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View Full Version : Selling the business this fall


Scag48
06-07-2005, 12:08 AM
Hey everyone. I've decided that with me going off to college this fall and the lack of anyone to take care of my business, I'm going to close up shop. My dad doesn't have the time nor desire to run my maintenance division this fall as he will be working strictly with the install crew. We thought about hiring someone to run the route but insurance costs are too much and we're making a substantial amount of money in the install part of the business to even bother doing maintenance. After 7 years, I'm completely burned out. In the last 3 years I haven't grown nor lost accounts because I knew I'd be headed off to college eventually and didn't want to capitalize and buy more equipment to sell it soon after. Anyway, we have contracts for the accounts so everything can be liquidated. I've talked to a couple contractors about buying my accounts/equipment and I have on that sounds interested in the accounts and not so much in the equipment. I plan on selling the accounts for 1 month's revenue and selling equipment for fair market value, might keep a couple things. Does anyone have any other tips/ideas for me to ponder on this summer to get ready for the sale this fall? For what it's worth, I don't regret being in the business at all, just time to move on. I'll still be lurking on here for a while, I'll never be able to leave, I always enjoy passing on my knowledge. Thanks for the help guys! It's been a great trip!

Taiter85
12-22-2005, 02:38 AM
What equipment were you planning on selling? Where are you going to school at?

Jpocket
12-22-2005, 08:45 AM
Hey everyone. I've decided that with me going off to college this fall and the lack of anyone to take care of my business, I'm going to close up shop. My dad doesn't have the time nor desire to run my maintenance division this fall as he will be working strictly with the install crew. We thought about hiring someone to run the route but insurance costs are too much and we're making a substantial amount of money in the install part of the business to even bother doing maintenance. After 7 years, I'm completely burned out. In the last 3 years I haven't grown nor lost accounts because I knew I'd be headed off to college eventually and didn't want to capitalize and buy more equipment to sell it soon after. Anyway, we have contracts for the accounts so everything can be liquidated. I've talked to a couple contractors about buying my accounts/equipment and I have on that sounds interested in the accounts and not so much in the equipment. I plan on selling the accounts for 1 month's revenue and selling equipment for fair market value, might keep a couple things. Does anyone have any other tips/ideas for me to ponder on this summer to get ready for the sale this fall? For what it's worth, I don't regret being in the business at all, just time to move on. I'll still be lurking on here for a while, I'll never be able to leave, I always enjoy passing on my knowledge. Thanks for the help guys! It's been a great trip!

Your gonna regret it! I take it your around the same age as me, You have some nice equipment and trucks. My Greatest fear has been going off to college and coming back to nothing, having to start all over. So I decided to not go to college, and build build build. When you get out of college you'll probably "need" money so you'll be forced to put getting back into business on hold. Then you'll have kids, and get married, then you'll end up regretting selling your business the rest of your life. UNless you end up getting a jo where you make 100K. Dude your already established now< like you said I would think about getting a couple good guys to run the route, your dad can check up on them, Just do more volume to pay for the insurance costs.

TURFLORD
12-22-2005, 08:46 AM
If you go to college, go for something high end. $150,000+. I've never been to college and don't consider myself to be ignorant to any degree, but I'm sure some of my customers think I'm some kind of illiterate lawn monkey with no real ambition. I love what I do. What I'm getting at is this; If one day you find yourself with a job title Exec.Vise Pres. of Product Mobility(warehouse manager) or some other middle management office loser job, you'll wish you were still cutting grass. Another thing to consider, when your 45 w/3 kids and you get laid off through a merger, you are now basically unemployable because of the cost of health care benefits.

rodfather
12-22-2005, 08:51 AM
I personally would explore every avenue of keeping the business before unloading it.

zturncutter
12-22-2005, 09:08 AM
I would agree with the previous post VERY strongly!!!

lawnsbyrj
12-22-2005, 01:39 PM
theo original post here is from 6-6-05 so i bet the decision is made but I would say i went the opposite direction and could ALMOST justify not going to college at all. It is good though because I have some class work that is helpful and if this fall through I have a fall back plan too.