poohbaby Posted October 15, 2005 Share Posted October 15, 2005 Hi there, I was approached today about selling my business to a local family. I have drastically slowed down since I had to go back to work full time. It's funny as I was just thinking about doing this a few days ago. Due also to some health issues I dont think I can keep up, having a hard time now. Anyway, I have no idea how to go about it. Just selling off my stock or selling the name too or what? Any suggestions would be helpful. TIA Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted October 16, 2005 Share Posted October 16, 2005 Do you have anything trademarked or patented? Did you get your business license or FIN number at all? If you did, I do believe you have to call the offices that handle those things and tell them you are going to be transferring ownership. I know it sounds expensive, but get yourself a lawyer too - you don't want to sell your business and 6 months down the road they come back on you because you forgot to transfer something.If I've learned one thing about having my own business it is that you need a good lawyer. They will do everything in their power to make sure you are taken care of. It is always nice to get one that you can bribe with products too LOL Quote Link to comment Share on other sites More sharing options...
CraftyChris Posted October 16, 2005 Share Posted October 16, 2005 How can you tell how much a company is worth? I mean-your knowledge and skills have to be worth something, so your company is worth more than the stock. You spend endless hours working on it too!How do you know what to ask for your company? Quote Link to comment Share on other sites More sharing options...
Trae Posted October 16, 2005 Share Posted October 16, 2005 Years ago when I went to business school, we learned that one selling option was to go by what you grossed the previous year and make that the selling price. Considering all the testing you've done, you could probably add on a little for that too. A lawyer would be a good idea. Quote Link to comment Share on other sites More sharing options...
poohbaby Posted October 16, 2005 Author Share Posted October 16, 2005 Thanks for the replys! I thought I would check with my lawyer first and go from there. Really stuck as to what to do though. Hate to give it up but maybe this a way to find some time to try my hand at soap! LOL I really cant do the business justice and hate to keep my customers waiting for their orders. Thanks again , and I'll keep you all posted as to what happens. Poohbaby Quote Link to comment Share on other sites More sharing options...
BruceCarvesWax Posted October 17, 2005 Share Posted October 17, 2005 Years ago when I went to business school, we learned that one selling option was to go by what you grossed the previous year and make that the selling price. Considering all the testing you've done, you could probably add on a little for that too. A lawyer would be a good idea. I was thinking the same thing. One years gross plus supplies on hand maybe, (if you have alot). Bruce Quote Link to comment Share on other sites More sharing options...
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