nomadjanet
Contributor
One of our businesses that used to be our main income stream has taken a down turn. We are still making money overall but it is requiring our time to do so and the profit looks like it will be less than 200k this year. My partner is burnt out on the situation (he hates having employees) and I cannot run the business without his license. Right now would not be the best time to sell the business due to the down turn. At this point we are considering just doing an asset sell because he is so irritated with giving up his time to over see employees for such a reduced amount of money. It is requiring about 20 hours per week of his time. So has anyone ever shut down a business in similar circumstances? Does anyone have any thoughts on the process? We also have maintenance contracts with clients that would need to be transferred to some other provider or refunded to the clients just through some thoughts as me .
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.