Sell My Business Oklahoma | Seiler Tucker

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

The process of selling a business takes a lot of time and a lot of knowledge. With the right resources, though, it can be a seamless transaction. Learn more here.

Selling a business is no easy feat. Several factors go into the process, and it’s going to be up to you to make sure it’s done right. Of course, you shouldn’t feel like you have to do it on your own, either. With this guide, we’ll help you learn all about selling a business in Oklahoma, including what you need to gather, prepare, and procure to close the deal.

Planning goes a long way in selling your business. You’ll want to clean up your financials, make sure that your books are in order, and keep things properly documented so that potential buyers have a track record and reference of how helpful you are in the process. You’ll also want to consider an exit strategy as soon as you consider selling because that’s an invaluable tool to have.

Now, let’s talk a little about the mistakes that come with selling a business when you aren’t properly prepared.

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SELL MY BUSINESS IN OKLAHOMA: WHAT MISTAKES SHOULD I AVOID?

If you want to get the best transaction and make sure that you aren’t taken advantage of when selling your business, you will want to avoid the most serious mistakes. Although any number of things could potentially go wrong, we see a few common issues with people who are new to selling a business. By taking the time to plan, you can avoid several of them, but it’s still important to know.

Poor Timing: Time is the bane of everyone’s existence. You want to sell a business so that you can move on, but you may have to wait for the right time. Holidays, economic factors, and other issues could result in poor timing for the traditional business and create a host of issues that come with listing a business at the wrong time. It might even be about choosing a specific time that would be good for marketing.

Poor Planning: We’ve already discussed the importance of proper planning and education if you are going to sell a business. It’s a crucial part of the process and it’s one that you can’t forego. Even if you opt to work with a professional business broker to close the deal, you’ll still need to know what constitutes a “good plan”. Having a plan is about taking the time to put your resources together and find a way to complete the deal that works for you.

Poor Representation: In addition to not hiring a business broker, the next biggest issue that people have is in choosing the right broker or others to help them work through their needs. Accountants, lawyers, financial planners, business brokers—these are all people who are on your side or can be. Take advantage of them so that you can get the best deal for your business and not have to do all the work alone.

Poor Marketing: Marketing is changing and evolving daily and it’s going to be up to you to keep things running smoothly. People will notice if your marketing is bad, and you will find out when they’re not buying or want to haggle too much before they even get to know you very well. There is so much that you can do with modern marketing that can improve your sale amount and how quickly the business sells, so take advantage of all of those resources.

Poor Buyer Service: Whether it’s dropping the ball on an email or even just working with buyers that you can’t really vet, you have to back yourself up. Take the time to check out buyers and see what they bring to the table. They should also be pre-qualified to save everyone’s time If you have buyers interested in your business without a pre-qualification, don’t hesitate to ask them to go get one.

THE BIG STEPS: WHAT TO DO NOW, AND LATER

Even though every business sale is a little different, the steps involved are similar. It’s all about getting the business ready and making sure that you can present the best face of your business to the public for all to see. After all, you’re not going to garner top dollar for your sale if you aren’t putting your best impression out there. Here are the general steps that should be on your to-do list. They can be broken down into smaller steps along the way, too, so that they’re easier to accomplish.

Step One: Get Your Business in Order

This is the part where you take the time to gather the financial documents, get information on the state of the business, and generate a profit and loss statement. You’ll also want to read up on selling a business and make sure that you know what you’re getting into so that you can have a head start on the process.

Step Two: Figure Out Your Value

Value is different from profit. In fact, it’s usually an exponential of your profit and assets, as determined by your business size and other factors. Valuing a business is often the most complicated part for people who are new to the market, but it is a critical step. This is how you ensure that you get an accurate sale price and aren’t asking too much (or too little) when you put your business on the market.

There is no finite or foolproof solution here—you just have to take the time to calculate it the best that you can. Of course, it’s always going to suit your best interests to allow someone with financial expertise to help you value your business to put it on the market.

