Sell My Business Mississippi | Seiler Tucker

HOW TO SELL A BUSINESS IN MISSISSIPPI: TIPS, STEPS, AND MISTAKES TO AVOID

If you’re ready to sell your Mississippi business, you might not be sure where to start. In this guide, we’ll cover all the steps to take and what to avoid in your sale.

Today’s business climate is so uncertain that many businesses are considering a sale. Others might be building up their business specifically for the purpose of selling. Still more might have expected to own a business, but have to sell for one reason or another unexpectedly. The good news is that it doesn’t matter where you’re at because it’s all a fairly straightforward process.

It gets even easier when you plan and set up a solid strategy, which should include hiring a broker and an accountant if you don’t already have them on hand. Although there’s never really a “bad time to sell” when you have the right business and the right marketing plan, it tends to go a lot easier when you know what you’re getting into, and you have people who can help you along the way.

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THE STEPS TO SELL YOUR BUSINESS IN MISSISSIPPI

The process of selling your business is unique to your industry and specific situation. However, it’s also one that follows (or should follow) a general set of steps to ensure that everything is done properly. Here are the steps that should be included in the general outline of your process.

Step One: Get your paperwork in order and get your financials analyzed. Your buyers will want a current profit and loss statement, as well as other financial information, and you must give it to them. If you aren’t transparent, you will find that people will begin to shy away from your sale. When you have the money information ready to go, it also shows people that you’re a serious business owner, and you’re serious about selling.

Step Two: Determine the value of your business. This is not an exact science, but there are several suggested formulas to come up with an accurate sale price. There are even online calculators that can help, but those are giving you a rough estimate. You really need to break it down, but that’s where working with an experienced broker can help.

Step Three: Find a broker and financial planner or accountant. Speaking of help, these people should be considered resources that you’re investing in when it comes to selling your business. They aren’t an expense, and they aren’t something that you don’t need. When you do choose these professionals for assistance, you’ll probably make a better profit on the sale and end up in a much better financial position after the deal is done.

Step Four: Market your business in the right places. Marketing is everything. If people can’t find your business listing for sale, they can’t put in an offer. Use an omnichannel strategy that can allow you to market in several spaces at the same time. Even if you have a great business at a great price, it can’t be put into the wrong market, or it will just continue to sit there and collect dust.

Of course, the final steps are negotiating the deal and finalizing the sale. You can’t get the sale that you want without doing a little haggling, but that should wait until the end as much as possible so that you don’t ruin the deal early on. Pricing and haggling are going to be the least of your concerns and if you do it right, you might realize you aren’t focused on those elements at all.

THE PITFALLS TO PAY ATTENTION TO

Selling a business is not complicated, but it has several steps and working parts. There are definite things that need your attention, including the most important things that you need to avoid. The things that usually keep people from succeeding with their business sale include:

  • Timing
  • Representation
  • Marketing
  • Planning
  • Pricing
  • Timing

Timing is something that always plagues the real estate and business markets. When you want to sell a business, it will be important for you to choose a time that’s right to go to market. Your broker can help with this but make sure that it’s something high on the priority list so that you can list your business for a quick sale and the most money. This could be related to seasons or the business climate, but either way, it needs to be a factor. Look at historical statistics and find out when other businesses like yours have had the most successful sales. Then use that timing to your advantage.

Representation

Who’s helping you? Too often, people try to sell a business on their own without taking the time to utilize the resources that they are given. Make sure that you hire anyone you need and enlist the right resources in your sale. You likely can’t get the best deal on your own, and you shouldn’t try. Brokers and financial planners, accountants, and others can ensure that you go through the process and get the best outcome.

Marketing

Where are you marketing your business? Again, this is an area where many companies drop the ball. If you realize that your listing isn’t getting noticed or that you are struggling to get the best buyers, you might want to reconsider where and how you are marketing your brand. Create a robust marketing strategy that includes tools like social media and other avenues you may not have considered before. Choose people in the right regions, circles, and locations to ensure that you are getting the attention of the right people.

