Sell My Business South Carolina | Seiler Tucker

SELL YOUR SOUTH CAROLINA BUSINESS: TIPS AND STEPS TO SUCCESS

If you’re in the market to sell a business in South Carolina, you need to make sure that you’re doing it right. Here are the steps and tips that you need to keep in mind.

South Carolina is home to more than 2 million businesses, large, small, and otherwise. Every day, some of them are bought and sold in transactions that garner a huge profit for the business owner, if the transaction goes smoothly and according to plan. It isn’t an impossible task to sell a South Carolina business, but it’s definitely something that takes proper planning and understanding.

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HOW SHOULD I PLAN TO SELL MY SOUTH CAROLINA BUSINESS?

Preparation involves finding the right people to help you through the sales process and understanding what you’re getting into ahead of time. Your plan needs to start with a to-do list to help you along the way. It should include all the steps in the process, as well as notes on what matters most to you about the sale—it could be making the right connection with a buyer, getting the best deal, or anything else—it’s your sale. What matters to you?

You’ll also want to make sure that you engage your audience in your listing and seek out the right type(s) of buyers. For example, if you want to sell a small business and keep that SMB charm, you could limit your audience to individual buyers who intend to keep the business as it is. More importantly, you would not market to corporations or big businesses who might completely alter your small company or absorb it and get rid of it altogether.

This is just one example. You have to think about what works for you. In doing that, you can also start working on the steps of a successful sale.

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 STEPS TO SELLING A BUSINESS: THE BASICS

Every transaction is a bit different, but there are some standard steps that everyone needs to follow if they are going to get a smooth transaction. Planning is part of it, but that can be included here or done as a precursor to getting started on the list. If you haven’t yet, you’ll need to consider the state of the market, how well your business will sell, and what kind of buyer you have in mind.

You’ll also want to make sure that you check out the finances and get the financials of your business in order for the sale. That includes getting a proper business valuation so that you can price your business to sell. Your business worth is different from your profit, so don’t just look at your P&L and assume that you can sell for this price or that price based on the numbers.

Once you have an idea of what you can get for your business and what the financial situation is like, you’ll be able to start creating an executive summary of your business that includes all the details that buyers need to know:

  • Background information about the company
  • Financial details, including a recent profit and loss statement
  • FAQs regarding the business, its finances, and market conditions

Basically, the executive summary is like the sales pitch for your business, so make sure that it gets the attention that it deserves.

You’ll also want to consider using the people resources that you have at your disposal. A broker, at the very least, will be a huge asset in selling your business and getting the best deal. You should also think about whether you need help from an accountant or financial planner, business attorneys, or anyone else. Typically, though, with the right broker, everything else will fall into place.

With the help of a dedicated broker, you will be able to create a listing for your business and take it to market. Marketing the sale is going to require reaching out to the right clients in the right places. Today, that includes social media and other avenues where you may not have marketed in the past.

You could handle most of this on your own. All it takes is a commitment to the work and a willingness to learn about selling a business the right way.

However, brokers are a resource that is going to be invaluable—they will help ensure that you get the best price for your business, have a streamlined sale process, and more. Plus, they’ll handle all the hiccups along the way.

Now that you’re familiar with what to do, let’s take a minute to talk about what you need to avoid along the way.

THE PITFALLS OF SELLING A BUSINESS: WATCH YOUR STEP

South Carolina business owners, and business owners around the world for that fact, often find themselves in a position where they aren’t sure what to do next. This can lead to guessing, mistakes, and lost profits if you aren’t careful. That’s why we suggest working with a business broker, at the very least. You’ll be able to get through the process with the fewest mistakes or issues.

