Steps to Building a Business

STEPS TO BUILDING A BUSINESS

Always identify why you want to sell your business first, plan your end game and desired sales price second, and then reverse engineer it in order to obtain the ultimate selling value on your business. Continue below to learn more about the steps to building a business.

WHERE ARE MY STRENGTHS AND WEAKNESSES?

Once you have determined your desired sales price and business exit strategy, decide what areas of your business need to be improved. Review the 6 P’s to see what the strengths and weaknesses of your business are.

WHERE IS MY VALUE?

Many business owners fail to adequately determine what a business has of value. The majority of businesses we work with are not properly branded. Maximize your company’s value by developing your brand presence and raising brand awareness. The bigger your brand, the bigger the price tag.

STAY ON TOP OF YOUR BUSINESS

Work on creating the highest demand for your business by making sure that your business continues to be a part of an industry that is on its way up. Know your numbers and know your customer acquisition cost.

Maximize leads and prospects through good marketing and networking techniques. Go to conventions, tradeshows, and conferences. Stay in the know within your industry so that you can be sure you are on top of the latest and greatest industry standards.

PROFITS & PROCESSES

Maximize your PROFITS by optimizing leads and prospects via marketing, and conversion via sales. Another essential thing to focus on with the intention of growing your business to sell is your business’s processes.

Are your operations efficient? PROCESSES are the deadbolt lock to a buyer’s heart even if your business has a structured automation system in place, because even after you are gone, the show must go on! Businesses that operate efficiently are naturally cutting costs, saving time, and capitalizing on their operations with better profits.

ASSETS & AUTOMATION

Properly valuing your inventory and assets is crucial to maximizing your desired sales price. Hard assets are easier and include equipment, real estate etc. Soft assets include intellectual property and databases, and are a little harder to evaluate. Work with Seiler Tucker to get your business properly valued.

Automation of system processes is also crucial as it allows business owners to have time to work on the business rather than being stuck working in the business.

BE WARY OF POTENTIAL WHEN BUILDING TO SELL

Do not assume it is time to sell because you feel that your business possesses a lot of potential. Potential is always misunderstood. Yes, it’s an essential step in building a business, but people looking to buy do not pay for potential. Potential matters, but is often overvalued by business owners. Most buyers want to pay for performance, not potential. Thus the best strategy is to REALIZE POTENTIAL.

KNOW THE TYPES OF BUYERS

There are several different types of buyers. Each type of buyer looks at different aspects of a business and has their own strategy for buying a business. Knowing the types of business buyers is crucial in order to build to sell your business to match their criteria. Click below to learn more about buyers.

BUILD TO SELL WITH SEILER TUCKER

Interested in learning more? Michelle Seiler Tucker and her team of business experts utilize the renowned build to sell blueprint to thoroughly analyze your business and get your business to where you want it to be, so you can sell it for the price that you want, on your terms.

AS FEATURED AND INTERVIEWED ON

THE EXIT RICH BOOK

Exit Rich®: The 6 P Method to Sell Your Business for Huge Profit

In Exit Rich, Michelle Seiler Tucker, #1 bestselling author and leading authority on buying, selling, fixing, and growing businesses, joins forces with Sharon Lechter, finance expert and co-author of Rich Dad Poor Dad, to create a must-have guide for all business owners – whether they’re gearing up to sell a business now or just starting to build out their company – to sell for huge profits in the future.

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