Selling a business - Page 4

Mom2Dogs · ‎03-09-2010

@shoekitty When you sold your business...did the new owners have any experience in that particular field?

The people (couple) that want to purchase our business has no experience but have the 'desire'. There is a LOT TO LEARN...we will get our money for the sale no matter what but I do worry about them and our customers...

shoekitty · ‎03-10-2010

@Mom2Dogs wrote:
@shoekitty When you sold your business...did the new owners have any experience in that particular field?

The people (couple) that want to purchase our business has no experience but have the 'desire'. There is a LOT TO LEARN...we will get our money for the sale no matter what but I do worry about them and our customers...

@

“sometimes you have to bite your upper lip and put sunglasses on”….Bob Dylan

Sage04 · ‎07-10-2011

@Moms2Dogs, maybe they plan to hire some one to run the business because that does not make sense.

shoekitty · ‎03-10-2010

@Mom2Dogs wrote:
@shoekitty When you sold your business...did the new owners have any experience in that particular field?

The people (couple) that want to purchase our business has no experience but have the 'desire'. There is a LOT TO LEARN...we will get our money for the sale no matter what but I do worry about them and our customers...

@Mom2Dogs Shoekitty said. Yes, and no. We had a artsy crafty gift shop in a tourist town. 50% of our stock was hand made,the other half was purchased handmade. It was a small shop . But we did ok. They had experience in selling ,they did big shows and product conventions. But, they had never kept a shop. They did sell a different line of products, but bought out what we had, and wanted to keep a few of our vendors . This was the mid 1990's. They shadowed us for a month, and wanted to just do it themselves. They lasted a few years. The tide sort of turned here in California during the Tech bust, and then tourist trade just slowed. Never did come back. People just quit taking big family vacations. We had a big mission in our town that was a draw, also a flow of ladies who lunch at the restaurants. But, I think they lost interest. They folded, and left...and a new business came in. One thing I did learn. I was known for custom Christmas ornaments, and they said people kept coming in looking for them. My partner made these gorgeous horse carosals. I made them some ornaments for awhile , but I couldn't take doing that intricate, detailed stuff anymore. We told them from the get go, we had repeat customers, they said no problem, they had products to fill in people woukd want. They kept our name necause I was done, woukd use it again. But, now that I think of it I would redo that. This post is drawn out, but if you explain the work, the hard part, the dedication the business needs and what your clients/ customers expected and got from you, they have to decide. It's hard because the business has your blood, sweat and tears in it. They will swim or sink. I was available by phone for consult for a while. But after a while they were on there own. I had to cut the cord. Lol

“sometimes you have to bite your upper lip and put sunglasses on”….Bob Dylan

Mom2Dogs · ‎03-09-2010

@shoekitty Your business sounds like it was lovely...sorry the new owners did not have the same vision for the business. You sound very talented.

We have offered to help the new owners for 6 months after the sale, but learning the machinery cannot be done in 6 months. They are very excited but I am worried..I want them to succeed. The type of business we are selling would need to stay as is or they will lose every customer, our customers are business/industry.

We have a dinner meeting tomorrow, we are going to be as honest as possible with them, we want to sell but after the 6 months my husband is giving them, we do not want to be called in to help with an issue on an ongoing basis.

They would be running the business themselves, not bringing in other people...they could not afford that. My husband and I have run the business on our own..once in a while we had someone to help but that was rare.

We need to keep the thought of selling very quiet..there is a similar business in the area, not the same town, that could easily try to take our customers..we do not trust the owner...the one good thing is that they don't have the equipment that we have...we do some work for them.

Thanks for the reply...lots to think about.

shoekitty · ‎03-10-2010

@Mom2Dogs Maybe you could steer them to a workshop for running the type of machines. Also, maybe look up a couple adult classes in the field they are going into. Just hand them the info for the perusal. You know you will have fed them info to benefit them, if they choose. I think 6 months is perfect. You have to cut the cord for your own sanity. Of course you woukd want them to succeed. Sounds like you care and will give them what they need. After that it's up to them. After running a small business for years, I have the strongest regard for small business owners. It is rewarding and has its pluses, but it is hard. It wasn't the hardest job, but it was the most life consuming. I afterwards took a small, part-time job at a museum for the love of it. The pay was small, but I figured I actually came out ahead. And none of the headache and after hour work lol

“sometimes you have to bite your upper lip and put sunglasses on”….Bob Dylan

Mom2Dogs · ‎03-09-2010

@shoekitty We think alike....we did suggest that (classes) to them, unfortunately there are no classes offered for the machinery we have near by. I did see a U-Tube video that could help a little.

They (the male side of the couple) are familiar with running machinery, the woman will take care of the computer/design work.

I think tonight's meeting will be an eye opener.

thank you

kitty60 · ‎03-13-2010

@Mom2Dogs best advice is use a lawyer. When we sold our business we contracted for a short period of time to assist in the transition (six weeks) and when that time was up we left. They have made the commitment and need to learn what to do. In our case they were trying to put a family member in part time to do what I had been doing full time and then expected me to stay. I did not feel guilty at all as we had the agreed upon contract.

It is hard to let go of something you have done for so long but best to make a clean break for both parties sake.

Mom2Dogs · ‎03-09-2010

@kitty60 We contacted a lawyer about 10 days ago, he will handle the contract for us. To night we meet with the interested party....I will lay out what I think they do not understand and see what happens.