Hey Seller Community 💡 This week we've got an interesting question for you.
While we know many of you love business ownership, we are wondering...
How much $ would it take for you to sell your business? 🧐
We're curious to read your responses. Feel free to include why you picked the number you did!
Seller Community Manager, Square
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It would have to be crazy high. But I don't have a number in mind. I don't know that I could sell it and potentially watch someone run what I built into the ground
Downtown York Pa
Square user since 2012
I feel the same way. Your business is your is like your baby. I wouldn't start my business that I am so passionate about just to sell it away. However, if I am just a business starter for creation I might start to innovate and create and sell because I know the profit would be beneficial. Just like persons who buy a house fix it up and resell.
Anything I start that feeds my passions is not for sale.
I think I read somewhere that a practical number for selling a business is ~3 years' worth of revenue... That's probably close to what I would sell for... As long as it's enough to live comfortably for the rest of my life, I'd be okay with it.
OMG when I hear your voice it reminds me of london friends. Diverse - inclusive - and warm - not like Londoners who can come across cold - WTF- and mumble - like me. I wish Square could have been around in the 90’s. I / we travelled and met like minded florists - I’d say sellers now as retail is inclusive. The UK holiday season here is Christmas - Easter. The USA knew how to create prime time. September. Apple. Oct halloween. Nov thanksgiving. December Xmas. …..what about a block or January sale / experience time ?
I have thought about this a few times, and I never could come up with a logical number. While I have built what I feel is a very good business, it is still not finished yet to me, and the potential that it has, and where I eventually want it to be makes the difference of what the price could be. Some Interesting information though from @LocavoreStore . .
Our situation is complicated by the fact that our house AND business are located on the same 10 acre property. While this greatly increases our 'buy out' price, this also makes it a very complicated for someone to actually finance. So unless someone with deep pockets comes along, we'll just keep soldiering on.
Depends on the day!
Somedays I'm over it and would take a $1 plus get me out of the lease. On other days $1 Billion wouldn't get me to leave.
Selling my business isn't really part of my business plan or long-term thinking but for sure something I need to look into. I've received two serious offers over the years but never really entertained them.
Haute Beauty Guide
I have a wooden sign nailed to a wall that people are always trying to buy. I tell them it is not for sale, then I hear the Everything is for sale speech. So I tell them ok, it is for sale for 2.5 million. They say that is ridiculous for a sign. I said I agree but wait there is more. Not only do you get this lovely sign you also get everything you see in the store plus 1 acre of property with 1 main building and 2 storage barns with the inventory. But Wait there is more.... I will give you 2 weeks training on how to make the candles too. Then I hear I just want the sign, and I told you it is nailed to the building. LOL
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Oh man, depends on the day. Last week, I think I would have given it away for free, haha. This week, the price would be slightly higher. 😉 It's something we've definitely considered, but similar to what others have said, I've never been sure of an actual price. The ~3 years of revenue figure from @LocavoreStore is interesting though. We have some investors and some loans, so I'd want it to be enough to pay everyone back and then for me and my business partner to take several months off, recover, and figure out what was next.
Co-Founder & President
Savage Goods | @savagegoods | savagegoods.com
Given inflation I'd probably have to have at least $3 million to walk away. Sounds like a lot but my inventory is huge and I could net close to that if I were to liquidate the business completely even at fire sale prices.
Is Square going to start offering to buy our businesses? The next POS update has a small button saying sell your business, once you tap it Square reps show up to take over.