Planning

The absolute best thing that you can do when you are selling your business is to have a solid plan in place. You’re already on a good path by taking the time to read this guide. Set up the people you need and come up with a strategy to market your sale and close the deal in the most efficient and profitable way possible. When you plan and make plans for all kinds of contingencies, you can sail through the hiccups with ease.

You should get all of your financial paperwork in order, create the necessary documents, and then check all of your reports and analytics. You should also create the executive summary and other pages that clients will use to determine whether they want to put in an offer. The more you plan in the beginning, the quicker and easier the transaction will be later.

Pricing

By and large, one of the biggest missteps in selling a business is setting the price. People try to figure out how to price the business, but it can be tricky. For starters, it’s more than just the profits or the value of the company assets. There are several factors involved. That’s another area where having the assistance of someone else can be beneficial to get another perspective. Brokers will know exactly where to price your business in the market to get the best profit and a quick sale.

Finding the value of your business requires you to be humble and honest with yourself so that you aren’t overshooting the goal. Typically, your assets and profits will determine your value. For smaller companies, it will be 2-3 times the amount. For larger companies, the price is usually 5-7 times higher than the profitability and assets. Another consideration is when and where you’re selling because that can affect how you can price your business and whether you need to roll things back a little.

Choosing a Buyer

It’s important to get a few buyers or potential deals lined up just in case the first one falls through. Stay in contact with all of them and find out if they can finance the sale on their own. Make sure that you leave a little room for negotiation but don’t let them walk all over you. Agreements always need to be in writing, too, for everyone’s safety and peace of mind. Choose the deal that you like best or the one that offers you the most money for your business. Don’t just pick one person and get rid of the rest of the leads because it’s rare if a first buyer actually comes through. Make sure that you think about these things when figuring out who’s going to buy your business.

One more factor people don’t consider when choosing a buyer is whether they’re a good fit for the business. You aren’t just going to sell to the highest bidder, or at least not if you want to get the right buyer. You may need to ask some questions yourself, but don’t feel bad if you don’t accept an offer from someone you worry will ruin all of your hard work.

Now that you know the pitfalls to avoid, here are some frequently asked questions to provide even more insight on selling a business in Mississippi.

FAQ

Can I sell by owner?

You can certainly try to sell your own business, but the assistance of a professional broker and others will make the process much simpler. It will also appear more credible to some buyers who might be less inclined to dine at one of these establishments.

How is the value of my business calculated?

There are several different formulas that people use and claim to be effective for determining the value of a business. These may be a good place to start, but then you have to do all the math yourself and that can get a little confusing. You can also find online calculators to help, but you’ll have to make sure that they’re accurate.

How do I choose a good broker?

Make sure that you pick a broker with a solid track record of success to sell your business. They should also be relatable and make this already stressful situation less of an annoyance. Get a consultation and find out what they can do for you. Then, you’ll feel confident in your decision.

How long will it take to sell my business in North Carolina?

Unfortunately, there really is no way to sell your business “fast”. You just have to go through the steps and wait for the sale process to work itself out. You can cut back on the amount of time that it takes on your end by planning, preparing for everything, and hiring the right people to assist you every step of the way. But, you can’t guarantee anything, so you’ll have to do your part and hope for the best.

Who should I ask for help?

You’ll want to have a good business broker on hand to help walk you through the sales process. Experienced professionals will ensure that you are getting all of the right assistance and the best value for your sale, no matter what industry you’re in or what type of business you’re selling.

THE FINAL STEP: SCHEDULE YOUR CONSULTATION

You might be thinking, “but I haven’t even started—how can I be finished?”
That’s exactly the point. When you contact the dedicated team at Seiler Tucker, you will have people ready to help you get through the sale quicker and easier than you could do it on your own. We make the entire process painless and provide the solutions that people need.

If you’re ready to sell your business, but you don’t want to sell to just anyone, you can trust that you’ll find plenty of resources and tools to help you find the right buyer so that you can get everything that you need. Starting with Seiler Tucker’s team of experts, your business is that much closer to being in someone else’s hands while you fill yours with the profits.

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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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