Discussion in 'Lawn Mowing' started by Orkin Yards, Apr 9, 2001.

  1. Orkin Yards

    Orkin Yards LawnSite Senior Member
    Messages: 256

    I found someone to buy my company when i go off to college. A friend of my dad's was talking to him about me needing to trademark my company so i can get part of the profit that the guy i sale the company to makes. sounds good to me! but what all does this entail...cost? how much profit do i get? ANY info would be nice, thanks alot
  2. Chopper Lover

    Chopper Lover LawnSite Senior Member
    Messages: 288

    Are you selling him the name of your company along with the business? Were you Incorporated? Trademarks tend to be business "logo's" not business names.

    If your company name is registered with the state he may only be able to use it if you transfer the name to him. Check with your state taxation department or other appropriate agency and see what the rules are about that.

    If the company name is not registered because it is something you never made "official" you probably have no rights to it.

    But as a disclaimer, I have no idea what the rules and laws are where you do business.

    I can say that if you attempted to make a profit on my work after I purchased the business as a condition of me buying the business I would withdraw my offer and look elsewhere.

  3. bob

    bob LawnSite Platinum Member
    from DE
    Messages: 4,260

    This sounds good on your end. But if I bought your lawn company and you wanted some of the profits after the sale, I'd say no way! Chances are if someone buys your accounts, they will already have a lawn business or will find a mane that suits them.
  4. cajuncutter

    cajuncutter LawnSite Senior Member
    Messages: 626

    You may consider sub-contracting your accounts while in school. I do not know about your area but in this area (Louisiana) people usually want a no-compete agreement signed. This means you can not start up another LCO in the area your accounts are currently in for 3 to 4 years after the sell of your accounts. If you think you want to go back into the business this may be an option. Also this way you make a little money..5 or 10% if the fella agrees.
  5. jrebeiro

    jrebeiro LawnSite Member
    Messages: 94

    Trademarking costs approximatly $300-600 and you do this with the US Patent Office. Now by trademarking you cant just go charging someone to use your name since that wont be a full sale of the company. Not only that but if I bought your company out it would go under my name... not yours. The customers would receive a letter in the mail informing them of the change of companies and I wouldnt owe you a dime. Oh and the time involved in trademarking is 6 months and there is no guarantee your application will be accepted... and NO REFUNDS!!!! Sell the company and take the cash. You will lose all profit to trademarking. It's really not worth it unless you are planning on staying in business.
  6. John Allin

    John Allin LawnSite Bronze Member
    Messages: 1,488

    Every company we have acquired has kept the name. We don't want it. If there are any prior problems, they go with the name/entity. We DO buy perpetual rights to use the name as we see fit - but not the name itself.

    Sounds like dad's friend has just enough knowledge to make himself dangerous to others.
  7. lawnboy82

    lawnboy82 Banned
    Messages: 957

    this is something that you are gonna want to hand over to lawyers and or accountants. dont try to do it on your own. i got lucky. my next door neighbor is a cpa. and one of my best accounts who has basically adopted me is a corporate lawyer. if you are gonna sell then get help.
    but how many accounts do you have? anything you would want to keep? maybe selling is not the answer. maybe you would want to look into getting an employee to do the work for you while you are at school and have your father watch them for you or something? that is what i do. i have an employee who does the work and i trust him. i come home when he cant do something that i can do.

Share This Page