Selling my online business

[Denise Straty]

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Hi, I’ve made the decision to sell my online business after trading for more than 10 years. I have another business that has taken my eye of this business for a while now and this other business really needs my full attention. I love this business (I’m selling) and what it does and I feel sad to be selling it because it has so much potential, and the profit margins are great…but really it is much better to have someone in it that can make it flourish. I’m tired of having the ‘guilts’.

I’m going to be selling the stock at cost plus some small goodwill for the business which will include the website/photography /client listing/ manufacturers/ ALSO I do sell to retails stores as well (at wholesale rates) etc. etc.

Where I’d love some feedback / experience is that I am NOT trying to sell based on it’s profit, I’m looking to cover my costs essentially so I don’t want to overcomplicate the transaction. (There will be no tax returns but I could get my accountant to put some figures together but really they haven’t been great because I have done NO marketing. Anything that has happened has been organic).
It is not worth going to a broker. I just don’t want people tyre kicking and then trying to hammer me down when I’m being very reasonable in what I’m asking (looking to be around $40K with loads of <non perishable> stock).

Have you sold a business, how did you do it. What are the pitfalls? Where are good places to list it for people who are genuinely keen to get a great ready to go business? Thanks

[Paul – FS Concierge]

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Hi and welcome to Flying Solo.

I once bought an online business from flipper.com

It is a good place to start.

Here is a tip about selling anything to anyone – they don’t care about you.

If you are not meeting their needs or solving their problem, they won’t buy.

Cheers
Paul

[[email protected]]

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Paul – FS Concierge wrote:

Hi and welcome to Flying Solo.

I once bought an online business from flipper.com

It is a good place to start.

Here is a tip about selling anything to anyone – they don’t care about you.

If you are not meeting their needs or solving their problem, they won’t buy.

Cheers
Paul

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Yes You are right

[murray.collingwood]

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I would sell through a broker – they know best about how to market your business, price your business, and they may even help negotiate the deal. If you don’t know any, then simply google for similar types of business and you should come across a few brokers – interview 2 or 3 before deciding which to go with.

Cheers
Murray

[Robert Brown]

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Denise Straty wrote:

Hi, I’ve made the decision to sell my online business after trading for more than 10 years. I have another business that has taken my eye of this business for a while now and this other business really needs my full attention. I love this business (I’m selling) and what it does and I feel sad to be selling it because it has so much potential, and the profit margins are great…but really it is much better to have someone in it that can make it flourish. I’m tired of having the ‘guilts’.

I’m going to be selling the stock at cost plus some small goodwill for the business which will include the website/photography /client listing/ manufacturers/ ALSO I do sell to retails stores as well (at wholesale rates) etc. etc.

Where I’d love some feedback / experience is that I am NOT trying to sell based on it’s profit, I’m looking to cover my costs essentially so I don’t want to overcomplicate the transaction. (There will be no tax returns but I could get my accountant to put some figures together but really they haven’t been great because I have done NO marketing. Anything that has happened has been organic).
It is not worth going to a broker. I just don’t want people tyre kicking and then trying to hammer me down when I’m being very reasonable in what I’m asking (looking to be around $40K with loads of <non perishable> stock).

Have you sold a business, how did you do it. What are the pitfalls? Where are good places to list it for people who are genuinely keen to get a great ready to go business? Thanks

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Hello Denise!

If your proposal at the moment is relevant, then we can discuss the details, let me know about it. Will wait!

Robert brown - professiolan copywriter and journalist from https://essaypay.com/ order essay online agency.  

[[email protected]]

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Hi Denise,

I appreciate that you’ve probably already sold your business by now but for anyone else in this situation using business jargon this is called “valuing the business based on a cost approach”.

You’re right, buyers typically want to buy a business based on the profits, but you only need one buyer. If you’re thinking of valuing a business using a cost approach you should think about the current cost to build a similar business today, not just what you spent.

This is particularly true if your business has a lot of 5-star reviews, which can be very valuable to a buyer. You should explain it to the buyer by saying, “how much would you have to spend on advertising to get enough sales, to generate 50+ 5 star reviews & how long do you think that would take?”

If you are looking to sell I’d be happy to help I’m a Registered Business Valuer and co-founder of BusinessSales.com.au which is a purpose-built Australian Business Sales platform for facilitating great transitions from one business owner to the next.

Feel free to message me directly on LinkedIn (I don’t want the spam from posting my email address here)

[RichardColeman]

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Thanks a lot!

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