PRIME business club

Date: Thursday 2nd October 2008

Time: 10:00am to 4:00pm

Venue: DBH Dudley, Castlemill, Burnt Tree, Dudley DY4 7UF

Status: PRIME event

PRIME is running two free workshops in the morning and afternoon of the 2nd of October, both aimed at people over 50 in the Dudley area of the West Midlands.

The first is aimed at people still thinking about running their own business. It is about whether self-employment is right for you, and if it is, finding a suitable idea.

The second is aimed at both people starting up and those who have already started, and is about the basic computing and Internet tools that can help. This session is run in conjunction with Microsoft’s community technology skills programme.

Lunch is provided.

For more information and to book your place telephone Martin Sarling on 07717 151 168, or email him at martin.sarling@ace.org.uk

Location map

More than half of the visitors to this site taking part in a recent PRIME mini poll expect to sell their business as a going concern when they are ready to exit the business. A further 16 per cent also expect to keep it going, giving it to family or a friend.

Do you expect to eventually sell your business?

• 1. Yes - sell as a going concern 56% (49 votes)
• 2. No - will give away to family / friend retaining stake 15% (13 votes)
• 3. No - will give away to family / friend completely 1% (1 vote)
• 4. No - it will close but with sale of major assets 1% (1 vote)
• 5. No - it will close with sale of some minor assets 3% (3 votes)
• 6. No - it will close with nothing much to sell 22% (19 votes)
• 7. Other 2 2% (2 votes)

Source: visitors to www.primebusinessclub.com

About a quarter expect their business to close when they leave - and the great majority of these don’t expect to be able to make much from selling the assets.

So there is a clear split between those expecting to get extra money from the business when they exit and those who don’t. And this may be realistic - some businesses are worth something without the founder while for others the founder IS the business. The type of business is critical.

Where there may be some unfounded optimism is on how easy the business will be to sell. There does seem to be evidence that the size of the business is important here.

There is a well developed market for selling businesses over a certain size, with papers, notably Daltons Weekly carrying classified listing od businesses for sale, and specialist business transfer agents you can go to to help with a sale. But once you get below a value of about £250,000 for the business the market gets less interested, and the costs involved in selling start eating into the proceeds.

Related posts:

Tax bill for selling your business clarified

Exit strategy - a practical guide to selling your business