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How to Sell Your Photographic Studio - part 3 of 1 2 3 4

by Dave Newman Published 01/08/2011

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Heard in the classroom:
So, what's the method: where do we begin dealing?

Dave:
I would see if you can sell ONLY the business first, not the building or any property. The business includes old image files, accounts and orders unfulfilled, client files, decor, registered business name, advertising plans, promotional programmes, backgrounds, and all photographic and sales equipment. All this should be enticing and valuable to your buyer, who will be asked to lease the building or property in a later document.

Heard in the classroom:
How much do I ask?


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Dave:
Now establish a value, and this is not a simple step. I will assume you own the business outright. Often, you can refer to records of "sold" businesses like yours for a value check. ...or you could attempt an often accepted sales rule of a value of approximately one-half or more of one year's gross sales of your last year's business. Remember, this is for the business only and not the building or property.

Heard in the classroom:
How do I close the sale?

Dave:Begin by getting all agreements on paper...no handshake deals or promises. Have an attorney check your intent and paperwork. Now, here comes the carrot in the sale, that I offer as a sound bit of advice to you


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1st Published 01/08/2011
last update 06/11/2019 11:08:21

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