How do I sell a business?

Question

I opened a coffee shop about a month and a half ago. We invested like $50,000 in it, and it is going well, but not yet turning a profit (as expected a new business). However, we have no more capital to cover the loss of the business, and our personal income isn't enough to maintain us and cover the loss. We tried to secure a loan but we have bad credit and were turned down.

We are at a point where our only option is to lose it come month's end to the landlord, or to sell it. I'd like to do the latter since at least we can get something back. Also for a capitalized $42,000 business, how much can we expect to get. The business itself is solid and well set up - it is just young and we have no money to run it.

p.s. we considered bringing on a partner, but that would actually be harder than selling it, as we understand it.

Answer 1

Since you are not making any money, you shouldn't expect to be able to sell the business at all, unless you are selling to someone who has an idea of how to run this business. Find out if there are any young and aggressively expanding chains of coffee shops in your area and see if they would be interested in buying your coffee shop. Alternatively, just cancel the lease on the real estate and start selling the equipment.

Whatever you do, expect to realize a loss.

Answer 2

The naming of what you are promoting might be some of the important choices you are going to make. A identify's originality and authorized availability will create a truly asset significance of its possess, because it turns into advertised and earnings marketplace popularity. The identify you decide upon will grow to be the focal factor of all of the advantages and points that relate for your product or industry. Customers might be competent to discover and refer others to it one day. Since any names which are instructed right here would possibly already be owned by way of an additional get together, I desired to move another direction... I recommend both hiring a reputation construction organization or occasion together with your peers and/or loved ones and throw a "identify get together" & have everybody soar a few recommendations round. Compile a directory of names that you just just like the pleasant. Once you have got that record, do as so much loose study as you'll earlier than you delve into complete study. I indexed a few hyperlinks in which you'll do a little initial identify checking. However, please be conscious that that is simply scratching the skin of what is available in the market. Only complete study will inform you if the identify is real to be had. But, those hyperlinks are loose & a best location to begin, so I'd check out them out first. There are different websites that present loose shopping advantage along with their business offerings, so I'm now not competent to put up the ones hyperlinks as a result of the Yahoo! TOS. You'll additionally wish to assess domains & phone book, so effortlessly do a seek for "loose area identify seek" and "countrywide yellowpages" and the suitable hyperlinks will pop up. Hope that is helping! I desire you so much luck & happiness in all of your ventures!

Answer 3

Find a financial planner maybe that will help you to get the money you need. You could also try the Chamber of Commerce to see if the can send you in the right direction.
If you do sell it be sure to get a lawyer and a tax consultant so hopefully you can get out without a loss.
Good luck.

Answer 4

Check out the following site for selling businesses online. http://www.bizbuysell.com

Eric
http://ericsquest.blogspot.com

Answer 5

Join my small business group. Here what others say. I think you can either sell or rent that building. I do not know where you are located.

Answer 6

get a 'FOR SALE' sign