Profitable Niche Market Exit Plans
Selling an Oil Field Consultants Business
No one said selling your business in a depressed economy would be easy. Fortunately, a oil field consultants business sale isn't as scary as it seems.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an oil field consultants business sale works.
Too often oil field consultants business sellers sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.
Laying the Groundwork
In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your oil field consultants business on the market.
Maximizing Sales Price
There are no simple ways to sell an oil field consultants business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their oil field consultants businesses.
Business Valuation
The methods for valuing an oil field consultants business vary according to your business model and circumstances. However, there are generally three valuation methods appraisers use to determine your company's worth. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. In many sales, the most accurate valuation comes from the market method which determines value based on the recent sales of similar businesses. All three methods have multiple variations and it's not uncommon for appraisers to use a combination of the three to determine the value of your business. Sellers should take note of the fact that all three valuation methods reward businesses that takes steps to increase assets and income.
Share this article
Additional Resources for Entrepreneurs