I have a business installing cabinets. I am just a 1 man show doing about $130k in revenue annually for about the last 10 years. This has allowed a good life but basically I have a job.
Now after reading FLM and Unscripted I have seen the light. But what do I do now? I have a couple of options that I have questions about. There are a couple of ways I could go about creating a sellable asset.
My questions
1. Is a 1 man show worth anything? The accounts I have any really based on my skill and my relationship with my customers. I don't think I could sell that. $130k revenue
2. I could add 5 -6 employees and get the business to the point where the new owner would only need to be the manager. Making it more appealing to buyers. $360k Revenue
I know this is not easy but doable. The idea would be to just build the business for sale. There is a lot of manageable risk but I have been in this industry for 18 yrs. and know how to get the customers required to make it work. just not excited about having a $30,00 monthly payroll and being responsible for 6 people's lives. Their livelihood is what scares me the most as I always feel very responsible for the people I work with.
3. Abandon my 18 years experience to start a physical product based business from invented items I have created. They are related to the construction industry. I just hate to waste all my years of experience but I am getting to old, 48, to keep doing the physical labor. I would keep doing the cabinet installation business for living expenses and capital to get the new business going.
4. What kind of multiple could I be looking at for option # 1 and 2.
All businesses are being created to create a sellable asset to accelerate my money system.
Thank you for any and all advice. I look forward to hearing from everyone. Please ask questions if I am not making sense.
Jake
Now after reading FLM and Unscripted I have seen the light. But what do I do now? I have a couple of options that I have questions about. There are a couple of ways I could go about creating a sellable asset.
My questions
1. Is a 1 man show worth anything? The accounts I have any really based on my skill and my relationship with my customers. I don't think I could sell that. $130k revenue
2. I could add 5 -6 employees and get the business to the point where the new owner would only need to be the manager. Making it more appealing to buyers. $360k Revenue
I know this is not easy but doable. The idea would be to just build the business for sale. There is a lot of manageable risk but I have been in this industry for 18 yrs. and know how to get the customers required to make it work. just not excited about having a $30,00 monthly payroll and being responsible for 6 people's lives. Their livelihood is what scares me the most as I always feel very responsible for the people I work with.
3. Abandon my 18 years experience to start a physical product based business from invented items I have created. They are related to the construction industry. I just hate to waste all my years of experience but I am getting to old, 48, to keep doing the physical labor. I would keep doing the cabinet installation business for living expenses and capital to get the new business going.
4. What kind of multiple could I be looking at for option # 1 and 2.
All businesses are being created to create a sellable asset to accelerate my money system.
Thank you for any and all advice. I look forward to hearing from everyone. Please ask questions if I am not making sense.
Jake
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