Sell My Business Alabama | Seiler Tucker

How to Sell a Business in Alabama: Steps to Success and Missteps to Avoid

In the state of Alabama, selling a business is a process that takes time and diligence for any company. With these tips and steps to a proper sale, you’ll be ready.

There are hundreds of businesses across the state of Alabama that are being bought and sold each week. The process is not that difficult, but there are many steps and details to consider. You’ve already started on the most important part of your journey: reaching out and asking for help. Now, take these resources and put them to work for your own needs.

First, we’ll talk about the basics of selling a business and how you can prepare your company so that you get the smoothest transaction possible. We’ll also cover things like what to ask and what you should avoid, at all costs. There is a lot that goes into selling a business. It’s mostly about planning and preparation, though, so let’s start there.

SELL YOUR BUSINESS

WHAT'S IN A PLAN?

Although every business is a little different, your plan should include a to-do list that covers everything from understanding the sales process to listing your business and marketing it effectively. You have to think of everything and sit down to make a plan of attack if you are going to get the most out of selling your business. Don’t think that you have to do it alone, though because there are plenty of people out there ready and waiting to help.

Planning and writing things down have been proven to help people become more successful, even just in their day-to-day lives. Just as you would with a marketing plan or sale of some kind, you need to engage your audience and let them know what you have going on. If that’s planning to sell a business and move on, your audience should be people who want to buy a business and carry on that small-town charm.

We’ll discuss what you need to be planning specifically throughout the rest of this guide. You’ll be on your way to the best profit potential in no time when you plan accordingly and set your business up for success.
Speaking of success, let’s talk about the steps it takes to get there.

SELL YOUR BUSINESS WITH A TEAM DEDICATED TO YOUR DREAMS

We don’t take on every business that calls us, which enables us to focus entirely on the requirements of our clients. You get the time, attention, and results you need to successfully sell your business.

THE STEPS TO SUCCESS

It’s time to get to work. First and foremost, you need to plan and plan well. Give yourself the opportunity to dig up all the financial details, dust off your business plan and revisit that executive summary and see what information you need to update before you put your business on the market. Planning also includes taking the time to get educated on selling a business and what it involves.

Look at the financial state of your business—make sure it’s a good time to sell. Create an executive summary that includes all the information that people need to know to make an informed decision about whether to buy your business. Consider including an FAQ section for even more detailed insights and to cover all of your bases.

If you don’t have all of this in order, that alone can sabotage the best deals. Buyers see being unprepared as a major red flag, even if you’re just not aware that you need to have this information and these financial details available. If you’re selling a business, with the resources and people available today, a lack of knowledge is not an acceptable answer for not taking the right steps to sell.

Speaking of people, you will want to decide if you need:

  • An accountant
  • Financial planners
  • Legal assistance
  • A business broker

Having a dedicated broker will ensure that you get all the insight on how to sell a business quickly and for top dollar, including everything from getting the business in order and ready to sell to the closing deal and beyond. If you choose to work with an accountant or lawyer also, it will only further the available resources you have to help navigate the tricky world of selling a business.

With the help of a broker, you can create your business listing and start marketing the business for sale. They will make sure that the listing is comprehensive and includes all the details that people need, no matter what they might be looking for. They will also help you market in the right places, including social media and other avenues that you might not think to explore.

Marketing and negotiating deals is something that you can handle, have a broker take care of, or even work together on so that you can get the best business deal, no matter what you have in mind. Be sure to take advantage of this and come up with a relationship that works for you. You might want to let brokers do the negotiating and marketing so that you can ensure that the best deal is obtained, no matter what.

WATCH YOUR STEP - MISTAKES AND PITFALLS

Many things can go wrong with your business. It’s going to be important for you to take the time to explore everything that’s out there and get the outcome that you deserve. Fortunately, with planning, you’re again giving yourself a better chance by knowing what to expect. Some of the biggest mistakes are even related to poor planning:

Selling at the wrong time. There is always a good time and a bad time to sell in the business world. Fortunately, when you work with professional brokers, the good times usually outweigh the bad. However, you have to be mindful of when you are selling and who’s actually buying, as well as what the market is like, and more. For example, you might not sell during a certain season when things are slow, you might opt to hold off on selling your business because the financials aren’t right, or anything else. Is now really the best time to sell?

