A reader that would like to stay anonymous asked the following question:
I would like to pose an anonymous question to the website and followers, "Have you ever tried to sell your photography business?" What are the steps in that process; who is the ideal buyer; and how do you know how much to price it at?
Here are some of my thoughts on selling a real estate photography business:
- Typically businesses are sold based on the yearly income and other factors the owner can document, so documenting how much income your business generates is key to its value.
- Another factor determining the worth of your company is how organized you are. That is, can you document and train someone else to generate the same income you are now generating?
- You may be able to find someone that will give you cash for your business and you just walk away but my guess is that you are more likely to find someone that will work for you on a contract basis, to be trained and then work toward taking over the business while you manage the company and pay them out of the proceeds of their work. Then after some mutually agreed upon time or amount of money paid to you from the company, they take over completely.
Does anyone have some first-hand experience with selling a real estate photography business?