selling a loft conversion company

[Tim Palmer]

Are there any trustworthy platforms to market a small loft conversion company or should I just be approaching competitors.

 

[Ozzy]

Personally, I would go for a coffee/beer with a few competitors and sound them out.

However, before doing that, I would prepare the business for sale. This would include ensuring all paperwork, legal, financials are in order and any skeletons which could be in a closet are put to rest.
Basically, you'd want the legal due diligence process that will happen when you come to sell to go swimmingly smooth.

Remember, the job of the buyers solicitors is to drive down price and find problems in your business. It is not personal at all, they are just doing their job, so you want to ensure they don't find any issues.

 

[NickZ]

Sure there are:
flippa.com comes to mind. There are quite a lot of brokers.

 

[Mark T Jones]

There are many threads on here around business valuation- and no conclusive answers.

'It's worth what someone will pay'

In addition to following @Ozzy 'S advice take ghe tome consider what exactly you are selling, and what they are buying - ie the value to them.

 

[Tim Palmer]

Personally, I would go for a coffee/beer with a few competitors and sound them out.

However, before doing that, I would prepare the business for sale. This would include ensuring all paperwork, legal, financials are in order and any skeletons which could be in a closet are put to rest.
Basically, you'd want the legal due diligence process that will happen when you come to sell to go swimmingly smooth.

Remember, the job of the buyers solicitors is to drive down price and find problems in your business. It is not personal at all, they are just doing their job, so you want to ensure they don't find any issues.

ok brilliant, thanks alot, it does make sense, and i have started doing what you reccomend, and its good to know im heading in the right direction. I was looking to see if the was somewhere i could list it aswell that isnt a scam for money as looking on reviews of any ive found so far on google seem to be.

 

[Tim Palmer]

There are many threads on here around business valuation- and no conclusive answers.

'It's worth what someone will pay'

In addition to following @Ozzy 'S advice take ghe tome consider what exactly you are selling, and what they are buying - ie the value to them.

thanks alot will do. from what ive seen on here its best to sell and have a clean cut rather than stay on to help the new owner as it gets too complicated.

 

[Tim Palmer]

Sure there are:
flippa.com comes to mind. There are quite a lot of brokers.

thankyou i will look them up tonight.

 

[fisicx]

What are you selling?

Will they want your tools, the van, website, Facebook account, bank account?

Or is your list of clients the key asset?

 

[Tim Palmer]

What are you selling?

Will they want your tools, the van, website, Facebook account, bank account?

Or is your list of clients the key asset?

Id say the reputation and ease in which it could expand being a key asset, definitely including facebook website insta page bank account i think would be necessary. They can have van and tools if they wanted but would assume someone who would want it would already be set up with their own. i have a good team and also regular subcontractors for every part of the job and accounts with many suppliers, it runs smoothly as it has a formula or pattern how each stage works but again id say whoever bought it would have their own system.

 

[Tim Palmer]

thankyou i will look them up tonight.

flippa has alot of 1 star reviews on trust pilot saying they have alot of ai responses

 

[NickZ]

flippa has alot of 1 star reviews on trust pilot saying they have alot of ai responses

Sure the AI hype is present in many places.
If you wish to sell your Company you need to publish the offer.

 

[fisicx]

Id say the reputation and ease in which it could expand being a key asset, definitely including facebook website insta page bank account i think would be necessary. They can have van and tools if they wanted but would assume someone who would want it would already be set up with their own. i have a good team and also regular subcontractors for every part of the job and accounts with many suppliers, it runs smoothly as it has a formula or pattern how each stage works but again id say whoever bought it would have their own system.

Not really a lot to sell. You can't sell a SM account - it's against the rules. The website isn't an important asset - unless you rank well across the whole area. But so might your competitors.

The van might be worth a bit but the staff would have to be transferred under TUPE regulations anyway which makes them a liability not an asset. Sub contractors are worth nothing.

Which leaves us with goodwill and reputation. Your competitors might pay for this but if they already have full order books do they need any more work?

Somebody will be interested but I'm not sure you will get as much as you home.

If you walked away now would the business still continue to function? Or are you the one doing everything?

Have you considered selling the business to your staff?

 

[UK Contractor Accountant]

Here's one for sale near me in Yorkshire- will give you an idea of listing on Intelligent . Might add, cant sell that one either. Asking price is a mickey mouse figure!​

Reputable Loft Conversion Business Based in East Yorkshire, Beverley, East Riding of Yorkshire​

https://loftcon.com/

REF: INT1991

Asking Price: £399,000 Reduced

Annual Turnover: £690,000

Annual Net Profit: £174,000

 

[Tim Palmer]

Sure the AI hype is present in many places.
If you wish to sell your Company you need to publish the offer.

fair enough ill get it on there anyway.

 

[Tim Palmer]

Not really a lot to sell. You can't sell a SM account - it's against the rules. The website isn't an important asset - unless you rank well across the whole area. But so might your competitors.

The van might be worth a bit but the staff would have to be transferred under TUPE regulations anyway which makes them a liability not an asset. Sub contractors are worth nothing.

Which leaves us with goodwill and reputation. Your competitors might pay for this but if they already have full order books do they need any more work?

Somebody will be interested but I'm not sure you will get as much as you home.

If you walked away now would the business still continue to function? Or are you the one doing everything?

Have you considered selling the business to your staff?

yes all true, i never considered selling it until a customer who works in the field but more commercial suggested it, and then i got it valued which im sure exagerated the figure to get me to pay for there service which i didnt but anyway if i can sell it its worth a go.
the staff arent in a financial position to do that unfortunately. it needs to be someone who wants a year back log of work booked and a steady feed of work coming in. rather than starting from scratch and building up the business. thanks for your suggestion though and reinforcing reality to me.

 

[NickZ]

you could partner up with someone, it puts money in the bank and you could sell the rest.
Or go public and list your shares, if successful a entirely new feeling you get.