Sell My Business Texas | Seiler Tucker

SELL A BUSINESS IN TEXAS: STEPS, TIPS, AND INSIGHT

If you’re ready to sell your business, you don’t have to do it alone. Check out this guide to learn all about selling a business in Texas, including how the pros can help.

There are millions of businesses throughout the state of Texas, and dozens of them are bought and sold each year. Some transactions are smoother than others. If you’re looking to sell your business, the first thing that you need to do is make sure that you have the right tools in place and the right information on hand.

Some people start their business with big dreams of having a successful business for the length of their lives, or to have something to pass along to their children. Others choose to get into business knowing that they’ll eventually sell– either way, you have to be properly prepared. Especially if you never planned to sell, preparation and education are critical to your success.

In this article, we’ll cover all the details about how to sell your Texas business, including the steps to follow and the mistakes that you want to avoid, and more. Plus, we’ll tell you how you can get more out of your sale and take the hassle off your hands by enlisting our assistance.

You must have a plan and understand what you’re getting into. Think about what you want from selling your business and how you can go about making that a reality without compromising on anything. Be sure that you understand the process before jumping in, or enlist the assistance of people who do so that you aren’t overwhelmed and end up in a bad deal because of it.

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HOW DO I AVOID MISTAKES WHEN I SELL MY BUSINESS IN TEXAS?

There are several factors to consider when you are looking to sell a business, but making sure that you avoid the most common pitfalls is definitely going to be a good place to start. Here are the biggest mistakes that you’ll want to keep in mind so that you can keep them at bay.

  • Timing is everything. If you are trying to sell a business, you need to make sure that you’re doing it at a good time. This could refer to seasons, the business market, how the Texas economy is looking, or anything else. Make sure that you choose the right time to list your business. Some people think that the time they need to sell is the right time, but if the market isn’t there, it won’t matter.
  • Poor planning can ruin the best business before the sale process even starts. The whole point of this article, after all, is getting yourself educated and prepared for the process of selling your business– do you think it’d be this filled with information if it wasn’t necessary information to have? Plan, learn, and prepare. Then, when you list the business, the transaction will be seamless and much less stressful.
  • Where are you listing your business? Effective marketing is vital and today’s buyers aren’t looking in the conventional places. Yes, you’ll still want to list in all the standard places, but also consider social media and other new avenues where you might find unexpected buyers. Make sure that a robust marketing campaign is part of your planning strategy.
  • Do you have the right representation? You need to have someone who knows what is involved in the process of selling a business. Choose someone who has the best interests of your business in mind and who knows how to close deals quickly, effectively, and while getting you the best price.
  • Speaking of pricing, the other big concern is that you’re not pricing your business properly. In the next section where we talk about the steps to a sale, you’ll learn more about this, but valuing and pricing your business competitively is important– you want to make sure that you’re selling for a fair price, but still getting top dollar. That’s where working with the pros can come in handy.

These are just a few of the caveats that should be on your list when you’re looking to sell a business, whether you’re selling in Texas or anywhere else. Often, when you take the time to make a note of what not to do, it helps point you in the direction of where you should be going with your business sale. If nothing else, it could save you from a lot of legal issues, or at the very least, getting less than you deserve for your business sale.

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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.

STEPS TO A SUCCESSFUL SALE

Every transaction is a little different. What you want and expect from the process may not be what happens, so be sure to have an open mind and be prepared for what may come your way. When you choose to work with a broker and other professionals, they can often help you through several steps of the process, which is why our first step is going to be taking advantage of the help available.

Step 1: Find Your Resources (Including People)

Accountants, brokers, and other professionals that can help you through the sale of your business are absolute resources, and they’re some of the most valuable ones that you can use in this process. Find the people who can take the stress off your plate and help you process your business sale quicker, easier, and with less hassle.

Regardless of which people you choose, there are plenty available to help you. Selling a business is a big undertaking, and you’ll want to make sure that you can build up your business and prepare for the sale that you deserve, not just a “quick sale”. Choose people to represent you who are aligned with your goals and business ideas so that you get the best outcome possible.

