Profitable Niche Market Exit Plans
Selling an Oil Field Contractors Business
Many business leaders say that now isn't the time to try to sell an oil field contractors business. Don't be deterred by economic uncertainty. There are plenty of reasons why this is the right time to put your oil field contractors business on the market.
Personal and professional concerns surround the sale of an oil field contractors business. In our experience, a common owner concern is how the sale will affect customers and employees.
If you're ready to move on, now is the right time to sell your oil field contractors business.
Preparing for What's Next
The decision to sell your oil field contractors business can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your oil field contractors business attractive to buyers.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the oil field contractors business industry, experience is a must-have characteristic for qualified brokerage. As a practical matter, you'll also want to focus your search on brokers who have pre-existing relationships with attorneys, appraisers, and other professionals who can provide assistance at various stages of the process.
When to End Negotiations
Negotiations have a way of dragging on forever. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. In an oil field contractors 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.
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