Selling for the wrong price. Pricing issues plague business transactions day in and day out. It’s difficult to value a business and no matter how much people feel like they might be able to do it themselves, it isn’t an easy task. Some formulas involve calculating profits and assets to give you a starting point and you can even use online calculators to get an estimate or idea of what your business can sell for before you put it on the market. Pricing can make or break a deal in moments.

Marketing in the wrong places. Do people know that your business is for sale? Are you marketing to the right audience and going where your customers are? These things are critical to your business and going to give you the chance to get the exposure that you deserve in your sale. Take advantage of social media, as well as things like text marketing and other places where you can find an additional audience.

Not hiring the right representation. There are a number of experts out there that can help you in selling your business. If you don’t take advantage of them, you’re not giving yourself the best chances of success. If nothing else, you need to hire a business broker who can represent your business and provide the dedicated resources that you need to garner the profit you deserve. An accountant and lawyer could also be a good addition, though, so don’t limit your options until you see what’s out there.

Staying around too long after the close. You might find yourself in the middle of a deal where the new buyer wants you to stay on after the sale has been completed. They may want advice and insight, or they may need your help in other ways. Regardless, you should make sure that you don’t do this for any longer than necessary. If they want consulting or other services, keep it short and sweet so that you can detach and move on.

Several issues could arise with a business sale. However, you’ll want to do everything that you can to keep your professional image and get the best transaction possible. If you are prepared and have the best practices in place at all times, it will be easy to get a quicker sale and a better price for your business.

Keep these mistakes and pitfalls in mind and use them to help you identify others along the way. Then, your business deals will be much less stressful.

HOW TO SELL MY BUSINESS IN ALABAMA: FAQS

Can I sell my business on my own?

You can certainly try to sell your business without the help of a dedicated team of experts, but it’s not the recommended solution. Unless you are experienced and have done this before, you might miss some important steps or not know how to value your business, market properly, or even negotiate the best deals. That’s where having professional assistance can come in handy. It’s always better to use the resources that you have when you can.

What’s a broker compared to an agent?

A broker is someone who can help with business sales, no matter what type of business you have. An agent may be someone who works to sell real estate that’s commercial or residential. A broker sells the financial and intellectual assets of a business, along with any physical assets. Their entire job is to help people like you get the profits that they deserve from their business success.

How can I value my business for sale?

When it comes to valuing your business, you will have many options out there to choose from. However, there are some formulas that you can follow that will combine your assets and profit to create value, and you can even find calculators that you can use for estimating the value of your business. However, it’s best to work with a broker who can help you get an accurate value to list your sale.

How long does it take to sell a business?

The process of selling a business is different for everyone. Some sales can be done in 2-3 months, while others might take up to a year. The average is about 4-8 months, but this depends on the type of business and how much work is going to be involved in the sales process. You should talk to your broker to make sure that you understand the process and how to get through it quickly and without hassle.

What if I need to sell in a hurry?

There is no safe way to sell your business in a hurry. You can cut back on the time by preparing and planning ahead to get things in order, but even the fastest business deals usually take at least a month or two after a buyer is found to get the details worked out.

COMPLETE THE TRANSACTION WITH SEILER TUCKER

No matter what type of business you’re selling, we can help you get what you deserve. Our team has an impressive 98% closing rate, and we’ll make sure that we do our part to add you to that list as soon as possible. We can help you find the best marketing resources, list your business properly, and deal with all the financial details and other particulars.

Our dedicated brokers and other experts know all about how to sell a business. This is no easy task, but it doesn’t have to be a big challenge, either. Take the time to learn about the guidelines and regulations for selling your business and see which brokers can help you do this while staying within the rules and regulations. Then, you’ll be educated and ready to start the process of listing your business and closing the deal.

Whether this is your first sale or just the first in a while, the team at Seiler Tucker is here to help. If you’re trying to sell a business in Alabama, schedule your free consultation today to learn what our team can do for you.

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Michelle Seiler Tucker is well known as one of the premier authorities in the field of buying, fixing, and selling businesses. Her insights and opinions have been well recorded all over the news in various formats. Read below to learn more about Michelle and her success as a leader in the online business broker field.

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