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One of the local mobile guys sold his business to one of his employees. My wife told me last night she has had enough of this, she wants me to get a new career.
Absolutely you can sell it, just like anything else. Honestly the hardest thing to try to work out is how much you accounts are worth. Whether or not your selling tools, van, etc. Also I'd be cautious about no compete clauses. If I was buying your business I'd make you sign one, just common sense IMHO. I wouldn't pay money for you to turn around and open a new company and steal back accounts I just paid for. On the other hand, if I were in your shoes, and the new career didn't work out I'd be hosed. Just my 2 cents.....
3 x revenue is what shark tank says it's worth
Which is usually a lot less than what most think.
However reputation has a big impact.
Say a guy wants out because his reputation is horrible because he doesn't care anymore.
Well then it has NO value.
3X Revenue? Really? WOW that would make my shop worth ALLOT! But a mobile only business is only worth it's reputation, plus what tools or vehicle go with it. You might get a very little for your account base, but not much. So is it possible to sell a mobile only business? Well depends on the sucker who wants to write the check.
Go with, highly discount your tools and vehicle let's say about less than 10k for everything and throw in maybe 1k for your account base only if it is completely verifiable, and introduce your PROSPECTIVE Buyer to ALL Accounts to verify value, and by ALL means do NOT be a network suck up shop! You might have a chance to recoup a very small amount of your losses.
I make great money every glass shop in town wants my accounts. My reputation is one of the top techs here. But after 7.5 yrs unable to find employees that can do the work my accounts want. I'm stuck either continue on the same road no real life just work or try to sell it.
Well theres 2 ways to look at the trouble finding employees situation. Either pay more then they are making at their current job or train someone for a few months, pay them less then a fully trained tech and deal with the screw ups and breaking things. I went to fully trained tech route. $25 bucks a job and i still go do jobs myself.
I was offering $50k very few here make that much. One guy told me he makes $35k and he turned down $50k because he didn't want to work on highend cars. Plus 5% of gross of any new accounts they get to use us.
It's harder to sell a mobile operation then a shop due to the fact the mobile owner is the business. Take away the mobile owner & you take away the customer relationship. People deal with the mobile owner. On the other hand people deal with a shop. The faces may change but the shop's customer's remain. Not impossible but not worth as much.
As always
JMHO
I was offering $50k very few here make that much. One guy told me he makes $35k and he turned down $50k because he didn't want to work on highend cars. Plus 5% of gross of any new accounts they get to use us.
Thats insane. High end cars is all we have down in Sarasota, FL. Atleast he was honest.