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Best Way to Exit a Failed Business

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mattsteinman

Contributor
May 13, 2019
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Michigan
I'll keep this short and sweet.

I've been an Amazon FBA seller the past couple years, more recently creating my own brand (with a trademark), and it has fallen off to the waste side. Mainly because I'm in debt with the business and honestly don't have the passion to further pursue FBA.

I'd like to know what my options are for either selling (not sure I can while in debt and no revenue really) the brand, along with my Amazon account, or just completely folding.

Would declaring bankruptcy as a business be an option?

Open to suggestions, opinions, and what my next steps should be.

Thanks
 

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Mike Partee

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What is your past 12 months of profit? Take that number and multiply that by 2.
That's typically what you'll get from a business sale.

Is that number enough to pay off a reasonable portion of the debts?

If your revenue is literally zero, then you can try to firesale your existing assets.

A business sale can happen as fast as you want it to, relatively speaking.
I sold mine in 1.5 months from conception to check-in-the-bank for similar reasons.

Use the search bar and find some threads on exits.
@amp0193 had a great GOLD thread on the topic that's really helped.
 

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