Sell My Business Louisiana | Seiler Tucker

SELL YOUR LOUISIANA BUSINESS: TIPS AND STEPS TO SUCCESS

Selling a business is no easy feat, but there are plenty of ways to make it simpler. More importantly, when you do it right, you can make it more profitable– find out more.

If you have decided to sell your business, you’ll want to make sure that you take the time to prepare and plan ahead so that you know what you’re doing and what the process entails. One of your best resources to get the most out of this transaction is one that is often overlooked: education. In this guide, we’ll help you learn everything that you need to know so that you can sell your business confidently and get the outcome that you desire, no matter what that might be.

When you take the time to learn about how to sell your business and which methods are most effective, as well as what steps need to occur along the way, you’ll find the process a lot simpler. You may also learn about resources and even people who can help you along the way to ensure that you get a fair deal and don’t get taken by anyone looking to get a quick deal out of an inexperienced business owner selling for the first time.
First up, let’s cover some basics. Then we will look at the steps to selling, as well as mistakes and issues to avoid.

SELL YOUR BUSINESS

HOW DO I SELL MY BUSINESS IN LOUISIANA?

Most people will tell you that your first steps will be to read up on the laws and legalities involved in selling a business in the state before you do anything. That’s a good tip, but there’s a better way. If you work with a professional team like ours, we’ll take care of the legalities and make sure everything is in order. Homework includes finding the resources that you need. People can be a resource, and a broker is especially going to help you in making the best sale possible.

The beginning is a lot of paperwork and planning– you’ll need to make sure that your financial documents and assets are in order, that your business has been properly valued, and that you know what you’re expecting to get from the sale. Be sure to value your business (or have it professionally valued) to set an accurate price, as well. Follow the steps in the next section to outline your own journey.

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 SALES SUCCESS

Although it doesn’t have to be totally linear, there is a basic process that happens when you sell a business in Louisiana, or any state, for that matter. The first things that you need to do are determine the value of your business, and as mentioned above, get your financial documents in order. Determining how much your business is worth will depend on a few factors. Namely, your profitability will have the biggest impact. You’ll also want to think about what your assets are and how the market in your region is doing. Just because the sales market is hot in Atlanta, for example, doesn’t mean that it will be a good time to sell in Baton Rouge.

Next, you’ll want to get your financials and business documents in order. Prospective buyers are going to want to see the numbers so that they know what they’re investing in, and if you don’t have it, they’ll walk. Not being prepared for your buyers is a huge red flag to them, even if it’s just sheer lack of knowledge on your part.

While you’re doing these things, you’ll want to decide if you need people to help you along the way– an accountant, a real estate broker, and others could do wonders to assist you in selling your business. This is an investment in your company, even as you’re handing it off, and when you enlist the services of the right people, you’ll get the best deal when selling your business.

Another document you’ll need to create from the information that you gather and what you know in your mind is the executive summary for the sale listing. This is the place where you outline the concept of your business and what it offers, along with your current and projected financial situation, and other details. A lot of people choose to provide an FAQ section or other resources, not only to make the process easier but to bolster their image in the eyes of the potential buyers.

Once things are organized, paperwork is in order, and you have the people that you need on your side, it’s time to list and market your business for sale. Make sure that you have an accurate price for your business and that you’re listing your sale wherever you can to find potential buyers– don’t forget social media because it can be a great tool to use to your advantage.

You should also consider allowing your chosen broker to interact with potential buyers or at least provide you with the advice and insight on what to say and how to interact with them. It can be difficult, as the owner, to keep your emotions out of the way in the selling game and having a dedicated representative on your side can make all the difference.

WHAT TO AVOID WHEN SELLING YOUR BUSINESS

The biggest mistakes in selling a business are usually due to a lack of planning or prior knowledge. Sometimes, people assume that they can “just sell a business” and don’t really stop to consider what all that entails. If you aren’t on point in the following areas, you’re not going to get the sale you deserve.

Timing

Timing is everything in business, including when it comes time to sell. One of the biggest mistakes that keep business owners from getting the perfect profit from their business sale is because they choose the wrong time to sell. Business has seasons and busy periods. There is something to be said for taking your time to ensure that now really is the best time to sell, based on your financial and circumstantial situations, as well as other factors.

