Closing down my business

[Midwest]

It will be a bit of a culture shock mind; I've been off all summer

 

[Nigel]

Sorry to hear this Midwest. I enjoy you on this forum.

I have no doubt it was a difficult decision and probably one which has been heavy on your sholders for some time.

I hope in making this decision it has released some pressure somewhat.

All the best in your new role.

 

[Midwest]

I think if I'm honest, I thought being a sole trader wouldn't be that hard. My son has been running his own business for a few years now. He's doing quite well for himself. So I thought I'd give it a bash, plus I didn't want to look back, and wished I had tried it.

It was a lot harder than I thought, especially getting work, together with having worked as an employee for over 40 years, guess it was outside my comfort zone.

Anyhows I gave it a run for 5 years, but ultimately wasn't for me.

 

[Toneyz]

Wish you all the best, good to hear you are sticking around on the forum as you give a good contribution. What are you going on to do?

 

[telectrix]

well if midwest is increasing his working hours, that's good.less time for him to get on the forum annoying us. . total banter MW, no offence meany.

 

[Squid]

Good luck in the job, holiday pay, sickness benefit regular work/hours, paid OT, allowed your 1 hour lunch break can swing it, no worries about van, costs etc etc, if it works then fantastic.


PS, I just wind you up from time to time no malice intended, most of the time ;o))))

 

[ferg]

No overheads, your off work time is your own.
Tax etc all paid by employer, sick pay, holiday pay, no itchy yellow stuff...... The list is endless.

 

[Midwest]

I just checked in here, no alerts of posts. Perhaps my time has come

 

[Squid]

I just checked in here, no alerts of posts. Perhaps my time has come

Its gone......... hun

 

[Squid]

No overheads, your off work time is your own.
Tax etc all paid by employer, sick pay, holiday pay, no itchy yellow stuff...... The list is endless.

No chance of earning loads of money though and retiring early........ have to put up with an idiot of a boss....... the list goes on..... ;o))))

 

[weevilward]

I think if I'm honest, I thought being a sole trader wouldn't be that hard. My son has been running his own business for a few years now. He's doing quite well for himself. So I thought I'd give it a bash, plus I didn't want to look back, and wished I had tried it.

It was a lot harder than I thought, especially getting work, together with having worked as an employee for over 40 years, guess it was outside my comfort zone.

Anyhows I gave it a run for 5 years, but ultimately wasn't for me.

Hey, if you get fed up at the old folks home you can always go back to what you were doing. I bet your phone will still be ringing for months with enquiries.

 

[dksanders]

Two years ago I had a black out resulting in an automatic 6 month driving ban. One of the options I explored was selling my business.
I'm self employed, one man band, but still my business was valued at between £35-70,000 so it would bve worht looking at selling it rqt

 

[123]

Two years ago I had a black out resulting in an automatic 6 month driving ban. One of the options I explored was selling my business.
I'm self employed, one man band, but still my business was valued at between £35-70,000 so it would bve worht looking at selling it rqt

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

 

[Midwest]

I'll ask my accountant. (not if he wants to buy it)

 

[weevilward]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I agree mate. The bean counters just see turnover and profit-and-loss sheets... the reality is that if we (I.e. sole trader electrician) got hit by a bus or abducted by aliens, the business would cease to exist and be worth nothing.
The client base might be worth something for repeat business, but that depends entirely on if they like the newly appointed electrician or not.

 

[Midwest]

I bet your phone will still be ringing for months with enquiries.

That was one of the reasons, it wasn't.

 

[dksanders]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I had 3 different companies who specialise in selling businesses look at it. Those were the expected ranges they gave me.

They were:
Knightsbridge PLC
EM-PWR
and Daltons Business

 

[dksanders]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I had 3 different companies who specialise in selling businesses look at it. Those were the expected ranges they gave me.

They were:
Knightsbridge PLC
EM-PWR
and Daltons Business

they obviously could not put an accurate price on it because that would mean they would have to be able to predict how much it would go for. Two of them said at least £35k, one of them said, as much as £70k

 

[Anthony S]

The only Electrical business worth anything would be a business with future contracts signed and sealed and all the trimmings, ie transport, plant, employee's etc etc