Re: Transfer of business

Posted by Spook on January 09, 2009 at 09:40:59 from (75.45.86.66):

In Reply to: Transfer of business posted by ProudBlueSE on January 09, 2009 at 06:54:07:

My wife bought her business from her old boss. She worked for her for 2 years, then the owner got sick, and my wife ran the business for a year, when the owner recovered, she wanted to sell the biz, she was willing to finance it. This was in 1991. I went to 2 local banks, nobody would even talk about financing it. Basically, if the owner won't finance it, nobody else will. We worked out a 5 year plan. You need a lawyer to draft a simple agreement. We are still friends with the old owner. As far as price, it's tough. Real estate is the first thing, easiest to price. Equipment is harder. Goodwill, that stream of customers coming in the door, is the toughest. But realize that being the boss gives ya a lot of headaches, too.

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