Community Chat

[Tori3569]

One can keep the name of the actual business if purchasing.  However, the corporation name needs to be different.

 For example, if the LLC name was "Pretzel Corp" d/b/a "Lori's Pretzels" (the name on the actual building that customers know it by) it can stay "Lori's Pretzels" but the LLC name changes to something else , ie, " Pretzel Town".  The LLC names are used in the non customer facing ops. 

[Sage04]

As someone mentioned it would say "under new management". Before you sell you have to make sure that all taxes are paid. The new owners would have to get the license in their name.

It seems as if you aren't ready to do this. Your husband is a lot older than you but it would be great if you could spend the rest of the years with him rather and just concentrate on your lives.

My husband was 15 years than me. I had 3 daycare centers and he had a private investigation company. We sold our businesses, years before he passed and everytime I visit Florida I visit the daycare centers that have the same names as before. The name of the private investiging co was changed because it contained our names.

There shouldn't be a problem and the new owners use the same name. In other words they are hoping that your customers would continue doing business with them.

In that case you can also let your customers knows that you're selling the business.

[Sage04]

Posting on my phone so please excuse any errors.

[Mom2Dogs]

@rockygems123   We certainly understand that all taxes must be paid and license transferrred, that is a given...We are ready to sell, but after 40+years running the business together it is hard to let go.

[Mom2Dogs]

@rockygems123    We are not unsure, there are always questions, justified or not.

[ScrapHappy]

A hot dog place my husband goes to which has been around a very long time switched hands a couple of years ago.  She retired.  Sold the place (and her famous hot dog recipe) and the name/address (location) is the same.

[LindaSal]

@Mom2Dogs  Businesses get bought and sold everyday.  It's not a big deal.........every business will have it's own tax ID # so nothing will be your responsibility once the sale takes place from that day forward.   My DH is 8 years older than I am but just my opinion, you should sell and enjoy your time together at this stage of the game.  DH was only 60 when we sold our business.  It is hard for awhile but you will be surprised how quickly you will adjust and how much happier you most likely will be.    I could never imagine still working at 84,

kudo's to you both.

[Mom2Dogs]

@LindaSal    We have always enjoyed working....and probably would not sell this year if it were not for his hip issue.  Other than hiw him there are  no other health issues, but of course anything can happen any time.

[Mom2Dogs]

We met with our lawyer about selling the our business...my husband just had to hear from the lawyer it was OK that the new owners keep the same name...I knew I was right but...

We shared the info with the possible new owners about the lawyer meeting, ins and outs about good faith money, inventory, etc.....which was several days ago, crickets from them, sigh.

We had told them they had to make a decision by the 1st of Feb because we had another couple interested.  

They had told us they wanted it but if they have changed their mind, fine,  I sure wish they would say so.

It will take us months to either find another buyer and or sell off the inventory and machinery...so not a lot of time as we want to be done by the end of this calendar year.

[shoekitty]

When I sold my small business years ago, they kept name on shop. If the business has a good reputation both parties will benefit from name keeping  the same. They should put, UNDER NEW OWNERSHIP. In window, and in store. They would benefit from your good name, and you will benefit by them succeeding. If they fail, not your, fault if record was good...which I am sure it is!!!  The new ownership sign lets people know, previous policies may not be still in effect.