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Geronimo
BBQ Super Pro
Joined: 29 Jul 2007
Posts: 2896
Location: Montgomery, Texas (and lovin' it)
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 Posted: Feb 19 2012 Post subject: SOLD my business!!! |
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Due to my move to Texas, I chose to sell my catering business and retire. One of the guys that has worked for me quite a bit the last 2-3 years went in with his brother-in-law (who has also worked for us) to buy it.
They took my last 3 years of taxes to their lender (private lender) on Friday and got a verbal approval today!! Cash sale, I don't have to carry the paper on it!!!!
2 trucks, 2 mobile pits and a Sh*t load of misc equipment to numerous to mention (even to the lender).
I need to meet with my attorney next week to close out my corporation and meet with my CPA to pay Uncle Sam. I expect to be on the move to Texas by the end of March.
I hope they are quick learners because over the next 6 weeks I will go over everything I have/know with them. I will also be available for the first 6 months via phone for consolation if/when needed.
This is kind of bitter sweet deal for me because it is something I built up from nothing to a profitable business venture but it's time to retire and move on with my life.  
Gee, can I still post in the catering section ya think???
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Bestiverhad
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Joined: 22 Oct 2009
Posts: 571
Location: The Heartland of America
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| Posted: Feb 19 2012 Post subject: |
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Hey Marv,
Did you sell the name too, or are they going to have to start with a new one?
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1buckie
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Joined: 10 May 2009
Posts: 3290
Location: Sacramento CA
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| Posted: Feb 19 2012 Post subject: |
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Congratulations !!!
Imagine it is hard to let loose of something you worked very hard at / for.........That's been true for me; different type of bus. but still the same when it comes to the building from scratch & ending it.
One thing I do know is the 'trial by fire' that comes from restaurant / catering produces people who really know their stuff, so I look forward to your
"driveway cooks"
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Geronimo
BBQ Super Pro
Joined: 29 Jul 2007
Posts: 2896
Location: Montgomery, Texas (and lovin' it)
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| Posted: Feb 19 2012 Post subject: |
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| Bestiverhad wrote: | Hey Marv,
Did you sell the name too, or are they going to have to start with a new one? |
Yes, they bought the name, website, everything. After all being a "one man show", the name/reputation IS the business.
Even though they will keep their day jobs, they both have jobs that allow them a LOT of time off when they want it.
Even though they are not currently working in the food business, they also both have extensive front, back and management restaurant experience. I believe this helped them to secure funding as quickly as they did.
One even has a brother that is a sales person for a large food distributor that serves our area.
I truly expect to see great things come for them from this purchase.
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BBQMAN
BBQ Super All Star
Joined: 13 Jun 2005
Posts: 15475
Location: Florida
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| Posted: Feb 19 2012 Post subject: |
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Congratulations Marv, wishing you all the best in retirement!
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"I Turned A Hobby Into A Business".
Providing "IMHO" Since 2005. |
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Harry Nutczak
BBQ All Star
Joined: 01 Mar 2007
Posts: 8558
Location: The Northwoods
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| Posted: Feb 21 2012 Post subject: |
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How many years in business? And did you set a timed exit plan?
When I started, I set a 10 year exit plan, and I hope I can meet that goal and walk away feeling satisfied that I built a small empire, and whoever takes it over can continue successfully.
Best of luck to the new owners, getting a loan in this economy is not an easy thing in many cases.
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Geronimo
BBQ Super Pro
Joined: 29 Jul 2007
Posts: 2896
Location: Montgomery, Texas (and lovin' it)
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| Posted: Feb 22 2012 Post subject: |
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Yes, I had an "exit" plan. I had actually planned to retire @ age 65, I just moved it up a bit is all (by 3 years).
They both have extensive experience in the restaurant/food business. Not sure quite how many years but I have no doubht they will succeed.
Their loan is actually coming from a local, small group of investors with their CPA as one of the investors.
Once their CPA received my 3 years of tax returns, it took them less than 24 hrs to come back with a verbal approval.
Today I meet with my attorney to close out my corp (by the end of March) and draw up a sales agreement. Then this afternoon I meet with my own CPA to go over the details of the sale so I can pay the least amount of taxes possible.....how one words things truly makes a difference.
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Ridge View BBQ
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Joined: 11 Nov 2007
Posts: 827
Location: Charleston WV West Virginia
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bootlegbbq
BBQ Super Fan
Joined: 04 Feb 2010
Posts: 400
Location: Floyd, VA
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| Posted: Feb 22 2012 Post subject: |
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Good for you Geronimo. I know from past posts this is not the chosen path but one you've come to terms with. Good things happen to good people. I hope all goes well with the move and that your family has improved health. Look forward to hearing positive future posts as you go forward in this transition. Maybe you can help a few Texans understand the goodness of pork! 
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Jerk Pit Master
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Joined: 09 Mar 2008
Posts: 1069
Location: Orlando, FL
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| Posted: Mar 09 2012 Post subject: |
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Congrats Geronimo!
Hope you got the price that you wanted. Curious what pricing method (s) you used?
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Geronimo
BBQ Super Pro
Joined: 29 Jul 2007
Posts: 2896
Location: Montgomery, Texas (and lovin' it)
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| Posted: Mar 09 2012 Post subject: |
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| Jerk Pit Master wrote: | Congrats Geronimo!
Hope you got the price that you wanted. Curious what pricing method (s) you used? |
I used my CPA's advice along with a guy that buys/sells businesses. Between the 3 of us we came up with a value that even shocked me.
The new buyers financier (a CPA himself) looked at my last 3 years taxes and had them a "Verbal" approval in less than 24 hrs.
I dunno, maybe even after all of this, I didn't ask enough
We sign the Sale and Purchase agreement tonight and close at my attorney's office on Wed 
They are buying the corp as a whole. Meaning they get the name, phone #, bank account, everything associated with the company. I gave them (typed) 7 page list of assets/equipment.
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Jerk Pit Master
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Joined: 09 Mar 2008
Posts: 1069
Location: Orlando, FL
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| Posted: Mar 10 2012 Post subject: |
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| Excellent! |
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