Sell My Business Florida | Seiler Tucker

TIPS AND STEPS TO SUCCESSFULLY SELL A BUSINESS IN FLORIDA: YOUR GUIDE TO A SMOOTH TRANSACTION

If you’re ready to sell your Florida business, you shouldn’t go into it unprepared. Read this guide to get the tips, insights, and assistance you need to proceed.

Every single day, business owners make serious missteps and irreparable mistakes when trying to sell a business. Often, people assume that it’s “not that difficult”, or that they can handle the process on their own, and end up costing themselves everything that they’ve earned along the way. The once strongly held dreams of hard work and success are fading as quickly as those big hopes of a profitable sale– but it doesn’t have to be that way.

Some people start a business with the hopes of running it successfully for the foreseeable future. Others intend to sell when they start but don’t plan accordingly and end up doing it all wrong because they weren’t prepared and informed about the process. For those who want to make a successful transaction while avoiding the biggest pitfalls and mistakes, this guide has everything that you need to know.

SELL YOUR BUSINESS

SO, HOW DO I SELL MY BUSINESS IN FLORIDA?

The first thing you need to do is to make a plan. Think about what you want and find the resources (and the people) to help you make that dream a reality. You’ll want to make sure that your business is properly valued, your financials are in order, and you have an idea of what you want to get out of the sale. Take the time to value your business carefully and properly so that your asking price is accurate.

Take the time to work with professionals who can walk you through the process, taking care of the hassles, and helping you with the details as you go. That way, you won’t be doing it on your own. As we go through this guide, we’ll cover the mistakes you want to avoid and the steps you need to take in order to sell a business, no matter what industry you’re in.

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.

MISTAKES TO AVOID WHEN SELLING YOUR BUSINESS

Although every transaction is a little different, there are some definite similarities across all transactions. By taking notes from others, you’ll be able to avoid some serious mistakes in your own sale.

  • Poor Planning: We’ve already discussed how important planning is in an effective business sale, but we really can’t say it enough. The difference in planning can often mean the difference in even closing the deal, let alone getting what you want out of it.
  • Poor Timing: Although you can generally sell a business at any time, there are some specific times that it may be prudent to wait or to sell sooner. For example, if you are coming up on a known slow period, for example, it might not make the best impression to try to sell until things pick back up– conversely, though, it could also be a good transitional period for some businesses.
  • Poor Representation: When it comes to the sale, you need someone who knows what they are doing. You also need someone who can fight for you to ensure that you get the deal that you deserve, quickly and without the hassles. Find brokers that have extensive experience in closing deals effectively and helping businesses bolster their image for the best deals.
  • Poor Marketing: Marketing is everything in real estate. If you don’t paint a good picture, no one will be interested in what you have to offer. You might have the best business on the market today. Unless people know that, though, they can’t bite. Make sure that you are marketing on social media and other channels where you might not have thought to reach out to people in the past– your audience has moved, and you have to go find them.
  • Poor Pricing: This is perhaps one of the biggest mistakes made by business owners– they price their business terribly wrong. Some go too high. Others go too low. Both groups usually do so because of a lack of financial insight to determine an accurate value. When you price your business incorrectly, you’re doing yourself more than one disservice. Not only are you making a bad impression, but you could be losing a deal or losing valuable profits from the sale that you are rightfully earned.

As you can see, there are many little things that can add up to a big mess if you’re not careful when selling your business. Of course, you can resolve a lot of this by going back to the representation– find someone experienced with selling businesses, and specifically with the process of selling a business in Florida, to ensure they can assist you in the best ways possible.

Now that you know what to avoid, let’s talk about the things you need to do.

THE STEPS: MUST-DO'S THAT EVERY OWNER NEEDS TO KNOW

Again, while your business sale will be slightly different, and perhaps even massively different when you get down to the details, the basics are similar for everyone. Here are the steps that absolutely need to be on your to-do list so that you can ensure the best transaction and the biggest profit every time.

Step 1: Determine Your Worth

Your profit is not the same as your business’s net worth. Generally, a company will be worth a multiple of its profit. Most range between two and ten times the profit, with larger profits garnering larger values for sale purposes. It might be helpful to do this with the assistance of a financial professional or a business sale expert to ensure that you value and price your business accurately.

