Profitable Niche Market Exit Plans
Selling an Oil Treating Compounds Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your oil treating compounds business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling an oil treating compounds business.
The economy hasn't squashed the market for oil treating compounds businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your oil treating compounds business goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in an oil treating compounds business negotiation. 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.
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