The economy isn't the only thing that is uncertain these days. So are oil and gas consulting firm buyers, many of whom are waiting to pull the trigger on their next acquisition.
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Nothing lasts forever and you will ultimately be faced with the task of selling your company. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your oil and gas consulting firm.
Selling to a Family Member
There is no easy way to sell an oil and gas consulting firm, not even to a family member. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
In an oil and gas consulting firm sale, pricing is based on a number of factors, including the costs incurred during the sale. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Professional consultations can also represent a significant expense during the course of an oil and gas consulting firm sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Many sellers embarked on their oil and gas consulting firm sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the oil and gas consulting firm. The sale of the business will likely result in new family dynamics. Subsequently, selling an oil and gas consulting firm has to include ample communication and shared decision-making.
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