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James Millar
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bb1, post: 269062, member: 53375 wrote:
I always treat these stories with the biggest grain of salt and call BS on them, I once had my house on the market for $5million, it was only really worth $20K, but I deluded my self that it was worth $5million.

A business is really only worth what someone will pay for it, it was obviously not worth what your friend wanted, maybe only $20K like my house..

Lets get into facts not dreams.

Who knows the more recent financial condition. The problem with a small business is that its only as good as its profitability shows. If that declines value drops. Things can change quickly which is why they are hard to sell. I had a quarter share in a smart phone number about 10 years ago that we paid total about $5000 for. We leased it out and actually made about 4 times that from it HOWEVER the “telco industry experts” were telling us the number was worth about $1m. Think it was de-registered a couple of years ago for nothing no buyer. Only worth what someone is prepared to pay.

On Paul’s point. I have spoken with a lot of small businesses in last few days and some have had good profitable businesses that have had trade fall off a cliff. They can’t last more than another few weeks and are making plans to lay off staff. There are good businesses that are going to fail because of this but at least those will probably be able to reboot. The borderline businesses will never reboot.

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