About ready to hang it up.

[tirengolf]

I have a 9 bay store we have had since 1961 . Going strong after my 45 years guys I am getting a little worn out. I am 61 would love to work to 66. The question I have is how can I advertise this business without all my employees going crazy. I know there are a lot of people coming to Florida it is booming. Anyone got any idea how to advertise it in other towns and cities. Thanks DM 

[Obsidian Motors]

The site below is a good option for you. Features all sorts of businesses that are available for sale. Nationwide too. Plenty of auto repair shops.

bizbuysell.com

Edited January 23, 2022 by Obsidian Motors

[CTC]

Be careful unless you list yourself!  Ask around on the value, based on loan values.

[dstremski]

I used a local industrial / commercial broker with 6 month contract and no local MLS listings or signs on property. They had a good track record in type sales and networking. They will list on sites like loop net. So its possible an internet search of address would show listing. I listed in Aug 21' , signed contract Jan 22', closing set April 1st.  In my case 52 years in business enjoy the shop, done with large blue city. I was able to tell my employees after signing contract. The buyers have interest in retaining employees which makes the process a bit easier.  Though heads up, two of my techs have been there 43 and 31 years it was tough to have the conversation.

 

[rpllib]

If you have any internal candidates that may be the next owner, then Bob Ward could offer insight/assistance. https://www.perpetualbusiness.co/  Search on his business and name. He has a lot of resources for shop owners looking to transition

If looking for an outside buyer, You would also find value in a conversation Art Blumenthal. https://art-blumenthal.com/   Again lots of great resources with a simple search. 

Both these guys are passionate about helping auto shop owners. 

I also agree with dstremski. Local commercial brokers have been successful and discrete. 

Best of Luck 

 

 

[Transmission Repair]

I sold my business in 2015 and leased the real estate to the buyer for $11K/mo. on a 10-year lease and I paid property taxes.  I guess you could call it "Double Net".  I was 60 years old at the time.  Like Joe M. said, it's not enough to retire on because I was still in 7 years deep on a 10-year owner financed purchase.  Long story made short, the business dropped 2/3rds and the buyer skipped out after 5 years.  We were able to get an $85K judgement against him but we can't collect it.  Where we made our retirement was selling the real estate for $2.3M in 2020 to a plumbing company with a fleet of 40 trucks.  We carried the paper on it for $9,600 on a 30 year note.  5 months later the plumber sells his business and the buyer paid the whole mortgage off.  We didn't have a prepayment penalty clause in the contract.  Silly me.  $400K in state and federal income tax instead of paying just a little bit each year.  Be very careful when you sell.

[CTC]

On 3/11/2022 at 9:02 PM, Transmission Repair said:

I sold my business in 2015 and leased the real estate to the buyer for $11K/mo. on a 10-year lease and I paid property taxes.  I guess you could call it "Double Net".  I was 60 years old at the time.  Like Joe M. said, it's not enough to retire on because I was still in 7 years deep on a 10-year owner financed purchase.  Long story made short, the business dropped 2/3rds and the buyer skipped out after 5 years.  We were able to get an $85K judgement against him but we can't collect it.  Where we made our retirement was selling the real estate for $2.3M in 2020 to a plumbing company with a fleet of 40 trucks.  We carried the paper on it for $9,600 on a 30 year note.  5 months later the plumber sells his business and the buyer paid the whole mortgage off.  We didn't have a prepayment penalty clause in the contract.  Silly me.  $400K in state and federal income tax instead of paying just a little bit each year.  Be very careful when you sell.

Very good insight, not many of us would include the prepayment penalty. That is rough!

[Transmission Repair]

Just to follow up for those wishing/thinking/planning/ or actually retiring.  Here's the final update to our retirement situation.  We paid all of the income tax owed.  The CPA said my wife was off by $1K in tax liability.  For those who may not know, my wife is an accountant with 2 degrees; one in accounting and one in economics.  She went back over the CPA's return and found his error in the $1K and let the CPA know about it.  We gave the return back to the CPA.  He admitted his error, apologized, and signed the edited copy.  Imagine that.  Pay a CPA to know we were all legit and it turns out my wife was right after all. (See photo)

We paid the $400K income tax yesterday and paid off the house today.  Sadly, some expenses never go totally away.  While we don't have CC payments because we now use only debit cards, we still have to pay for utilities, insurance, taxes, gas, and food.  My accountant wife has calculated after everything is considered, we will still be able to put $2K/month into savings while still living in the lifestyle we've grown accustom.  Hallelujah! However, with all this damned inflation, that could change dramatically in a heartbeat. 😞

If you remember one of my previous post, we didn't retire on the sale of our business in 2015.  Where we made our retirement was selling the shop and the .9 acres it sits on.  Joe M. is correct about not expecting to retire on the proceeds from the sale of your business. It's simply not enough if you live well past your retirement. 

[Transmission Repair]

On 1/23/2022 at 9:12 AM, tirengolf said:

I have a 9 bay store we have had since 1961 . Going strong after my 45 years guys I am getting a little worn out. I am 61 would love to work to 66. The question I have is how can I advertise this business without all my employees going crazy. I know there are a lot of people coming to Florida it is booming. Anyone got any idea how to advertise it in other towns and cities. Thanks DM 

Advertise it nationally as well as locally with LoopNet.com  It's the largest online searching for commercial property to buy, sell, or lease.  It's the Google of commercial real estate.

 

[bantar]

Off topic, but this comedy sketch mirrors your bathroom door sign.   The real question is does this still apply in retirement?