Exit strategy - Sell or other options?

[Skyway]

I own 2 businesses, a garage workshop with mail order department and car sales company, both operate from the same site. Due to declining health (Stage 4 kidney failure) a few years ago I handed the running of the garage side over to a trusted employee. He has done good job and become the most important part of the business due to his knowledge of what we do. He has now said he no longer has the same drive he used to and is thinking about a different career path and I have no wish to take over running both businesses again along with the added stress that would come with it.

So I now have a bit of a dilemma, what is my best way out? The car sales business is relocatable and I own the premises we are in and this gives me a good rental income. Part of me thinks sell, part of me thinks there must be other avenues to explore but my health is the most important factor and I don't have anyone else within the business who could take it all over. Being a specialist in what we do it would not be a simple case of finding someone to fill the position that may soon become available.

Any feedback, ideas etc will be greatly received.

[Mr Overheads]

HAve you asked the employee if buying the business would give him back the drive he needs to continue?

[DSLiverpool]

Would giving the vital employee a share of the business motivate him?

[madmover]

I'd echo the above, and also ask what would - i.e. part time working, flexi hours etc to see if what he really wants is actually achievable.

[Frimley111R]

I'd close the car sales business down and rent it out to someone else and I'd sell the garage business (although you'd probably be looking for a local buyer - put the feelers out) and see if you can do the same. If not you could see if you can rent the garage out for storage of something, sell off the equipment, etc. Close the car parts business too.

With your health issues, getting a rental income from the showroom and potentially the garage or a lump sum if you sell it seems the best way to go for you.

[Skyway]

Thank you for all your suggestions.

Unfortunately non have worked so it looks like my best option will be to sell the business and re-locate the car sales to my home where I have the room to run it. I would hope to sell the business and the new owner continues to rent the premises, if not I can rent them out to another company.

So, next question: Any ideas of a good company to use to sell an automotive business who doesn't charge stupid amounts up front? I have tried this twice before in the past and both times the companies I used were terrible.

[Mastiff]

Move the car sales business to home as you have the room and it will keep you a little bit occupied, as and when you want it to.

Close the workshop and look for developers to buy the site? Not sure what environment the site is in though....

[Frimley111R]

Skyway said:

So, next question: Any ideas of a good company to use to sell an automotive business who doesn't charge stupid amounts up front? I have tried this twice before in the past and both times the companies I used were terrible.

List it on Daltons and or Businessesforsale.com. A business transfer agent (as they are called) won't dfo much more than send your business around on an email listing. The 2 sites mentioned are like autotrader for businesses.

Put the feelers out locally too. Or even something as simple as a For Sale sign outside. After all, it's likely to be a local who buys it.