Thinking of selling

[Jenny Smyth]

Hey geeks,

Have any of you every sold a business before? I'm open about 2 years now, its going really well but only if Im here the whole time.

I recently went back to college part time to do teacher training and I found my passion. I know I would love to do that full time and would really enjoy going to work.

I'm not enjoying the business anymore and find its such an effort to do anything. Ive been feeling like this for a few months now so its not just a phase.

Does anyone know how to go about selling a business? As I said, its doing really well but that will only last with someone who loves it running it.

Any advice?xxx

 

[LilMissEmmylou]

Would it be worth your while looking into taking on a manager? Then you will only need to be around a minimum amount of time to oversee that it is all going well - but will benefit from profits?

 

[Jenny Smyth]

Would it be worth your while looking into taking on a manager? Then you will only need to be around a minimum amount of time to oversee that it is all going well - but will benefit from profits?

To me then I'll still be holding onto the stress. I wouldnt be able to afford a full time manager either so my only option is to sell. I really just want to walk away

 

[Jack1102]

To me then I'll still be holding onto the stress. I wouldnt be able to afford a full time manager either so my only option is to sell. I really just want to walk away

as for selling price, my other half will be able to advise on this, but I think (dont quote me on this),, its normally the average income for last 3 years x 5

 

[shazzawilson]

Sorry to put a spanner in the works, but you've only been going 2 years. The only real assets are your equipment. First talk with your accountant to see what they say. This will give you an indication what to expect and the businesses true value. Good luck.

 

[Jenny Smyth]

Well in that time two salons close by closed down and we have gained most of the clients so we do have a very loyal client base. We wouldnt be booked out all day every day but we are quite busy. Does anyone know how to go about it even?

I could sell my assets and break even but I've worked so hard to build a client base and it's working really well so it would be a shame to just close but if I have to I will. Do you think anyone would be interested or do most people want to start from scratch themselves?

 

[shazzawilson]

Test the water. Place ads on the internet and see what interest you get, but you still need to talk with your accountant as who ever buys the business will want to see your books and also the true value of your business.

 

[Suzanne1118]

If you google 'Sell my business' you should get a lot of websites that sell your business for you. However, a friend of mine went this way and they take 8 grand for themselves So you should try and find another way of getting the word around. I dont know how you would go about doing that without your clients knowing though? Hth x