Earlier today I posted in this sub about wanting to hold on to it for my kids, but the more I think about it, it seems like a lot of time to spend on something not knowing if your kids will even want it.
I run a one-man consulting business.
So I’m thinking, if the right person wants to learn this business, I can sell it to them and teach them what they need to know over like 6 months. Someone with abackground in finance, commercial lending, or workout/turnaround would be an ideal person to purchase it.
It’s actually a really great business because I only work about 10-15 hours per week, and I just ran the numbers and I’m at $177K revenue with virtually no expenses (it’s consulting) for 2023.
I don’t pay for advertising. I’ve got a few social media channels and my SEO is pretty good at the moment (that’s where the bulk of my business comes from). My social media is actually not all that polished, so anybody who wanted to put the pedal to the metal could probably grow revenues beyond the current levels.
According to chat GBT, businesses in this space are worth between 1.5 and 3 times revenue. Even if we split the difference and I sold for 2.25 times revenue, thats $398k. I’d take that. Something like 75% cash and the balance paid as an earn out.
I’m not going to speak publicly about specifically what I do because I’ll be too easy to identify, but if anyone has a serious interest feel free to shoot me a DM and tell me a little bit about your background.
Do you have a full time job outside of the consulting business? 10-15 hours a week to result in $175k+ a year in income is pretty darn good.
Since you don’t want to expand the business, I think your next biggest selling point would be your client/contact list. Another company doing something similar that you do might want that information, but I don’t think they would pay 2.25x simply for the list. They could, but it would be more of an acquisition rather than a buy, at least I would see it going that route.