November 29, 2020  
 
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Selling a Company

 

Selling a Refractory Materials Business

The decision to sell your refractory materials 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.

Personal and professional concerns surround the sale of a refractory materials business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your refractory materials business a success.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a refractory materials business.

Preparing Your Refractory Materials Business for Sale

The outcome of a business sale is largely determined prior to a market listing. Attractive refractory materials business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your refractory materials 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.

Advantages of Hiring a Broker

A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.

Identifying Serious Buyers

Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your refractory materials business until the prospect has been qualified as a serious buyer.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

Marketing a Refractory Materials Business

Pre-Exit Employee Incentive Programs

Why Most Businesses Do Not Have Exit Plans

Pros and Cons of Using Business Brokers


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