Sell My Business North Carolina | Seiler Tucker

HOW TO SELL A BUSINESS IN NORTH CAROLINA: STEPS TO SUCCESS AND MISSTEPS TO AVOID

Selling a business is a lot of work. You can find plenty of tips and insights in this guide, along with the steps to a successful sale and more.

In North Carolina, thousands of businesses are bought and sold every single year, and probably hundreds of deals are brokered every day throughout the state. It’s a big business, but it takes dedicated experience and knowledge to ensure that you can get the best transaction possible. The great thing is that whether you planned to sell or not, this guide will make sure that you have all the information that you need.

Selling a business isn’t a difficult process, but there are several details and complexities involved. Primarily, people have to think about things like the financial state of the business and getting those affairs in order, which can take some time. And even though every deal is a little different, there are some common mistakes to avoid and some general steps to completing a successful sale.

In this guide, we’ll cover all of that, and more, to ensure that you are fully prepared to sell a business, whether it’s your first sale or just your latest.

SELL YOUR BUSINESS

HOW DO I SELL MY BUSINESS IN NORTH CAROLINA?

Selling a business in North Carolina can be accomplished by taking the time to find professionals to help you through the process so that you don’t have to navigate the tricky waters on your own. You should look at all the available resources that are out there and let brokers help you get the most from your transaction. People are one of your most valuable resources right now.

Having a broker gives you the chance to do less and earn more. Plus, you’ll get proper advice for your specific sale, and they can even help you prepare for the sale and take care of a lot of the hassles along the way. The people who are available to help you, including brokers, accountants, and financial planners, will do a lot to assist you and are a resource that you definitely need to capitalize on.

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.

SELLING YOUR NC BUSINESS: THE MAIN STEPS

Again, every transaction will have its own details and nuances to consider. However, despite that, there will also be several steps of the process that are similar regardless of the industry, type of business, or even the price bracket that your business falls into. It may not be totally linear, and you might have a few different steps, or have already completed some, and that’s fine too. Here’s what you need to know.

Step One: Prepare and Plan

We mentioned above the importance of good planning. What does that mean, though? You need to educate yourself on the process of selling a business so that you know what to expect. You’ll also want to take the time to prepare your business financials and make sure that your operational details are in place. Research the process of selling a business (like you’re doing now) and prepare yourself for any and all contingencies or situations that may arise. It takes some time and dedicated effort, but proper planning can take the difficulty out of the actual transaction.

Step Two: Hire the Right People

Again, this was discussed briefly above, but you do need to capitalize on the human resources that you have. We don’t mean the HR team, but the people who can help streamline your business sale and give you the assistance that you need. These include people like:

Brokers: Brokers can assist with the entire business sale from start to finish, from helping you get things to marketing the business and even negotiating the deals and working with the buyers’ brokers to reach an agreement. They’re an invaluable asset and their entire job is to help people buy and sell businesses, so you can trust they know their stuff.

Accountants: These financial experts can help you get your financial documents and finances in order. They will also assist you in valuing your business for sale, which is different from calculating profits. Having an accountant on your business roster is going to be important at all times, not just when you’re selling, so whether you hire in-house or outsource, make sure you have one on hand.

Financial Planners: Here’s another financial expert that could be of benefit to you. These professionals can help you plan the financial details of a business sale, look at the financial pros and cons of selling, and help you realistically see what to expect. They can even help you plan for what to do after the business is sold, whether that’s something entirely different or just moving onto the next deal.

Business Lawyers: These legal professionals know all about the ins and outs of business, including the sale process. They will be able to walk you through the process and assist with the legal issues. You should already have a lawyer on hand for your business, so you won’t need to hire a separate one for the sale.

Step Three: Create the Executive Summary

Once you have the right plan and the right people, you’ll need to create an executive summary of your business. This should include information about the company, financial details, a profit and loss statement, and other insights. Consider adding an FAQ section for potential buyers so that you can answer more questions and make them feel confident in their offer.

You can create this on your own or let your broker help. Feel free to peruse the Internet for samples and examples to help you write your own. This is essentially the sales pitch for your business, so make sure that it’s on point.

Step Four: Market the Business for Sale

Marketing is next, and it has to be done right. While you can use traditional marketing methods to reach certain buyers, you’ll also want to make sure that you’re marketing on social media and other platforms. When you work with a broker, they will take care of making sure that your business gets the exposure that it deserves. You will reach a much wider audience by using an omnichannel marketing strategy for your business deal.

Step Five: Start Negotiating Deals

You don’t have to take the first deal that you’re given. Some sellers get over-eager and tend to think they can just take a deal and be done. However, you might get a better deal, even if that’s not necessarily in the form of a higher financial offer. You should take the time to entertain and negotiate a few different deals to ensure that you find the perfect fit. This can be a good place to allow the broker to step in and help you through the process.

THE MISTAKES: WATCH YOUR STEPS

While you’re handling all the steps of selling a business, you’ll have to work double-time to watch out for the biggest pitfalls. Those are generally due to poor planning, though, and a lack of knowledge about the process of selling a business. So often, people assume that “anyone can sell a business”, but it’s really not that simple. Here are some big factors that often get overlooked.

  • Watch your timing. Whether it’s a seasonal concern, an economic issue, or anything else, timing is everything when you sell a business. One of the biggest mistakes that business owners make is putting a business on the market without considering the timing of the sale. Make sure that you choose the best time to sell based on your business and what you want from it.
  • Price carefully, too. Sometimes, the best deals are lost because of poor pricing. It’s not always that the pricing is too high, either. Often, some businesses are priced too low, which raises red flags for educated buyers who know what your business should be selling for. Make sure that you have a proper valuation done and let your broker advise you on the best way to arrive at a fair price.
  • Don’t limit your marketing. Too often, people don’t market everywhere that they can simply because they feel like they “don’t need to put all the irons in the fire”. That’s incorrect, though. You really do need to put all of your reach out there to ensure that your audience sees the listing for the sale and that you attract the best buyer. Sometimes, companies don’t advertise at all or only market their business on social media or by word of mouth. You need a more robust marketing plan.
  • Choose the right people to represent you. You can sell a business without professional assistance, but it’s not recommended. You’ll want to make sure that you have the best resources in your people, including the dedicated availability that you need and the knowledge that will help you get the most out of your business sale. Make sure that if you have a specialty industry, you consider that in your decision.

These are just a few of the most common mistakes people make when trying to sell a business. There are so many little things (and big things) that could go wrong that we couldn’t possibly discuss them all. However, by providing a basic list of mistakes to avoid, it can be easier for you to start to think yourself about what to look out for.

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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