Business Exit Planning
Selling a Mining Engineers Business
The decision to sell your mining engineers business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Despite your best intentions, great business sales don't happen overnight.
Too often mining engineers business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Pre-Sale Checklist
The pre-sale checklist for a mining engineers business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Post-Sale Details
The way you exit your mining engineers business is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a mining engineers business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Share this article
Additional Resources for Entrepreneurs