Step Three: Find the People You Need

There are all kinds of resources to help you sell a business. The best option, for many, is to choose a broker, first, and foremost, to help point you in the direction of the rest of the people who can help you. You may want a lawyer on hand, or an accountant, or another financial professional. That’s up to you, but they are available. When selling your business, if you work in a niche market, you’ll have to look a little harder to find the help, but it’s out there.

Step Four: Market the Business

Marketing is everything. In today’s highly competitive online world, it’s important to make sure that you can reach out to the right people at the right time so that they can help you get rid of your business for the best price. Social media, email marketing, and other modern tools are great to use. You can reach a whole new audience of people and give your business a better chance to flourish, no matter what.

Step Five: Choose Your Buyer

The negotiation process could take several months, or even up to a year or longer, so you’ll want to make sure that you are prepared for the process. If you’re lucky, the right buyer will come along sooner than later. However, you do need to make sure that you’re getting the right buyer and not just the first one that comes along.

The right buyer will have a genuine interest in your business and what it offers. They will ask questions and be excited about the opportunity. They will also share with you their plans and visions. If you want to help yourself even more, you can choose pre-qualified buyers to ensure that you aren’t wasting time and resources on people who aren’t interested in what you have to offer.

FREQUENTLY ASKED QUESTIONS ABOUT SELLING BUSINESSES

Why is selling your own business a bad idea?

If you opt to go without a broker or other “people” assistance, you’ll probably find a lot of snags along the way. You may also get less for your business than you should without realizing it or have to deal with months of endless hassle that could have been avoided. When you work with professional brokers, they know everything that you need to garner top dollar for your business and how to complete the deal smoothly.

What if the market isn’t moving right now?

Timing is everything, and especially in the business world, it can be the ficklest beast. However, it can be harnessed and become a great tool for those brands that are still thriving. Whether you just listed your business for sale or you are trying to consider whether it’s time, be sure that you have a market that will be receptive, even if they seem quiet at the moment.

How long will it take to sell my business?

Everyone is in a hurry these days, but you have to trust the process. Rushing your sale could result in a lot of bad outcomes. The average sale takes between 4 and 7 months to complete, but some people may only need a month or two for a simpler or smaller business sale. There is no exact length of time that is pre-determined.

Is a broker just a real estate agent?

In rare cases, that may be the situation—a broker is sometimes just the name for an agent that runs a firm. However, brokers do exist that aren’t real estate agents—business brokers sell intellectual property and assets, not just physical buildings. The semantics don’t matter as much as finding the right person for the job, regardless of their title.

Can I sell quickly?

Some people want to sell their business quickly or try to get through the deal without the hassles, but that’s the impossible task. You might get a quick sale or a good deal, but you will rarely get both. Make sure that you take the time to sell properly, and the speed will come on its own. If you’re in a pinch you might not have enough time to sell, so be careful not to run yourself into a wall. The average sale can take up to 8 or more months, so “quick” is relative and may be easier to find when working with a broker.

How do I choose a broker?

There are a lot of factors in this consideration, but as long as you choose someone capable of giving you the support that you deserve to get the deal that you need, you’ll be well on your way to success. Look at brokers that have an impressive track record and history of closing deals, like the dedicated team at Seiler Tucker, with a 98% close rate and a commitment to helping you get your business sold the right way in less time and with less stress.

SCHEDULE A CONSULTATION NOW

Seiler Tucker has years of experience in helping people sell a business and get the deal that they deserve. There are so many considerations, and it can easily become overwhelming if you aren’t prepared. We can take the time to help you prepare for a sale, get your financials in order, and even look at the different options for listing and marketing your Oklahoma business so that it reaches the right people.

It’s not easy to sell a business, but it can be done. It doesn’t have to be any more difficult than you want, and we’re committed to making sure that you get that all the way through your transaction. Take advantage of our team and take back your business and your days while we focus on the details.

We will also ensure that all the paperwork is in order for a quick close, can assist with negotiations, and more. Our team is dedicated to making sure that you get what you need when selling your business. Contact us now to discuss what you need and see what we can do. Schedule a consultation to start working on your plan and let us know if you have any other questions or need further assistance. With Seiler Tucker, you’re well on your way to a profitable business sale.

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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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