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:
You can connect with Michelle on LinkedIn, Instagram, Facebook, and Twitter. Check out her website https://seilertucker.com/ to learn even more.
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