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Do you think this is possible ?

(4 Posts)
BrightFuture Thu 20-Aug-09 17:59:46

Hello Ladies

This is my first time posting, but have been lurking on the site for a while I have a huge dilemma which I would really appreciate some opinions/advice on so here goes !

I have been running my own Wedding Planning and Design business for 3 years now, which has been thoroughly enjoyable and relatively successful, through time it has developed a strong credible reputation in the industry which attracts quality clients (last wedding was for premiership footballer)

Trade has been dwindling over the last year, due to the recession and the only reason the business is still going is because of the 2 high budget weddings I had for this year. It has now come to the point where I am returning to full time work, but am reluctant to close the business completely as I feel it is a waste of everything I have worked for, also my DP and I cannot continue supporting the business(small business loan). My ideal situation would be that the business is taken over by someone who is as passionate about it as I am, not neccesarily sell the business to that person as to be honest there isn't much to sell only the reputation and brand that has been created, do you all think I am being 'pie in the sky' about this or do you could I realistically find someone to take over the business ??

Thank you, all comments appreciated x

ihearthuckabees Sun 23-Aug-09 17:18:01

I think there is a way of putting a value on your business: something like 3 times the projected turnover, and then offering it for sale that way. Given that turnover has dropped away during the recession, the value of the business will be less, but it's still a business. You don't need to have merchandise. You are selling the 'name' (reputation etc) and your business contacts, and any equipment/stock you do own.

I am not an expert, by the way, but know someone who did this.

If you do sell, you then have to kind of 'let go', as there's no guarantee that the buyer will maintain your standards or make a go of it.

HTH

ihearthuckabees Sun 23-Aug-09 17:19:08

Forgot to say, you may find one of your ex-clients would be interested in buying - put the word out that you're considering moving on and see if anyone bites.

overthemill Mon 24-Aug-09 12:10:30

if you are rural based then try selling via WIRE

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