Step 2: Prepare the Financials

Businesses are valued on profit, which means that having good financials is critical to prospective buyers. It’s essential that you prepare a profit and loss statement that can be handed to your buyers. If you don’t have this, it’s the first sign for a buyer to walk away. Again, if you want the assistance of a financial professional, that’s fine, too. Actually, that’s the next step– figure out what assistance you need. If you’d like, you can make that your first step. Just make sure you take the help you need.

Step 3: Acquire the Assistance

If your business needed a coat of paint to sell, you’d paint it. You’d probably hire painters to do the job, even. If it requires operational assistance, such as in the financials or the marketing, you’re going to hire people to help– it’s an investment in getting the best sale. Sometimes, it’s best to work with a professional team that specializes in selling businesses in Florida so that you can get the best outcome and let them handle the details.

Regardless of the assistance that you choose, take advantage of what you have. Learn about brokers, accountants, and professional consultants, as well as others that can help you build up your business image and prepare it for the best possible sale. Make sure that you choose people who are aligned with your own goals and intentions, and who know how to get the best results.

Step 4: Create an Executive Summary for the Sale

An executive summary is a place where you can outline what the business is, what it offers, and what the financial situation of the company looks like. You can even add in some frequently asked questions and other details if you want to help buyers make the most educated offer possible. When you give your buyers the best tools, they will respond in kind.

Step 5: Put it On the Market

Once you’ve got all the details in order, you can take your business to the market. Make sure that you’re priced right for the Florida business market, and more specifically for the city or region that you’re in. Your broker or agent can assist with this. Make sure that you’re listing your business in as many places as possible, and welcome inquiries via social media and other unconventional means– if you make yourself more accessible, you’ll get more interest from people who don’t have time to follow traditional avenues of communication.

From here, it will be a matter of waiting for potential buyers to come along and start making offers. Then, you’ll have the chance to negotiate and close the deal. When you take the time to use the resources and plan accordingly, though, you can guarantee that you’ll get a much better sale price and a better experience, too.

FAQs FOR SELLING A BUSINESS IN FLORIDA

Why can’t I sell my business by myself?

There are some people who are adamant about trying to sell their own business, but it just isn’t worth it to take the risk. The brokers available today will ensure that you find your target audience and get the best deal, and that it’s all done according to Florida laws and in accordance with other regulations and guidelines.

You cannot sell a business by yourself and expect top-dollar unless you’re also an expert in the buying and selling of businesses. Remember, brokers and others are just human resources that are here to help you along the way. If you want a lot of headaches, a lot of work, and a lot of potential hiccups along the way, feel free to try it on your own. However, if you want to remove the hassle and save time, leave it to the pros.

How do you price a business to put it up for sale?

When putting a business up for sale, you will need to determine your profit. Then, you will need to determine the assets that you have, and combine the two. There are a few recommended formulas out there, but when you work with a professional broker, they will take care of the details for you beyond that.

How long will it take to sell my business?

Unfortunately, there is no standard timeline for selling a business. Some deals can close in just a few months, while others will take years. The best brokers average 6-9 months for most deals, but it really depends on your specific needs and the type of business that you have, as well as how prepared for the sale you are in the first place.

Is there a secret to a quick, profitable sale?

There’s no secret to selling your business, of any kind. Don’t believe anyone who tells you otherwise. The way to sell your business and garner the best profit is what you’re already doing– educating yourself and making a plan that includes using the resources and people available to you.

Are online brokers a good choice?

It depends on the broker, just as it would with traditional companies and brokers. There are several companies that are available to help you online that may provide a good service and help you get a fair deal. There are also some that will provide you with premium resources.

CONSIDER WHETHER YOU'LL OVERSEE THE BUSINESS AFTER THE SALE

The last piece of the puzzle is figuring out whether your buyer expects you to continue to offer any advice or oversight once the deal is closed. Some buyers will stipulate that the existing owner remains available in an advisory or consulting position for a period of time to make sure that the transition is successful– if you’re in this situation, try to make that period as short as possible.

If you truly want to maximize your profits and get the best sale, it’s best to enlist the assistance of professionals. The dedicated, experienced team at Seiler Tucker has all the tools and insight that you need to sell a business in Florida. With a 98% close rate, our team will help with everything from evaluation and preparing your business for sale to listing and marketing the property, negotiating terms and deals, and providing support throughout the process every step of the way. To get started on your better business sale, schedule your free consultation today.

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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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At Seiler Tucker, we help sell large businesses all over the country. However, we primarily serve small, medium, and large businesses in the areas listed below.

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