entrepreneurs