Article Number: 2
Date : Nov 21,2012
In my previous post I decided to sell my house. And I also want to sell my business. My business which I opened about 20 yrs ago initially was me working as a buying agent for foreign companies [mostly wholesalers] and individuals who wanted to buy Thai products but they did not know where to go or what was a fair price and then how to order it and get what they ordered; that sort of thing. Mainly I did just the normal export business things that have to be handled. It did real well but I had problems with the packing end of it so I changed packers quite often until finally I started packing all the goods for my own customers myself. But now after 20 yrs of doing this I am just feeling tired.
How to sell a business? Hmmm this is a hard one. First off how do you value it? Generally when I need help I first talk with friends and if I don’t get very far along that avenue I buy a book or books and study the problem that way to find a solution or to increase what I thought I knew. I have ordered a book [one of those in the ‘dummies’ series] from Amazon and in 3 weeks or so I should know more than I do today about the proper way to go about it. For now though I thought I would take an annual net income average over the last 10 yrs and X is by 3. 3 was pretty arbitrary but I figured the new owner would be getting a lot other than just my client base. They would get everything they need to run both businesses: staff, office and warehouse equipment and the truck used for pickups. I also figured I could sell the business separately from the warehouse and possibly lease the warehouse. Presently I have a few realtors involved as well as online in a few locations. we’ll see how that goes.
Selling my house and my business are the two main things standing in the way of my retirement. I have some concerns naturally with the worldwide economic problems which are now becoming political in many countries as well. But hey, those are out of my control. I am thinking there will be someone out there who will be a very good fit for my business who would like to work in a much more relaxed atmosphere than he or she enjoys now.
Now I just plow ahead. Next month I am going south to look at the boat and continue to have positive thoughts about selling my house and business. In the meantime I am going to talk with my bank about a boat loan [just in case] and brainstorm on what else I can do to sell my house. I think when I sell the house it takes the pressure off from selling my business which worst case, i think I can run somewhat from my boat. No not really. It is a hands on business. I can run my internet project from my boat however.