Jump to content
ATX Community
windmill

Business Sold

Recommended Posts

The contract to sell my business was signed today.  The buyer takes over on January 1st.  I finish the bookkeeping and tax returns dealing with 2018. Did someone say "PARTY"😀.

  • Like 10
  • Haha 1

Share this post


Link to post
Share on other sites

Congratulations on the sale and retirement!  I hope it is a smooth and easy transition for you and the clients. 

  • Like 1

Share this post


Link to post
Share on other sites

I am hoping in a year or 2 if I can get my daughter up to speed. Am curious about one thing. How did you price it? Like 100% of gross plus equip or some other way. Anyway Congrats in order. Now to get to those other projects???? Stay and visit with us once in while. Years of experience can be useful to someone just coming on.

Share this post


Link to post
Share on other sites

Since I did not want to work another season,  the purchase price was 20% of 2018 estimated gross plus a referral fee of $100 for each of my 1040 clients who transferred to buyer plus another 15% of the billings for the bookkeeping clients for 2019. He is happy and so am I. I will do the 2018 tax returns for the business clients and he will pick up the bookkeeping for 2019. I office at home so equipment or supplies were considered. Basically, sold client listing.

We will meet at the first of each month to settle up.

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, windmill said:

Since I did not want to work another season,  the purchase price was 20% of 2018 estimated gross plus a referral fee of $100 for each of my 1040 clients who transferred to buyer plus another 15% of the billings for the bookkeeping clients for 2019. He is happy and so am I. I will do the 2018 tax returns for the business clients and he will pick up the bookkeeping for 2019. I office at home so equipment or supplies were considered. Basically, sold client listing.

We will meet at the first of each month to settle up.

I must say, you gave your buyer a fantastic deal .

  • Like 2

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×