Selling my business

COOLTRIKERCHICK

Slinky wrote: »

You might want a 2 year clause, it's very unlikely that would be seen by a court as legally enforceable. Terms have to be considered 'reasonable' to be enforceable and 2 years is a very long time to expect someone not to be able to earn a living in their profession.

I agree to a certain extent.

If you were a tradesman etc,

BUT in certain lines of businesses this IS a criteria.

for instance a certain person we know sold their shop and on-line business, which was bought out by a national company. 2 years to the day he then opened up a new business, and now his original business he sold is no longer, and he is back with one of the industries leading supplier/seller.

terra_ferma

paddyrg wrote: »

If you're going to work for someone else who's already local, you could agree in contract not to poach clients/to refer old clients back to the new owner, or any that do come to you directly you will still manage the job but he'll do the work paying you a commission/whatever.

OP should agree all this with the new employer, who may not be happy to see their customers being turned away to a competitor.

vervin

Thanks for all the help ,it's a hairdressing salon ,I have 2 years to my retirement I need to work until then .the thing with hairdressing you can not pin clients to the chair they move on at will .

Savvy_Sue

Indeed, and I can see why they'd want to put a mileage restriction on your new job. Can't say what would be 'reasonable' for a hairdresser: I'd go a long way to avoid some I've spoken to over the years ...

Clearly if you're too close, then what the buyer will consider your 'goodwill' reduces, a lot. That's always extremely hard to value at the best of times, however!

COOLTRIKERCHICK

Could they employ you/keep you on, until you retire? even if it is part time,

that way you both have what you want.

The other alternative is to try and get a job doing something totally different.

It sounds as though you are a people's person, so maybe see if there are any jobs going in retail

Slinky

My friend bought a hair salon and the previous owner stayed on working as the manager. It's been a complete nightmare, the previous owner not doing anything the new owner wants to implement to improve trade etc. The old owner has finally decided to move on, taking her blue rinse customers with her, and my friend is dancing rings around the salon.

vervin

Your poor friend ,not a nice thing to happen to her . I would play the game with the new owner .

supermonkey

I always wondered this. Some businesses are more easily valued than others. But I've heard of window cleaners selling rounds. But surely anyone at any point could canvass that area & take all the customers leaving the round worthless?!