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John, I will be in same situation in about 12 to 24 months... so interested to see what you achieve, though most of my work is from regulars.
Thinking back to when I started off I was sorely tempted by the franchise options... as in instant business and instant income - I guess you need to somehow find people in the area who are looking for a second career - then do a deal/??? If there is a load of kit, maybe a vehicle, clients, web site etc etc - it is a ready to go concern??
Hi John what percentage of your turnover comes from just garden maintenance , not everyone can do fencing or decking .
I think you would have to break down the figures perhaps to a prospective buyer .
Good point John. All my figures and jobs by type are recorded for posterity. I think i just need the right person to come along and want a ready made business. I won't be greedy, it would just be nice to see some continuity.
Hi Adam, I think my website site, search engine position and as a consequence the immediate opportunity for new business, added to the regular booked work may be my biggest selling point. I agree with you that people seem to pay handsomely for franchise which doesn't necessarily guarantee an income, only a brand, so perhaps not much difference here.
A couple of things that will affect price or even the posibility of selling the business are if it is a limited company or are you a sole trader? Also what percentage of the work is actually contracted with actual contracts not just a hand shake? Also if the work is contracted how long do they have left to run?
Continuity for your existing customers is a nice idea and it enables a new buyer to hit the ground running with an instant income stream which must have a value .
You obviously care about your customers , will you feel responsible for screening the integrity of a potential buyer to ensure problem free continuity ?
I would feel responsible for ensuring the new buyer has both the ability and the right attitude although the customer has the right to discontinue using their services if unsatisfactory but i would feel guilty if i had recommended them so in some ways it might not be in your best interests to phase them in and just make a clean break .
On the other hand it might work out really well for both parties .
A long term and good customer of mine recently sold up and moved away . The new owners have made contact after the customer recommended us as it is a big garden which involved a team effort .
We had complete freedom to plan our work schedule and express ourselves creatively but i sense different dynamics with the new owners , perhaps a more rigid schedule and some ideas for the garden i am unsure are in its best interests but only way is to take up the opportunity with a heavy heart and find out or use gut instinct and not get involved .
The financial side even though its a much improved deal is second to working relationship and makes one realise how important customer dynamics really are , could just be fear of the unknown as with many things in life but i suppose the customer is taking an equal gamble on the contractor .
While i dont regard customers as a commodity i definiately feel there is value in continuity and better than starting a gardening round from scratch as there is some customer background in place , payment history and do they make a nice cuppa etc .
Funny you should mention the cuppa. We had an early days customer who I priced at a very competitive rate for regular work just to build business, and we kept going as we were fed home made cakes, teacakes etc. But when they eventually changed to shop bought it was time to put the price up to standard rates. Customers should really learn the benefits of hospitality. I don't know about you, but anyone who has had a blue collar job knows what the tea schedule is far better than any white collar customer!
Ha Ha when selling the business be sure to itemise the refreshments currently provided at each job, in case the customers take the opportunity of the ownership change to reduce their frequency or quality
I do wish we could all rate customers too. Some are lovely, some...
The problem with a business that mainly does "one off" jobs is that it has no value compared to a business that has every customer on a recurring weekly or fortnightly contract.
Once a "one off" job has been completed you have received all the value and there is nothing to sell on, whereas a recurring contract has value into the future and until it is cancelled.
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