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Pie in the sky ???

(4 Posts)
BrightFuture Fri 21-Aug-09 10:59:32

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

MrsBadger Fri 21-Aug-09 11:19:04

sounds like pie to me, I'm afraid

It's not like you have a lot of repeat business from existing clients, so anyone who took it over runs the risk of being in the same financial position you are now, and will be able to see that...
Would any of the venues you've worked with previously be interested, do you think? Might they have a wedding co-ordinator who'd like to expand?

BrightFuture Fri 21-Aug-09 11:29:25

Thanks for that MrsBadger, hadn't thought about the co-ordinators at the venues, the only repeat business I have had from past client's is Christenings (first baby !), 30th Birthdays etc, but can see what you mean. Although to be honest should really stop dreaming, bite the bullet and start winding up the company so that things don't drag on !!

MrsBadger Fri 21-Aug-09 11:45:22

I suppose your alternative is to find someone else (ie an independent planner) in your position and offer them the name and any repeat business that may still come up.
You could even leave your website and current ads etc in place but change it to her contact details - your clients and potential clients will still get a wedding planner (rather than a dead-end URL error), she has the chance of some more business, because let's face it she'll be struggling too, and you have the satisfaction of a proper handover rather than just fizzling out.

NB I meant to say well done for having the guts to pull out and wind up - IME too many SMEs and sole traders struggle on beyond the bounds of reason because they're too proud to quit and/or too dumb to have a workable exit strategy. So well done smile.

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