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Selling Business


General Business Discussions

A place to talk about general business discussions.
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Old 02-20-2012, 11:13 PM
ConvLawncare ConvLawncare is offline
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Default Selling Business

I have had my business for 2 years now and maintained it with one truck and one trailer. However, I have recently had the truck stolen. Therefore, I am planning to sell my business. My question is, can I sell the business along with the clients I had? None were in contract but I have all their info and they were very loyal to me. If I can sell customers as well, how would you base a price?

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Old 02-21-2012, 08:40 AM
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What no insurance on the truck ???
Why not just get a new/used truck and continue on??
Why do you want to bail out so soon just because of one set back???
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Old 02-21-2012, 09:21 AM
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don't expect to get much for your accounts with no contracts.
you will be lucky if you got one months worth of service fees for them and that would be stretching it.

you will also find that your customers after only two years are not as loyal as you think when they find out you are bailing on them.

best bet, get another cheap truck.
no offense but chances are you were probably considering bailing before your truck was stolen and this is just your easy way out.
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Old 02-21-2012, 09:27 AM
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Could you rent a truck like one day a week and do all your work then?
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Old 02-21-2012, 11:54 AM
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If you are serious about selling your business you will only be able to get your money back on equipment. You wont get any money back on the accounts because none of them are on contract so basically you're left with what your equipment will sell for. (Plus an add ons like a website, etc)

- Selling your business will get you practically nothing (or at least a lot less than what you expect)
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Old 02-21-2012, 02:21 PM
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I'd love to hear more on why you don't just push forwards and continue on.

In the past when we have seen businesses sell, in such situations, on average the business owner was able to get one month revenue on the customers he sold, not including equipment.

Now that's not to say you can't get more or you might get less, but that was on average what we have seen.
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Old 02-21-2012, 06:03 PM
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A colleague of mine here in Atlanta, had somewhat of the same situation happen to him. He decided to try and sell his company equipment and clients (roughly 100). He ended up craigslisting the equipment and sold a portion of the clients to another medium size company for 1/8 of the monthly revenue generated. He was shocked. If you like it, rent a truck, explain the situation to your customers (they'll understand) and stick it out!
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Old 02-22-2012, 02:32 PM
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Quote:
He ended up craigslisting the equipment and sold a portion of the clients to another medium size company for 1/8 of the monthly revenue generated. He was shocked.
WOW! How many potential buyers did he have for his customers? Do you think he would do it another way now, knowing what he knows now?
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Old 02-23-2012, 09:20 PM
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Well, I did have insurance and I have used them. The whole thing started when someone rear ended my parked truck and damaged frame along with towing package. The insurance paid the mechanic to do the work. Its been 4 months and he still hasnt fixed the truck. He kept telling insurance he was waiting on a part that was back-ordered. In the meantime I rented a vehicle to run my business, which was the only truck with a hitch I could find right away. The total cost was $3400 for 2 months (this money was gonna be refunded by the drivers insurance that hit my vehicle, however, they are refusing to pay since the vehicle was supposed to be ready in 14 days). Anyway, the mechanic bought some time from the insurance by telling them parts didnt come in yet. He proceded to close his shop completely and took my vehicle. No one know where this guy is and the vehicle cannot be found. So, therefore I have a $3400 rental bill that Im trying to fight in court (which is gonna takes months to resolve), I don't have a truck, And Im running low on money to purchase another vehicle. (Im still paying for the truck that is reported stolen, until the insurance pays me for the loss)

So there you have it, thats my whole story why I wanna sell the business right now. And no, I did not consider selling the business before, I built it from the ground up by carrying my push mower in the back of SUV and I was happy to see it grow
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Old 02-24-2012, 11:00 AM
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Quote:
Originally Posted by ConvLawncare View Post
Well, I did have insurance and I have used them. The whole thing started when someone rear ended my parked truck and damaged frame along with towing package. The insurance paid the mechanic to do the work. Its been 4 months and he still hasnt fixed the truck. He kept telling insurance he was waiting on a part that was back-ordered. In the meantime I rented a vehicle to run my business, which was the only truck with a hitch I could find right away. The total cost was $3400 for 2 months (this money was gonna be refunded by the drivers insurance that hit my vehicle, however, they are refusing to pay since the vehicle was supposed to be ready in 14 days). Anyway, the mechanic bought some time from the insurance by telling them parts didnt come in yet. He proceded to close his shop completely and took my vehicle. No one know where this guy is and the vehicle cannot be found. So, therefore I have a $3400 rental bill that Im trying to fight in court (which is gonna takes months to resolve), I don't have a truck, And Im running low on money to purchase another vehicle. (Im still paying for the truck that is reported stolen, until the insurance pays me for the loss)

So there you have it, thats my whole story why I wanna sell the business right now. And no, I did not consider selling the business before, I built it from the ground up by carrying my push mower in the back of SUV and I was happy to see it grow


don't let any of our questions discourage you from seeking advice because the only way we could offer quality advice is by seeking more information to better serve you.

i will say that i know things are tough and this time of year most guys in this business are pretty tapped out and second guessing themselves and when faced with unexpected financial burdens it may lead you to seek greener pastures.
it is obvious you put some time and effort into your business and if you have a good amount of customers to where you can make a decent buck you might be better off sticking it out and trying to find a way.
i know it may sound easy to say that but there is always a answer and solution to every problem and for all you know the answer may lie right in front of you.

if you do stick it out and get beyond this it will only make you a better businessman as well as the particular problems you are dealing with you will have a better understanding in how to prevent that from ever happening to you again.

more often then not the return you will get for the time and effort you invested in your business won't even be close to helping you, or at least to the point that you may think it will.

either way stay strong and know we are hear to help you and good luck to you.
keep us posted, and once again best of luck.
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