Exit strategy - Sell or other options?

Exit strategy - Sell or other options?

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Skyway

Original Poster:

356 posts

171 months

Friday 18th January 2019
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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.

Skyway

Original Poster:

356 posts

171 months

Tuesday 22nd January 2019
quotequote all
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.