Step 2: Value Your Business and Get Financials in Order

The value or worth of your business is not the same as your profit margin. This is a number that will have to be calculated, and that is usually an exponential of the profit that your business makes. Smaller businesses will see a value that’s usually 2-3 times their profit, while larger corporations could easily be valued at as much as 6 or 8 times their profit margin.

Working with a professional business broker, accountant, or financial professional will ensure that you get an accurate valuation of your business. They can also help you get your financials in order. You have to provide a current profit and loss statement for buyers, along with other important insights and analytics related to your business. This is proof that your business is worth buying, and if you can’t provide it, buyers will walk. If you’re trying to value your business on your own, you can find online calculators to help you get a rough estimate, but the input of an expert will be best.

Step 3: Create Your Executive Summary

In addition to telling people the numbers, you have to paint the picture. An executive summary will allow you to tell everyone exactly what your business offers, including the financial details, as well as the other insights. You can even add in some FAQs or a section to help people make a more informed decision, which will bolster your reputation in addition to your odds of a good sale.

You’re selling your business. Be honest, but make sure you make it sound good. Otherwise, people are going to find another business that does. Again, the experts can help you figure out what to say here and how to best present the information to buyers for the best outcome.

Step 4: Market the Sale

After you’ve got everything ready to go, you’ll be able to put your business on the market. You must ensure that you’re priced for the right market and industry, as well as the region that you’re in. What you can get for your business in Texas would be quite different from what you would expect even next door in Oklahoma. Your broker will be able to assist with this, of course, and help you find the best avenues for marketing your business to the right people and in the right places.

You should list in as many places as you can and take advantage of unconventional means like social media and even things like push notifications from real estate websites or your own marketing campaigns– there are a lot of creative ways to reach buyers today, and you have to put them all to work. Omnichannel marketing (marketing on all channels simultaneously) not only provides better coverage, but it provides a more professional image of the entire business and the sale.

FREQUENTLY ASKED QUESTIONS

How do I figure out what my business is worth?

Valuing a business is a lot of math, but it can be done. If you want a rough estimate, you can use online calculators or simply take the value of your profits and assets and determine their worth and go from there. Several formulas exist, but they’re complex and that’s why pricing is often best left to the professionals. Be sure to talk to your broker about this first and try to learn as much as you can so that you can create an aggressive, but fair, pricing strategy for your buyers.

Can’t I just sell my business without a broker to save money?

Some people want to sell a business to a friend, local networking connection, or even a random stranger, and they want to do it without the hassle and formalities– unfortunately, that’s never really a good idea. While it’s possible, it’s just like trying to sell your home without an agent– it might eventually sell, but at what cost? Agents and brokers exist for a reason, and they’re worth the investment, especially for your business.

How long will it take to sell a business?

The timeline for selling a business can vary significantly from one deal to the next. Most brokers advise a timeline of 4-8 months for the average deal, but some smaller deals can be done in just a couple of months, while some larger deals might take up to a year to close. The best thing you can do is choose a broker that will be committed to helping you sell your business quickly, but while also ensuring that you get the best deal.

Is it a good idea to work with online brokers to sell a business?

As with anything, it all depends on who specifically you choose to work with. Some several online brokers and companies will be able to provide an array of services to help you sell your business. Some will offer additional services and assistance so that you have an even smoother transaction– just take the time to find the right people.

WHAT HAPPENS NEXT?

In some cases, companies buying a new business may request that the owner stays on, or at least is available to consult, for a period after the sale. This could help them get things started and make the transition smoother for everyone involved. While you do want to help (you don’t want your business to fail, even in someone else’s hands!), you don’t want to stick around longer than necessary. We can help you negotiate those terms, too. This, and other details, can often pop up unexpectedly, so it’s helpful to be ready for anything.

Our team of experts at Seiler Tucker has the tools and resources that you need to get the most out of your business sale, no matter the size of your business or your reasons for selling. With our 98% close rate, we take pride in helping you sell a business in Texas, no matter what size or what industry you’re in. We’ll handle everything from helping you value and prepare the company for sale to listing, marketing, negotiating deals, and carrying you through the closing process. If you want to sell your business in a better way, schedule a 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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At Seiler Tucker, we help sell large businesses all over the country. However, we primarily serve small, medium, and large businesses in the areas listed below.

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