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Posting Schedule and Buying a Business | Freelance Sprout | Find, Start, and Grow Your Dream Freelance Business
Read the six part series on creating a freelance business plan
 

Posting Schedule and Buying a Business

Date May 5, 2008


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First, I want to say thank you to all my loyal readers. Dedicating myself to this blog has been top priority since late January.

Right now, I post 4 to 5 times per week. From this week forward, I will be posting 3 times per week—Mondays, Wednesdays, and Fridays. I take great pride in what I post but, due to time constraints, I just can’t put in the time for more than 3 posts per week.

Why the change? Let me start at the beginning. In December 2006, a gentleman approached myself and my brother-in-law about purchasing his business.

He came to us because he knew our father-in-law (we married sisters) well. When he mentioned that his business was up for sale, my father-in-law suggested he talk to us. No pressure, huh? There was only one catch though. He wanted to offer it to his son first.

Fast forward to spring 2008. After much foot dragging, his son decided he didn’t want the business. Luckily, he remembered me and is very eager to do the deal.

So, we’re in the process of putting together a final offer along with filling out 25 page bank loan applications. Total price tag? Somewhere in the low $700,000 range. It’s a great opportunity because he could sell it for more if he wanted. But he’s very concerned that the person (or persons) taking over doesn’t drive the business into the ground.

What’s the business? Manufacturing burners for the oil and gas industry. It involves machining tools (my brother-in-law’s expertise) and a lot of accounting (my expertise). If it sounds niche that’s because it is…very niche. He’s run it successfully since 1994 and wants to retire very soon. We’re hoping that we can finalize the deal by July 1st and be running it full-time in the same month.

Because it’s been run very well, I will still have time to dedicate to this blog. I’ll be pressed for time at first. But I’m hoping my experiences during this time will shed some light on the business buying process—which I’m sure they will.

If you have specific questions, please let me know. Whether it’s getting a loan, structuring a deal, or negotiating, feel free to fire away.

In the mean time, I will continue to offer my freelance advice and ideas—the good, the bad, and the ugly.

Thanks again for reading and taking the time to comment. I try very hard to make sure I respond the each and every response. Posting on this blog has far exceeded my expectations.

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4 Responses to “Posting Schedule and Buying a Business”

  1. Cheryl Wright said:

    Congratulations and all the best and every success to you and your brother-in-law on your new venture.

    Cheryl

  2. Bidelia said:

    Thanks for writing this.

  3. scurrichorp said:

    I am here at a forum newcomer. Until I read and deal with the forum.
    Let’s learn!

  4. orbiddime said:

    Nothing seems to be easier than seeing someone whom you can help but not helping.
    I suggest we start giving it a try. Give love to the ones that need it.
    God will appreciate it.

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