Michelle Seiler Tucker: Selling The Business Guide

Catalytic Conversations

Many family businesses come to a place and time where the decision is made to sell the family business. While many families would prefer to pass the business on for generations to come, sometimes that isn’t possible for unforeseen reasons.

I recommend to all business owners that they actively plan for the sale of their business - regardless of their ideal exit. Why? Because it is always great and empowering to have options when you are ready to exit.

For some owners, taking this seriously will allow them to reverse engineer a viable asset instead of merely a job from the business they’ve worked so hard to create. My guest today, Michelle Seiler Tucker of Seiler Tucker Inc. and author of Exit Rich, has had 20 years of experience buying, selling and growing viable businesses.

Michelle has designed a process with tools to equip business owners to build value within their businesses. Today, she shares the ST GPS, and the 6 Ps of value that every listener can integrate into their exit preparation.

KEY ISSUES: Problems You May Encounter:

1. Business that is built around the OWNER, not with systems and processes that allow the business to function separately from the owner.
   
2. Business owners who do not know the actual value of the business based on cash flow, profitability, and the documentation to prove it.
   
3. Owners who don’t have a vision for their next chapter in life.
   

What You Need To Know - THE WHAT:

1. Have to know your numbers - what you need to bring that vision for a next chapter to life, an independent valuation, and a clear view of the profitability of the business.
   
2. The opportunities that exist in your industry. IF your business is in a dying industry, selling becomes more difficult.
   
3. Michelle Seiler Tucker outlines the many missed opportunities she has witnessed over her career in Exit Rich.
   

What You Need To Do - THE HOW:

1. Check out the ST GPS.
   
   1. Determine your destination (sales price).
      
   2. Know your current location (the value of your company).
      
   3. Identify who your buyers will be.
      
   4. Know your time frame.
      
   5. Determine your WHY.
      
2. The 6 Ps:
   
   1. People - right team?
      
   2. Product - niche or intellectual property
      
   3. Process - Is your process efficient and/or proprietary?
      
   4. Proprietary - IP, brand, patents, trademarks, etc.
      
   5. Patrons - customer concentration, etc.
      
   6. Profits - Are you operating at the highest profit margins for your industry?
      

Resources:

1. Exit Rich, by Michelle Seiler Tucker, available NOW on her website. Check out the resources Michelle offers those who dive into Exit Rich.
   
2. Work The Bugs Out: Practices To Work In, & On, Your Business, by Wendy Dickinson, Publish: TBD. Excerpt: Free Downloadable PDFs to work through.
   

You can connect with Wendy Dickinson on FB, LinkedIn, and Instagram.

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