How to Plan to Sell Your Business with Michelle Seiler Tucker
by Tim Healy
The ultimate win for an entrepreneur is to build a company that others want a piece of. Being able to sell your business takes years of planning and dedication. It is no wonder that 80% of businesses that are created do not sell. My guest today is here to give you the insight you need to attract buyers, even if you are just starting your company.
Today’s guest is an expert in mergers and acquisitions. She is Michelle Seiler Tucker, the author of Exit Rich. Michelle’s firm has been involved in the sales of more than 1,000 businesses. Her book gives business owners a reality check as they try to find a buyer for their company.
Download this week’s The Profit Express to learn from Michelle how you can prepare, plan, and make it easy on yourself as you sell your business.
This week’s episode of The Profit Express is brought to you by Corbett Public Relations, Promoting and Protecting Businesses and Brands for over 30 years.
Leave Your Emotions at the Door
You built your business from scratch, and it is normal to become emotionally attached to it. At 4:45, Michelle discusses how this can destroy any hopes you have of selling it in the future. It is common it is for owners to sabotage a potential sale by not coming to terms with their own choice. Your company is not your “baby,” and while it can be difficult to let go, you have to leave your emotions behind if you want to sell your business.
Figure Out Your “Why”
At 7:45, Michelle discusses a previous client, where the business owners kept refusing sales. They continuously rejected potential sales not because the deals weren’t good, but because they were not emotionally ready. You have to figure out what you are doing next in life before you can exit this phase.
It’s Never Too Early to Start
If 80% of businesses don’t sell, that means you have just a 20% chance of success. Listen at 10:08 as Michelle speaks about the right time to create an exit strategy if you hope to sell your business one day. It is essential that you think of selling your business like running a GPS – what is your end destination, and where are you starting from?
Keep Up with Checkups
You go to the doctor every year to keep up with your health. But what about the financial health of your company? At 14:00, Michelle advocates for going through a yearly valuation to determine the state of your business.
Starting with People
Most business owners have not actually started a business; they have built a glorified job. A prospective buyer will not be interested in your company if you are doing everything. Starting at 20:20, Michelle discusses how important it is to have the right people in the right roles.