Statistics show that a whopping 70% of businesses go under even after operating for ten years or longer, and business owners are forced to sell their business for many reasons. Unfortunately, 8 out of 10 businesses do not sell, and many business owners have to sell the business for pennies on the dollar, close their business, or even worse, file bankruptcy. On the first episode of Find Your Exit, host Michelle Seiler Tucker shares what’s in store for the audience. Don’t miss a single show and discover how you can retire rich and exit for the price you deserve.
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Find Your Exit: An Introduction
I’m Michelle Seiler Tucker, Founder of Seiler Tucker, Inc., author of Exit Rich and a podcast specialist on finding your exit. I’ve been buying and selling, fixing, and growing businesses for many years. I am a Merger & Acquisition Master Intermediary, a senior business analyst amongst lots of other accolades. The most important thing is I have a tremendous amount of experience in selling, fixing, and growing businesses and acquisitions. I’ve sold hundreds of businesses. We have a high success rate of closing nearly 98% of all offers we write, and obtaining a much higher selling price for our clients, typically 20% to 40% higher selling price of what the business appraises for. Why am I doing this show? It is because in all my years of experience, the business landscape has changed dramatically.
When I wrote my first book in 2013 and I did the research, the statistics showed that about 90% to 95% of all new businesses that opened up within the first five years will go out of business. When I wrote Exit Rich in 2019, those statistics have changed dramatically. It’s now 30% of businesses will go out of business in those first five years. Seventy percent of all business owners that have been in business ten years or longer will go out of business. That’s not only 26 million businesses. If you do the math, that’s a huge amount of business owners closing their business forever. You hear the big-box stores in the news all the time. You hear about Toys “R” Us, JC Penny, Blockbuster and GNC have closed down 900 locations, but you don’t hear about small mom-and-pop businesses that are closing on every street corner, in every town and every state across our great nation.
To me, it’s sad because most of these business owners are Baby Boomers. They’ve poured their heart, soul, energy, effort or money into the businesses over the decades. Many of them had made huge sacrifices along the way. Unfortunately, 8 out of 10 businesses do not sell. That leaves many of these Baby Boomers, business owners having to sell the business for pennies on the dollar. Closer business is even worse filing bankruptcy. When a business owner loses their business, they don’t just lose your business assets. They lose their family assets too because even though we have all this corporate veil protection with LLCs, S corps and C corps, many business owners co-mingle their assets. They mortgage their home to support the growth of their business or sign personal guarantees for leases, lines of credit, SBA business loans, etc.
“When a business owner loses their business, they don’t just lose your business assets. They lose their family assets, too.”
When a business owner loses their business, they’re losing our family assets too. This is sad to me. This is why helping business owners save their business is my passion. It’s my mission. It’s my why. I want to help save as many business owners as I can and help them find the right exit for them. Most importantly, help them exit rich. Help them obtain their desired price tag that they have worked for, that they’ve committed their life to and deserve. Finding your exit is all about helping you to determine what’s best for you and your family. What’s best for you, your employees, your clients and your business? What can we do to exit and also help you make sure you fulfill your legacy?
There are different types of exits. You can exit by selling your business to your employees. Sometimes that works, many times it doesn’t. It is a slippery slope, but it’s something that I would love to explore with you. You can also exit your business with your children taking over. Unfortunately, that business climate has changed too dramatically because back in the day, children would inherit their family business. That doesn’t happen as much as it once did. Children want to do their own thing, create their own masterpiece, and not necessarily inherit their family’s business. The other exit is closed down, which you don’t want to do or sell your business. Build your business to sell. Follow the Seiler Tucker GPS Exit Model so that you can exit your business and be able to have enough money to live the life of your dreams. Those are all the things we’re going to explore on the show.
We will do a deep dive into my book, Exit Rich. I will be doing interviews with business owners who have sold their businesses. We’ll have some big names here as well like Jeff Hoffman who founded the airport kiosk. He also founded Priceline. Alec Stern, Founder of Constant Contact and many more. I’ll have other business owners that I have helped not only build their business but to sell their business for their desired sales price. I’m looking forward to talking with you and helping you to build your business so that when you are ready, you will be able to find your exit, find what works for you and your family and exit rich. Thank you.
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