I’ve been running a successful small online retail business I set up for about 4 years now and I’m becoming burnt out. The profit is easily $100k per year, with a tremendous amount of room for growth.
Requirements: The manpower required is 20-40 hr/week manager to handle emails and easy technical stuff, and an assistant to prepare items for shipment (2-4 hours/day). The area required is a large bedroom size to hold the inventory and supplies.
What can I do? Is there any sort of market for buying this sort of small-scale business? I have considered the amount it would take for me to walk away from this venture forever, and it’s in the range of $500k after taxes, but I doubt I would find a business willing to pay that much.
Should I try to set up an office and hand over the day to day operations? That is much easier said than done, but it may be my best option.
Generally, I’m getting burnt out and I can’t continue this forever. Any insight is appreciated.
Thanks.
There may be business brokers where you live or in towns near you that help business sellers and buyers get together. If you use a CPA for taxes or accounting work they may know someone who would be interested in buying an ongoing business. Each of these would probably want a commission for putting the deal together.
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It depends on what type of merchandise you’re shipping and who are you competing against. If it’s an attractive enough area where someone else can exploit the value better than you then you need to show that. In order to get a better answer, you may want to elaborate about the business a bit more. I believe it is possible to exit with a sale if the value proposition can be shown. Also there are many ways to expand the business with additional capital or even loans provided this is a sound business. You can even do this and get out at the same time.
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There may be business brokers where you live or in towns near you that help business sellers and buyers get together. If you use a CPA for taxes or accounting work they may know someone who would be interested in buying an ongoing business. Each of these would probably want a commission for putting the deal together.
References :
If it makes that much a year, then get your self a manager. But make them sign a contract protect you from them ever becoming or working for a competitor. If they do then you can sue them.
Thant should cover you.
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