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Has anyone thought of selling your business?

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Has anyone thought of selling your business?

Post by ImaginationJ on Tue Dec 08, 2015 9:45 am

Hi! I have been in business about 3 years and have been pretty successful. I have multiple subcontractors and still turn down work.

I am planning on moving to a different state in another year and getting started on a non-profit venture that is already in the works.

I have very high SEO ranking, a great local reputation, and have put a lot of work into getting a good web presence and super awesome reviews. Although I wouldn't have a lot of products to sell (some paints, glitter tats, balloons, and costumes), I do have my great reputation.

Have any of you thought of selling your business and how have you done that? Not just supplies, but the whole thing - name, reputation and all. I hate to just lose all that work when I move. I have seen a few similar service businesses trying to sell online for about 2.5 times their yearly profit but don't know if that has been successful.
Any help is appreciated!!

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Re: Has anyone thought of selling your business?

Post by Guest on Tue Dec 08, 2015 10:16 am

I would imagine it would be difficult to find someone interested in paying 2.5 times the yearly profit for a business like ours.

When thinking about "selling" mine, hypothetically, I can't see even considering asking that. As it is my name, that would not be for sale - so what I would have to sell is my physical equipment and new/unused products and my repeat client list.

I would value the kit and then look at the previous year's billing to the repeat/regular clients to estimate their value to the business. And work out an asking price based on that.

It is difficult as I wouldn't be able to guarantee that the clients would be willing to book with the person who takes over as there would be so many variables.

It is my name and contact information on all promotional materials/signs, etc. - that wouldn't be part of the assets.


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Re: Has anyone thought of selling your business?

Post by Metina on Tue Dec 15, 2015 6:32 am

Yearly profit or yearly gross? These are two very different numbers. I would think it would be fairly easy to do 2.5 times the profit as this is usually much lower than gross. Then they would have to do the work to keep it going.

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