Retiring in a year. How to sell existing business.

[den]

Ok. Like most of you, I’m a one-man appliance repair business. Have website, phone number, advertising with Yell, listing on google, lots of good ratings and feedback etc. Has anyone any knowledge on how to sell/transfer my current empire, and the complication it involves. Don’t want to just shut-up shop because it’s quite profitable for someone who does not want to be a millionaire.
Based in Fife and currently on 4-5 jobs a day if anyone knows an interested party.

[ChrisR]

No replies then Den.
I’m in a similar position but it’s not looking good

[electrofix]

not far off you myself. problem is its specialised. If it was a news agent then anyone could do it, but we have to be Mechanics, electrical and a knowledge of electronics with the ability to solder small components. All this and a logical brain to work our faults

so your probably down to someone who is already in the trade looking to leave a manufacturer

Dave

[don]

electrofix wrote:not far off you myself.
Dave

Your’e still a youngster Dave, well at heart anyway 🙂

Don

[boselecta]

Trouble with being a sole trader is that the business is YOU.

It’s hard to put a price on years of good will and a mobile phone.

As Dave says the best option may be to flag down someone in the next Indesit van you see and ask them if they fancy taking the job.

I would be looking to give the business way to the right candidate rather than sell it for a couple of hundred to anyone.

Good luck anyway Den, 🙂

[SAMURI]

If you work from home then I would say it’s more trouble than it’s worth to sell the business as if the person is no good you could get people turning up at your front door.

I retired 2 and a half years ago and just closed the business as it would be unfair to all your loyal customers if you passed them on to someone not up to your standard.

Another thing it would be hard to find an engineer willing to give up there job if they have no experience working for themselves.

If you still decide to sell I would approach one of the work providers to see if they wanted to buy the name and website so your work would be directed to them.

Bob

[iadom]

Sadly I have to agree with Bob. I finally retired just over 12 months ago, sell the business, I couldn’t even sell a shed load of spares. I sorted them into specific lots as I didn’t want to try and sell thousands of spares piece by piece. Put them into the forum trade shop window and only managed to sell a box of carbons brushes. Around £200 worth of brushes at trade prices went for £20. The other boxes of almost all current spares hundreds of £’s worth on offer for £25 to £35 a box got no response. Finally gave most of them to a forum member and ex colleague from my Hotpoint days and put the rest in a skip. 🙁

[hkaytams]

Have you considered working with financial advisors or business brokers to help with the sale and transfer process? It can be complicated to navigate the legal and financial aspects of selling a business, so having professional guidance can be helpful.
I hope you were able to sell your business smoothly and find someone interested in taking it over. If any other forum members are looking to sell or pass on their business, they might consider working with financial advisors. They have a lot of experience in this area and can provide valuable support and guidance throughout the process. Good luck everyone!

Mods edit:

Have deleted your unauthorised advert, if you wish to advertise on the forums please email admin@ukwhitegoods.co.uk

Don

[iadom]

I am guessing that as it’s almost 4 years since the original post the OP has long since retired and like as not has found out that the only real value in the business of a self employed service engineer who works from home is himself and very little else. 🙁

[saadatuyak]

Congrats on your upcoming retirement! It’s great to hear that your appliance repair business has been doing well.
Selling a business can be a bit tricky, especially if you’re a one-man operation. Have you considered hiring a broker to help you find potential buyers? They can handle a lot of the complicated legal and financial aspects of the sale, leaving you free to focus on your day-to-day work.
If you’re looking for more resources on how to sell a business, check out https://www.thefinitygroup.com/financial-planning-for-physicians. They offer a lot of great advice and can help you navigate the financial side of things.

[don]

saadatuyak wrote:Congrats on your upcoming retirement! It’s great to hear that your appliance repair business has been doing well.
Selling a business can be a bit tricky, especially if you’re a one-man operation. Have you considered hiring a broker to help you find potential buyers?

Well it’s been four years since the original poster offered his business for sale. He is now probably sat at home with his feet up having a nice rest.

Don

[Author]

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