do i sell business?

burbs_2

hi can someone please advise me on what to do here. I run a car sales business and i am a partner in a security firm. Both businesses are booming at the moment and all is well. The problem i have is a third business that i own, although i do not spend a lot of time on it anymore, if any.

it is a club promotions company i started up when i was a student aged 18. I am 23 today. At the time it was just a small company run by me and a mate but using all my investment money, my mate put nothing in at all except his time. I rent out clubs, hire artists and DJs and then advertise the night. Depending on how big the night is dictates how much money my company earns. It is very successful now though and the company now puts on 30 promotions a week and also puts on nights abroad during the season.

As i said i do not have much to do with it now as my brother in law runs the company for me, i just dont have the time or the interest anymore if im honest. It employs 13 people, 6 full time and 7 part time.

Now i have heard on the grapevine that another rival company are in the process of making an offer to buy my company. What happens here if they do make an offer? Does it go through solicitors and all that? If they buy it do i then have to pay out huge fees? I really dont understand. I will be seeing my business advisor and solicitors next week but as its my birthday week i wont be leaving my house today so any help via the pc would be excellent.

I will defiantly sell if the offer is good enough as i now want to get involved in property renting both here and abroad so it couldnt have come at a better time if its true.

any help would be great

cash99

Wait and see if an offer arrives first. If it does then see who else might be interested in buying e.g. you brother in law, or other competitors.

Once you know a deal is likley you then need to get some professional advice re the terms of the deal and the tax implications.

The structure of the sale can make a huge difference to the overall after tax outcome. e.g. it is typically better for the purchaser to buy the assets of the company and typically better for the seller to sell their shares in the company. Get this wrong and it will cost you.

Your advisers will have dealt with the situation lots of time before so should have a good idea of the approximate costs involved.