427Vette
Recycles dryer sheets
My wife and I own and operate a small electric contracting business. We have two employees with three service trucks on the road. We are very fortunate to have a huge loyal customer base, a lot of them have been with us for over 20 years. When we were getting into business there was never a thought on how to get out of business. We were more concerned with figuring out if we could some how be able to buy groceries, get customers and figure it all out. We are zeroing in on early retirement and would like to find a away to pass our business along rather then just close the doors have an auction and quit. The problem is that I don't know if our business has any value without my wife and I. We have to be involved daily. Our guys are very capable and can do all of the work but my wife does the scheduling, billing, collecting etc. It has been very profitable for us and to give an idea of the volume of work that we do our gross annual sales are usually around 1.2 million. We have been contacted by a competitor in the past but I think he is more talk then action. We have tried to set up meetings in the past and he always cancels. He has no real interest I presume. Our employees seem to have a little interest but I think they are thinking that they could start their own with no real reason to buy into ours. After all if we quit our customers will need to go somewhere either one of our competitors or one of our guys if they start their own. All we have to sell would be some equipment, inventory (minimal) and of course the business itself. There is no real-estate to sell with it.
Our plan this far has been to stay at it long enough and accumulate enough dollars so it wouldn't matter if we got anything for it or not. So, I am looking for thoughts and ideas from the members here who may have experience in this area.
Our plan this far has been to stay at it long enough and accumulate enough dollars so it wouldn't matter if we got anything for it or not. So, I am looking for thoughts and ideas from the members here who may have experience in this area.