534: Michelle Seiler Tucker | How to Sell Your Business

With eight out of every ten businesses never selling, what can you do to make sure your business is firing on all cylinders? In this episode, we’ll be talking with Michelle Seiler Tucker, the preeminent expert on buying, selling, fixing, and growing businesses. Her proven track record boasts a 98% closing of offers she writes. The secret lies in the way she partners and collaborates with business owners by understanding that their businesses are like their ‘babies’ and should be handled as such. She is also the author of the books, ‘Exit Rich,’ and ‘Sell Your Business for More than it’s worth.’ Join in this episode and let’s explore the strategies that Michelle uses to successfully sell businesses. Things you will learn in this episode: [00:01 - 08:10] Opening Segment  Sponsored ad I introduce today’s guest Michelle Seiler Tucker Merger and Acquisition Sold hundreds of businesses Be sure to check out Guestio and start booking influential guests today Michelle talks about her book Exit Rich  8 out of 10 businesses will not sell  The challenge businesses face today  Build a sustainable, scalable business Link and offer below  Michelle gives some background on herself Father sold his business then moved to Texas  Witnesses the transformation of Austin  [08:11 - 16:44] Getting into the Business of Selling Businesses  Michelle talks about what inspired her to follow her path Curious about people  A love for writing  From corporate worker to VP Missing entrepreneurship  Venturing into franchise selling  Putting Xerox on the map  Missing the foundation to handle success  Michelle shares about her college life  Started out in medical  High value on schooling and also entrepreneurship  Getting into selling businesses  Started by selling small businesses  Transitioned into million-dollar businesses  Learned the need to fix businesses first  [16:45 - 32:41] How to Sell Your Business Michelle walks us through the 6 P’s  Always innovate and market  People - building up people Ask the Who’s Don’t be next to the Who  Product - Ask about your industry  The Covid example Pivot - Know when it’s time to change  The Amazon example  How can we improve the experience A word from our sponsor The next 3 P’s  Process - designed with the customer in mind  The Founder example  Vision vs. Integrator  Be well documented Proprietary  Branding  Trademarks Patents  Contracts  Databases  Endorsements  Profits  [32:42 - 38:29] Closing Segment The typical timeline to sell your business  The healthiest, high earning businesses sell the fastest  How owner compliance comes into play  Who you know, or What you know? If you the right person you can always grow  Network = Networth ThE RaNDoM RoUnD How to reach out to Michelle Links below Final words  Tweetable Quotes:  “8 out of 10 businesses will not sell…” - Michelle Seiler Tucker  “You don’t build a business you build people and the people build the business.” - Michel Seiler Tucker “Build your brand because the more well-branded you are the more that you will get for the sale of your business.” - Michelle Seiler Tucker Resources Mentioned:  Exit Rich Sell Your Business for More than it's Worth Rich Dad, Poor Dad The Founder  You can connect with Michelle on LinkedIn, Instagram, Facebook, and Twitter. Check out her website https://seilertucker.com/ to learn even more.  Did you love the value that we are putting out in the show? LEAVE A REVIEW and tell us what you think about the episode so we can continue putting out great content just for you! Share this episode and help someone who wants to connect with world-class people.  Jump on over to travischappell.com/makemypodcast and let my team make you your very own show! If you want to learn how to build YOUR network, check out my website a travischappell.com. You can connect with me on Facebook, Instagram, and Twitter. Be sure to join The Lounge to become part of the community that’s setting up REAL relationships that add value and create investments. Check out FranBridge Consulting for premier non-food franchise opportunities: travischappell.com/franbridgeOur Sponsors:* Check out Kinsta: https://kinsta.com Learn more about your ad choices. Visit megaphone.fm/adchoices