July 11, 2020  
 
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Selling an Oil Well Testing Business

It's a misconception that no one is buying oil well testing businesses these days. Savvy entrepreneurs see oil well testing business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.

Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.

Negotiation Exit Strategy

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 well testing 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.

Advertising Your Sale

Profitable oil well testing business sales begin with a carefully planned advertising and promotional strategies. However, confidentiality and other concerns can present challenges, even for sales professionals. The knowledge that your business is being sold almost always converts into negative PR with your customers and vendors. Business brokers are skilled at publicizing oil well testing business sales while maintaining the confidentiality that is critical to your business.

Legal Concerns

In an oil well testing business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.

More Exit Planning Articles

Given your interest in exit planning and in oil well testing businesses, you might find these additional resources to be of interest.

How to Sell a Business

Marketing an Oil Well Testing Business

Terms of Investment Banking Agreement


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