selling small business

jopsey

Just a bit of advice really thinking of selling a market stall i have owned for 14 years (bloody el can't belive its that long)

it has been a little gold mine but since I got pregnant and had baby its been staff run and my heart isn't into it any more and as a result its not that busy at present.

where would I stand as selling it as books over last few years aint that good have got previous years when it was doing a lot better

I have got an excellent licence to sell various things on the market

How would I go about selling it with original staff .this is my biggest concern I do feel responsible for them and would hate for them to become unemployed

If i sold it as going concern and new owner didn't want staff would I have to pay redundancy

I have thought long and hard about selling up but I think its the time I just want to be a " mummy" I am lucky that I also have a few propertys so i can live off the rents
Jopsey

Savvy_Sue

Would one of your staff be interested in buying it? Sorry don't know much about these things but it seems a good place to start. And there has been a previous thread about how to value / sell a business so worth searching for that.

snake666

could you give them a share in the stall then that way you still have an income from it and they would be happy with the extra cash.
As for letting the staff go i think you would have to give them something
if you could PM me telling me where you are and what you sell as i may be able to help
snake

Gingham_Ribbon

Hi, Martin’s asked me to post this in these circumstances: For legal reasons I have to discourage swapping personal details on the forum (please see this rule). While it can be a very useful way of saving money it relies on a certain amount of trust between members and as such can cause problems (and has in the past). If you have any questions about this policy please email abuse@moneysavingexpert.com.

Encantador

Do you have an accountant? If you do i woule get some expert advice before making any decisions, you may also want to talk to a solicitor re staff issues.

You may not get what you think it is worth though, a buyer won`t be interested in the `good years` they will want a price on what it is doing now.

If it is not causing you too much of a headache I would keep it and as has been suggested try and re-motivate the staff, if nothing else it will be worth more if you increase the turnover/profit.

Good luck