Six months after the transaction, the buyer abandoned the business without a word. Three months after the buyer left, the business was back in Joe’s hands, but it was impossible to revive since customers had moved on.
Joe not only was left with a mess, but the leasing companies, landlord, and other creditors were after him because he remained as a co-signor.
Sell from a position of strength, not weakness. If your business is a loser, don’t expect someone to fix it and pay top dollar. If you’re going to sell, sell it in a real transaction. If it’s a loser, be sure to do a bulk sale. And if you finance, get real collateral or don’t do the deal.
Tom Crouser is chairman of CPrint International and principal of Crouser & Associates, www.MyPRINTResource.com/10004688. Contact him at 304-541-3714 or firstname.lastname@example.org. Connect with Tom on Facebook and LinkedIn and follow his tweets @tomcrouser. Read his blog at www.myPRINTResource.com/blogs/tom-crouser.