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Help Preparing to Sell Please

    • 1 posts
    April 7, 2009 7:46 PM EDT
    Hi all! I`m new here so bear with me.

    I own an in-home personal training business in rural Ohio. I have only owned this business since May 08 but am planning to move out of state in fall 09 and would like to sell at that time. I`ve picked up a new client almost every month since I started so the business is growing rapidly. I think I could get a personal trainer or newly graduated student in the area to buy the business (basically a website and client list) from me.

    Right now I`m trying to figure out what the best steps to take are leading up to putting the business up for sale around August.

    It is currently a sole proprietorship. Do I need to turn it into an LLC to sell?

    I`ve read that with my type of business (no inventory, no building, no equipment) that I should multiply annual profits by 1-1.5 to determine a sell price? And additionally, how do I determine annual profit if income has increased each month?

    Should I file estimated taxes? (this ties into question 1)

    Should I continue adding clients so that the monthly income is as high as possible by the sell date?

    Is there anything else I should do?

    Thank you so much to anyone who can answer my questions. I`ve been getting a headache reading the irs website on taxes and articles on valuation. I could use some help from someone more experienced.
    • 2 posts
    April 8, 2009 4:14 AM EDT
    Hi,

    This is one of my favorite forum. I would say, thanks for providing this useful information. I, must appreciate the tools provided by you. Please keep updating me.

    CSK
    hipaa






    Clarck4/8/2009 9:14 AM