Sell My Business Georgia | Seiler Tucker

SELL YOUR GEORGIA BUSINESS: TIPS AND STEPS TO SUCCESS TO SUCCESS

If you’re in a position to sell your Georgia business, but you’re not quite sure where to start, this guide has you covered. Find the insights you need for a smooth sale.

Georgia business owners all have their reasons for selling a business. There are hundreds, if not thousands, of businesses sold in the state every month, and there’s always room for more. Companies grow, change, and evolve. Some sell outright, while others are acquired or absorbed into a larger corporation. No matter where they go, companies sell every single day, and the ones that do it right will feel good about their decision.

Of course, what does it mean to “do it right” when you’re selling a business? Everyone has their own preconceived notions about the process, including the best practices, how to get the right price, and whom to ask for help along the way. Spoiler alert—you should be asking for help.

Several people can help you in selling your business so that you get the best possible deal and get a much easier sale. In addition to finding the right people to assist in the sale of your business, you will also want to make sure that you follow the right steps and know which mistakes to avoid along the way.

You might be thinking that no two businesses are the same, so no two sales will be. You’re correct. However, there are still several similarities and generalities that apply to people who are selling a business, regardless of their industry, business size, or any other variables. To start, let’s talk about the value of proper planning.

SELL YOUR BUSINESS

WHAT'S THE BEST WAY TO SELL MY BUSINESS IN GEORGIA

First, there’s not necessarily a “best way” or a “right way” to do things—there are steps that have to take place and certain tasks that have to be checked off the to-do list, but every transaction is a little different. The best way is the way the works for you. The first thing that you need to do to figure that out is to start planning for what’s to come.

In addition to this guide, there are plenty of other tools out there that can help you understand the business sale process, and even how it works specifically within the state of Georgia. You’ll also be able to find the right people to assist you, including business brokers, accountants, financial planners, and others. Before we talk about the general steps of selling a business, let’s take a brief look at all the mistakes that you’ll want to avoid.

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 MOST COMMON MISTAKES IN SELLING A BUSINESS

People have been selling businesses for centuries. Of course, some better ways have been discovered and some of the most common issues have been brought to light so that people can change the way that they do things. Avoiding mistakes like the ones listed here will ensure that you can get the best sale, the best price, and the smoothest process, no matter what type of business you are selling.

Mistake #1: Poor Planning or Timing

There is a lot of planning that goes into the sale of a business. In fact, it’s a lot more about planning than the actual process because that all falls into place as the deal works itself out. With the wrong timing, though, you could find that no one is looking to buy. Whether it’s an economic issue or a seasonal slowdown, you need to make sure that you are avoiding the worst times to sell.

Poor planning could also impact timing and vice versa. If you are not prepared and educated about the steps that it takes to start a business, you might miss one here or there. If you don’t plan things out, you could skip small details or miss important dates, which could be a big deal for the final sale.

Mistake #2: Ineffective Marketing

A common reason that companies don’t sell as quickly or for as much as they should is because people don’t know they’re for sale. Companies have to do more than put a listing in the local paper or hang a sign on the property. It’s important to utilize the new world of digital marketing tools to put your listing on various business websites and social media platforms to increase its visibility and the speed of the sale. When you have a broker, however, you can trust that they’ll help in this area, too.

Mistake #3: Bad Pricing

Too often, people try to price their business with a sentimental dollar amount. What you have to realize is that bad pricing can kill your sale. It can even kill a business’s reputation—and who wants to buy a business with a bad rap? It is critical that you get an accurate valuation of your business so that you can price it accordingly when you go to sell. Then, you’ll never have to wonder if the sale price is the reason that people aren’t buying.

Mistake #4: Bad (or No) Representation

In our opinion, this is the biggest mistake that businesses make when it comes to selling. There are dedicated people whose entire job is to help people navigate the buying and selling process in the business world—why wouldn’t you take advantage of them? When you work with a dedicated broker, you’ll see a marked success in your business sale, from the pricing and marketing to even things like proper timing, better negotiations, and more.

Several hiccups could occur in the process of selling a business. It’s going to be up to you to get the insight you need and come up with a plan to avoid them at all costs. Knowing is half the battle, as they say. Just be diligent and plan as much as you can, and you’ll find that it’s easier to avoid the most common mistakes, including the ones listed here.

THE STEPS OF A BUSINESS SALE

The process, or journey, of selling a business is not going to be linear. It also may not always include the same steps as another business deal. However, some general things need to happen in any sale situation, which we will outline here to assist you.

