How to Sell a Business in a Challenging Market: A 6-Month Exit Strategy Case Study
If you’re a business owner wondering how to sell a business in a challenging or declining market, this case study demonstrates what’s possible with the right strategy.
When the owner of a mining distributor decided it was time to sell, he was facing more than just the typical uncertainty of a life-changing transaction. He was staring down a significant headwind. His company, a highly profitable $15 million mining distributor, had thrived for over 40 years, but it operated in an industry that many investors had already declared dead: coal mining.
For nearly a decade, the public and political narrative, particularly under the prior Obama administration, was that coal was being phased out. Mines were closing, and investors were fleeing the sector, spooked by headlines and regulatory pressure.
The owner knew his business was strong, but he was trapped by a perception problem. How do you find a premium buyer for a successful company when the entire market believes your industry has no future? He needed a partner who could not only navigate the complexities of a multi-million dollar M&A transaction but also possessed the strategic vision to unearth the truth and reframe the entire narrative. He needed to prove to the world that a mining distributor wasn’t a relic of the past, but a resilient and highly valuable asset for the future.
The challenge wasn’t performance. It was perception.
And perception can make or break a business exit strategy.
The Challenge of Selling a Business in a “Dying” Industry
When this owner decided it was time to sell his business, he faced more than the normal emotional weight of a life-changing transaction. He faced a market narrative working against him.
Our first challenge was to cut through this bias.
The reality on the ground, however, told a completely different story. We dug into the numbers and the market, and found a compelling counter-narrative:
- Resilience: While many smaller, less efficient mines had closed, the remaining ones had consolidated. They became stronger, more technologically advanced, and more reliant on expert, high-service suppliers like A mining distributor.
- Performance: The company’s financials proved this. A mining distributor had not only survived the downturn—it had prospered, showing stable, impressive performance in the most difficult of market conditions.
- Global Demand: While the U.S. narrative was focused on clean energy, international demand for coal from developing nations like China and India, and across continents like Africa, remained robust and was projected to grow.
- Political Shifts: A new administration was shifting the domestic energy focus, and there was realistic talk of reopening mines. The industry wasn’t dying; it was stabilizing and potentially poised for a resurgence.
Our challenge was to package this complex, data-backed reality into a simple, powerful story that would capture the attention of sophisticated buyers.
The M&A Process Used to Sell the Business in 6 Months
We knew that a standard process wouldn’t be enough.
To successfully sell a business in this environment, we designed a process focused on:
- Preparation and due diligence readiness
- Strategic narrative control
- A highly targeted, competitive buyer outreach process
Step 1: Preparing the Business for Sale (Due Diligence Ready)
Our process was built on an exceptional foundation, which is why we were able to move at such a remarkable pace. Most of our client engagements begin with a 1-2 year pre-sale preparation phase to clean up financials and fix operational risks.
This company was different.
The owner had already built a business that was due diligence ready.
Eliminating Owner Dependency
The owner lived four hours away and visited the office only once per month. The business was operated by a trusted, autonomous management team with 10- to 20-year tenure.
For private equity firms and strategic buyers, this dramatically reduces transition risk. A business that can run without the founder is far more valuable than one built entirely around them.
Clean, Auditable Financials
The company’s financial records were professionally maintained by an external accounting firm for over a decade. Clean statements. Transparent reporting. No surprises.
For business owners considering selling a company, this step alone can significantly increase valuation and speed to close.
This perfect foundation allowed us to bypass the entire preparation phase and move directly to market, giving us an incredible speed advantage.
Step 2: The Strategic Narrative (The CurtisWiltse Value)
With the foundation in place, the next step in the M&A process was narrative control.
We crafted a comprehensive Confidential Information Memorandum (CIM) that directly addressed the “coal is dead” perception and replaced it with data-driven insight.
Turning Resilience into a Competitive Advantage
Rather than avoiding the industry challenge, we leaned into it.
The company’s performance during politically unfavorable years became proof of its durability. Buyers saw an essential service provider with a strong moat, recurring demand, and stable cash flow, even under pressure.
Positioning for the Future
We layered in global demand data, geopolitical shifts, and evolving domestic policy signals. Buyers were encouraged to evaluate the company not through headlines, but through fundamentals.
This repositioning changed the conversation.
The result? The market responded with incredible momentum.
Step 3: Running a Competitive M&A Auction to Maximize Value (The Process)
Selling a business, especially in a misunderstood industry, requires more than contacting a few local competitors.
We executed a controlled, multi-channel outreach strategy that included:
- Targeted private equity firms with mining and industrial distribution experience
- Family offices seeking stable, cash-flowing businesses
- Strategic acquirers in adjacent mining regions
- Industry contacts identified by the owner
This structured approach created tension in the market.
And tension drives value.
The Results: 15 Offers and a Legacy-Preserving Exit
The response validated the strategy.
- March 2025: Curtis & Wiltse engaged by owner.
- Late March 2025: Confidential outreach began.
- Mid-April 2025: Within three weeks, we generated 15 Indications of Interest (IOIs) from a diverse group of highly qualified private equity firms, family offices, and strategic buyers.
- Mid-May 2025: After a round of management meetings, we secured 7 written Letters of Intent (LOIs), giving the owner multiple, concrete options to choose from.
- September 2025: The deal was officially closed.
Total time from start to finish: 6 months.
For context, the average time to sell a business is typically 8–12 months (not including the 1–2 years many owners spend preparing for the market).
The owner ultimately had multiple strong options, including one buyer offering the highest financial valuation. However, after in-person meetings, cultural alignment became a deciding factor.
A successful business exit strategy isn’t just about price. It’s about the right buyer.
With multiple offers on the table, the owner chose a path that prioritized his people and his legacy, ultimately selling the company to his employees. A 40-year business transitioned to the very team that had helped build it.
What Business Owners Should Take Away
If you’re a business owner considering selling your company, especially in a challenging industry, market perception does not always reflect underlying value.
With:
- Strong financial preparation
- Reduced owner dependency
- Strategic narrative positioning
- A competitive buyer process
You may be able to sell your business faster and at stronger terms than you expect.
The right M&A strategy can change everything.
Considering Selling Your Business?
If you’re exploring a business exit strategy and want to understand what your company might be worth in today’s market, a confidential conversation is the right first step.
Even in industries that appear uncertain, there may be more opportunity than headlines suggest.
The market rewards preparation, positioning, and process.
And for the right business owner, that can mean a faster, stronger, legacy-preserving exit.