Niche Exit Planning Strategies
Selling a Drill Bits Business
Planning and execution can dramatically influence the price you receive for your drill bits business.
You won't find any magic formulas for selling a drill bits business, especially while the market is struggling to overcome the perceptions created by a down economy.
Despite the conventional wisdom, we believe current economic conditions are right for selling a drill bits business. We'll tell you what you need to know to achieve a successful sale outcome
It's rarely possible to sell a drill bits business in a month or two. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. 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.
When to End Negotiations
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a drill bits business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Working with Appraisers
There is no substitute for a qualified appraisal in the sale of your drill bits business. Leading industry appraisers equip sellers with a value gauge that can be accessed 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.
Have Friends Who Might Like This Article?
Let them know on LinkedIn
Ready to Learn More? We Think You Might Like These Articles:
Additional Resources for Entrepreneurs