Of course, broker or no broker, there are still some big caveats that you want to avoid:

  • Poor Pricing: The leading cause of stress and struggle in selling a business is the pricing of the business itself. Some people feel like they know how to price a business or that their business is worth a specific amount, and they won’t accept anything else. This can be troublesome if the pricing is off because especially in today’s economy, buyers aren’t going to entertain bad deals.
  • Poor Timing: In the same vein, you need to consider the timing of when you sell your business. Whether it’s the business season or the actual season, it could affect how well your business sells or whether it sells at all. Don’t list a sale in the middle of the slow season for top dollar and expect an immediate offer—be realistic and make sure that you sell when the time is right, not just when it’s convenient for you.
  • Poor Planning: Some people want to skip the planning stages and just jump right into listing their business for sale. That is not going to well at all. You could get taken for a serious ride by a savvy buyer that smells your inexperience, or at best you will just have a nightmare of an experience trying to get everything done as you’re negotiating deals and working the sale. Plan, prepare, and then sell.
  • Poor Representation: There is something to be said for hiring the right people to help you, not just the first people that you can find. A quality business broker will ensure that you get the best sale and that you understand every step along the way. You should also consider financial assistance from an accountant or finance expert to ensure that the finances are in order. This is an investment you can’t afford not to make.
  • Poor Marketing: You can’t sell a business if people don’t know it’s available. You have to do more than just put a sign in the window or list on your local business directory. A robust, omnichannel marketing plan will include digital marketing, traditional marketing, and other ways to reach out to potential buyers so that your business sells quickly and to the right party.
  • Poor Exit Strategy: If you don’t know when to get out, things could get weird. Moreover, they could start costing you valuable time and money. Some buyers want the current owner to stick around and help with the transition. That’s fine if you want to, but make sure that you put a time limit on that stipulation and keep it brief. The longer you stay on, the less time you have to move forward on your journey.

There is so much that could go awry when you’re trying to sell a South Carolina business, no matter what industry you’re in or what size company you have. However, a little education and planning can go a long way. Speaking of education, let’s look at some frequently asked questions.

FAQs FOR SELLING A SC BUSINESS

Why can’t I sell my business by myself? Or have a friend help?

Unless your “friend” is a professional business broker or has similar experience, they’re not going to be your best resource. Neither are you, for similar reasons. You could try to sell your business on your own, but it will take far longer and probably have a lot more hurdles along the way. Use the resources that are available to you, including brokers to handle the deal.

How do I value my business?

The value of any business is typically going to be an exponential factor of the profit and assets. A small business might be valued at 2.5 times its profit/asset amount, while a larger company could have a value that’s as much as 6 or 8 times that. It all depends on the circumstances of the business, financial and otherwise. Use online calculators to assist you in understanding this, but work with a valuation expert to get an actual value to list your business for sale.

How long will it take to sell my business?

There isn’t a specific timeline on business deals. Some sales will only take a couple of months, while others could take up to a year. Furthermore, you’ll have to factor in the amount of time that your business is on the market, and the actual “deal” process itself might be much shorter. On average, a business sale takes 4-8 months under ideal conditions. But then, you also have to remember that very little is ideal in selling a business.

What if I need to sell quickly?

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.

What’s the difference between a broker and an agent?

An agent, or real estate agent, is someone who works with selling real property—they would be hired to sell your physical business building, but they don’t generally handle the business entity itself. That’s what a business broker does. The dedicated team at Seiler Tucker will help you sell the intellectual and financial entity that is your business, along with any physical assets, and do so by finding the right buyer to help you get the best deal.

GET THE BROKER YOU NEED FOR THE SMOOTHEST TRANSACTION

Seiler Tucker is an experienced team that deals with all kinds of business sales, day in and day out. We’ve got a 98% close rate that shows just how dedicated we are to getting the job done and helping you get the sale price that you deserve. Whether you’ve been planning to sell for a while now and just need some assistance or you are new to considering a sale, we can help you at any point in the process.

Our dedicated team will help you navigate every step of the sales process, from the preparation of the financial records and other details to the very last signature at the close, and even through the exit or transition process. We know everything about how to sell a business properly. It’s not an easy feat, but it doesn’t have to be a stressful experience when you have the right people on your side.

We can help with everything from fair market pricing, gathering information, and preparing the executive summary, to marketing the business and negotiating deals, letting you sit back and take care of other things while we do the hard work. If you’re ready to sell a South Carolina business, we’re ready to help. Schedule your consultation now.

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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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