Prepare the Financials (and Everything Else)

Preparation is the biggest part of the transaction when it comes to selling a business. Some people overlook it, underappreciate it, or just don’t think about how it can be such an asset to the road ahead. Planning allows you to come up with a strategy, a marketing plan, and to gather the resources and things that you need. This is where you want to gather your financial information, generate a profit and loss statement, and make sure that you get the business properly valued for sale.

We discussed bad pricing a little bit in the mistakes section, but it’s something that needs to be on your radar. When you are getting things ready for sale, getting the business value right is a big part of the process because it will ensure that you can price your business effectively enough to get results.

Create the Executive Summary

The Executive Summary is where you will be showing off your business and its best assets. This should include a description of the business and other details. It can also include financial information, including a profit and loss statement. Some of these even have an FAQ section or additional insight for potential buyers. Yours can be whatever you want, as long as it speaks to the nature of your business and essentially tells buyers what they are getting for their money.

Choose Your Resources

We didn’t number these steps because, as mentioned, they’re not all linear. This is one that can happen simultaneously, or before the rest, depending on how it works best for you. By resources, we don’t just mean educational resources, where to list, and other “things”. There is a host of “people” resources out there that you can add to your arsenal to get the most of your business sale:

  • Brokers
  • Financial Planners
  • Accountants
  • Business Lawyers
  • And more!

All of these people can play an important role in preparing and listing a business for sale. They may provide different resources and services, depending on each company’s needs, but as long as you’re enlisting their assistance as much as possible, you can streamline the process and save yourself from doing it all alone. Plus, when you have the pros on your side, everything will be easier.

List and Market the Business

Once you have the rest of the business in order and ready to sell, you’ll be able to publish the listing. It is important to create a single, cohesive listing that you will share everywhere. You should market your business in as many places as you can to ensure a quick sale and better visibility. Social media advertising and other newer methods might be more effective than you realize—use them all.

Negotiations

We consider negotiations part of the sale process because the deal still isn’t done. After all, you can accept an offer and get all the way to the closing table, and the buyer could still walk. There are no guarantees until the ink has dried. Negotiations are where you can benefit from having a dedicated business broker because they will do the haggling for you. They can handle all communications so that you have the professional representation that you deserve with clients and their brokers.

FAQs FOR SELLING YOUR GEORGIA BUSINESS

Why can’t I just sell my own business?

You absolutely can list and sell your own business if you desire. However, unless you are well-versed in business sales, it might be best to use the resources and assistance available for a better experience all around. Technically, anyone can sell a business—but you really shouldn’t go it alone if you want the best outcome.

How much do professional brokers cost?

This is something that has to be discussed with brokers on a per-deal basis. What’s more important to think about though, is what it could cost not to use professional brokers. Take the time to compare your options and find a broker that is committed to taking care of you while charging reasonable commissions.

How do I know how much my business is worth?

Calculating the value of your business will be a matter of gathering all the financial documents so that you can add up your assets and profits to determine the business value. Then, you can go from there to start calculating what a good sale price would be. Keep in mind that the worth of your business isn’t just your profits—there are more assets and value there to consider.

How long will it take to sell?

There is no set timeline for selling a business. It could be done in a few months if you have a good listing and an in-demand business or industry. It could also take up to a year or more for some sales to go through. It all depends on the listing, the business itself, and who’s doing the selling.

SELL FASTER AND FOR A BETTER PROFIT WITH SEILER TUCKER

If you want the best results, enlist the help of our professional team of brokers. With a 98% close rate, we guarantee that you’ll have much less stress when selling your business with us. It’s not easy to sell a Georgia business, but you’re not alone. We have a team of dedicated experts that can guide you through the process and help you get the outcome that you deserve.

When you are ready to sell, contact the team at Seiler Tucker for expert representation. We’ll provide you with a free consultation to discuss your business sale, and we can get started right away, taking the hassle off your hands for good.

CONNECTED

SEILER TUCKER BLOG

AS FEATURED AND INTERVIEWED ON

SEILER TUCKER IN THE NEWS

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.

Sell Your Business With Our Business Brokers & Advisors

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.

Sell Your Business In:

  • Florida
  • South Carolina
  • Georgia
  • Louisiana
  • Texas
  • Tennessee
  • Oklahoma
  • North Carolina
  • Mississippi
  • Arkansas
  • Alabama
  • & More