One thing about working with a broker is that there’s never really a “bad time” to sell– and if one actually presents itself, you’ll be the first to know.

Marketing

Much like any sale, you can’t get far without marketing. Some people will consider this to be a real estate transaction, but it’s so much more than that. Take the time to develop a robust marketing strategy that is focused around reaching out to your audience where they are and giving them the chance to reach back. Social media is a great way to find buyers for your business. You also need to market to people in the right regions and circles because not everyone will be right to own your type of business.

Too often, the biggest flaw is that business owners just don’t advertise, or don’t go beyond putting a sign up on their window or otherwise notifying people in small ways that they are selling. You need to speak up and if you want to get the best deal, you need to let as many people as possible know that your business is on the market.

Pricing

Pricing is another huge factor to consider when it comes to getting the best sale from your business. Too often, people price things way too low or simply try to circumvent the rules to create a faster transaction or rip somebody off. In business, people want a good deal, but you don’t want to get swindled. On the other hand, you don’t want to overcharge or price your business out of its range. That will scare off buyers, too.

It’s about finding the balance in your pricing and that takes time and an understanding of not only the market, but your business and its value. Consider your profitability and assets, and then sell for a multiple of that based on the overall value– smaller businesses will sell for about 2-3 times their profits while larger companies will list the business at as much as 5-7 times more than the profits and assets.

In order to have a quick sale and keep your professional image, you’ll want to adhere to pricing best practices and remember to follow the rules. Fortunately, with the help of a professional team on your side, it’s easier than ever before.

Representation

As mentioned above, having a dedicated broker on your side will often make all the difference in the success of your transaction. It doesn’t matter whether you’re selling your third business or your first. We have the skills and knowledge to make sure that the transaction goes off without a hitch and people get what they need. A broker that has previous success in restaurants, for example, will be a better choice for a fettered diner that needs to be sold sooner than later.

FREQUENTLY ASKED QUESTIONS FROM LOUISIANA BUSINESS OWNERS

Can I sell my own business?

Technically, anyone can sell a business in Louisiana, as long as it is their business, or they are the authorized representative. Of course, just because you can doesn’t always mean that you should. There are professionals who can help walk you through the process, make sure that you do all the things necessary, and get the best deal.

What is the difference between a broker and an agent?

Brokers and agents aren’t that different anymore. Essentially, it’s a term that’s just used to designate managers/owners of real estate firms (brokers) and individual real estate agents. Each can handle helping you sell your business, regardless of what you need. Consider this person an invaluable resource and use them, no matter their title.

What is the formula for calculating an accurate sales price?

Unfortunately, while there are a few different strategies for calculating the value of your assets and the business itself to secure a solid idea of your profit margin, there is no designated formula or single way of doing things. You will be multiplying your profits by three, four, or even five in some cases, but you also have to consider things like the time of year, the market (seller vs. buyer), and related considerations. That’s why it’s often best to work with a professional.

How long does it take to sell a business in Louisiana?

Usually, you can expect a turnaround of a few months, but some businesses may take longer. Depending on whom you work with and the size of the business that you are trying to sell, you may have a sales process that lasts anywhere from 2-3 months to 12 months or more. Working with a broker and planning ahead can shave some time off the process, but there are no guarantees.

NEXT STEP: SCHEDULE A FREE CONSULTATION WITH SEILER TUCKER

When you’re ready to sell a business, don’t think for a minute that you have to do it alone. Take the time to enlist the assistance of professionals to make the entire process smoother and easier. Remember, too, that you’ll need to check up on the regulations and guidelines for selling a business in the state before you even think of making a listing.

Starting a business is no easy feat. However, it’s also something that doesn’t have to be a major challenge. With the right resources and people on your side, you’ll be well on your way to the best profit potential in no time at all. Just remember to take the time to plan and prepare everything so that the rest of the transaction is smooth, simple, and successful.

With our 98% rate of closing, the team of experienced professionals will give you the tools that you need to succeed with the sale. Take everything that you’ve learned from this guide and file it away so that you know what to expect throughout the process. Then, contact the professionals at Seiler Tucker to discuss selling your business and how our team of experts can help you get the best deal, no matter what business you’re in. Schedule your free consultation and we’ll be ready to get started when you are.

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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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