Business Exits By Industry
Selling a Crude Oil Business
No one said selling your business in a depressed economy would be easy. Fortunately, a crude oil business sale isn't as scary as it seems.
Personal and professional concerns surround the sale of a crude oil business. In our experience, a common owner concern is how the sale will affect customers and employees.
You'll always have an excuse for not putting your business on the market. Selling a crude oil business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Sale Preparations for Your Crude Oil Business
The outcome of a business sale is largely determined prior to a market listing. Profitable crude oil business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your crude oil business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your crude oil business. If price is the most important outcome, you may need to agree to seller financing or other concessions. If a fast sale is the highest priority, you may need to lower the asking price to quickly capture the attention of the marketplace.
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 crude oil 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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