Crippling debt - but I can sell my business?

greensalad

Now I'm all curious what the website is... being a web developer n all 

Ryemck

It's just a blog haha I rank on google for enough search terms to make ££

But I haven't done any marketing/link building etc at all so if someone managed to do that stuff and see a return they could make a living off it easy

Retireby40

Ryemck said:

10k now in exchange for 100k+ over 5+ years, doesn't sound like a good idea to me haha

If I could find someone who could push the business forward (as I'm no expert by any means, been winging it the whole time) I'd happily share some equity

Problem is, hard to find someone who can genuinely help :S

And selling this lucrative website in order to pay of small debt wouldnt exactly be smart either. What good is a blog to someone who buys it if theres no one to keep writing and keeping the blog relevant?

If I invested 10k in your website for a 15% share of your annual profits and then reduced that to 10% after my 10k was repaid how long would it take for me to get this 100k your talking about?

ryanm8655

Personally I’d just get a second job or start up another web based business.

Brenster

Ryemck i think you are misunderstanding what Retireby40 and myself are getting at.
You obviously have an enviable business which does not require alot of input from yourself, but although the business has a value with you involved, it is virtually worthless without you updating the content, so a happy medium is to offer an investor a slice of the pie for a value to assist paying off your debts, whilst you clear your debts and retain control of the business (less what ever equity is sold).  An investor is not going to give you this for nothing, and would obviously want it to be financially viable, but there is a middle ground which can be beneficial to both yourself and the investor.
Its becoming like an episode of Dragons Den this.........I'm out

Brenster

Retireby40 said:

Ryemck said:

10k now in exchange for 100k+ over 5+ years, doesn't sound like a good idea to me haha

If I could find someone who could push the business forward (as I'm no expert by any means, been winging it the whole time) I'd happily share some equity

Problem is, hard to find someone who can genuinely help :S

And selling this lucrative website in order to pay of small debt wouldnt exactly be smart either. What good is a blog to someone who buys it if theres no one to keep writing and keeping the blog relevant?

If I invested 10k in your website for a 15% share of your annual profits and then reduced that to 10% after my 10k was repaid how long would it take for me to get this 100k your talking about?

15% of £2200 = £330 = 30 months repayment, with then reducing to 10% after repayment > £220 / month, this to me sounds like a good deal !!!! 

Retireby40

Brenster said:

Retireby40 said:

Ryemck said:

10k now in exchange for 100k+ over 5+ years, doesn't sound like a good idea to me haha

If I could find someone who could push the business forward (as I'm no expert by any means, been winging it the whole time) I'd happily share some equity

Problem is, hard to find someone who can genuinely help :S

And selling this lucrative website in order to pay of small debt wouldnt exactly be smart either. What good is a blog to someone who buys it if theres no one to keep writing and keeping the blog relevant?

If I invested 10k in your website for a 15% share of your annual profits and then reduced that to 10% after my 10k was repaid how long would it take for me to get this 100k your talking about?

15% of £2200 = £330 = 30 months repayment, with then reducing to 10% after repayment > £220 / month, this to me sounds like a good deal !!!! 

Yes that's what I was thinking. Or something similar along those lines. Dont quite know how the OP came up with the 100k figure. Was looking them to explain it but I doubt they would be able to. 

Ryemck

Yep I messed that up haha 10% would be like 3k-4k a year after repayment. No clue where I got that 100k from

But yeah as you guys pointed out, selling even a portion of the site to pay off debts isn't a good idea. But it's something I might very well take up if I'm desperate, rather than selling the whole site!

Currently working on the site to try and get my old earnings back, used to be on £3k-£4k a month

And also looking for a part-time job 

TBH when it was at its peak, I worked about 10 hours a month. Very stupid, paying the consequences now. 

Retireby40

Ryemck said:

Yep I messed that up haha 10% would be like 3k-4k a year after repayment. No clue where I got that 100k from

But yeah as you guys pointed out, selling even a portion of the site to pay off debts isn't a good idea. But it's something I might very well take up if I'm desperate, rather than selling the whole site!

Currently working on the site to try and get my old earnings back, used to be on £3k-£4k a month

And also looking for a part-time job 

TBH when it was at its peak, I worked about 10 hours a month. Very stupid, paying the consequences now. 

We are saying that selling a % of your business IS a good idea.

It would make no sense selling the whole business where it seems you are able to make a decent living for little to no effort but if you gave 10% away it would still be over 22k a year and you would have reduced your debts.

As said above another option would be potentially to get a part time job. If you are making 26k a year for maybe 2-3 hours a week work you have all the time in the world to even get a 10hr a week part time job and use that money to clear your debts.

Ultimately this goes beyond your earning power. A tight budget and careful planning would see you chip away at the debt. 

Ryemck

Found out there's experts out there who would jump in to help and take a portion of the profits
So for example if I was to earn £100k after a year of them helping, we'd both get £50k. 

This is with no set "equity" involved!

But it's just a case of finding them only ones I've encountered so far, require £100k earnings a month at the minimum haha