Would you sell up?

Large bottle small glass

https://www.boards.ie/discussion/comment/119755080#Comment_119755080

It's 1 million he's being offered not 10 million.

A money pit

funkey_monkey

Sell up, buy some sucklers and go contracting!!!

Is there any clause in the sale contract that would prevent you from entering the same industry again? Would you want to remain in it? What would you do if you took up their offer - a long time between now and retirement?

Only you can really tell how the future looks for your business. As said above, you need to speak to a good financial planner to determine where you need to be. I'm not sure €1m will see you out - it really depends on your lifestyle. Some boys can live off the fumes of a fiver and others spend like crazy, but an independant financial planner can advise better.

Was €1m the opening bid? Have you had the business valued by KPMG/Deloitte/etc? If it was me, I'd get it valued and if doing a private sale add on a bit more as the buyer is getting exclusivity.

Reggie.

The front lawn of that place would do me

https://www.boards.ie/discussion/comment/119757125#Comment_119757125

I think similar thoughts when I'm away on farm walks, if I could just take one field like this home...................

Bass Reeves

OP a million might sound a lot of money. However how much will you really walk away with after CGT. 700-750k.

In 15 years you will earn 1.5 million off it. However the economics change entirely. You can avail of business retirement relief at 55. That means you can take 750k tax free. You children will be most of the way through college

Put as much as possible in to a pension fund.

This then give you options. If o e of the kids is interested you can semi retire and draw 50% of present income taking 1-2 days off a week and your weekends as well. Finish early at 4pm etc.

If not sell it then. Extract a super dividend at 0% tax and use the rest of the 750 relief to shelter some of the CGT. Hopefully the business will be worth more as well.

enricoh

Thanks folks, rang him yesterday to say no deal. I slept like a baby last night after a week of crap sleep so that alone tells me I was right! I can go back to giving out about work now!!

K.G.

https://www.boards.ie/discussion/comment/119758655#Comment_119758655

Sometimes looking at some of the videos on YouTube we do say are we wasting our time.fine fields of flat land where as in some of our places there isn't a third headland.every job you do here must be planned out from the first load in the gate before you start to allow for hills and wet patches

wrangler

https://www.boards.ie/discussion/comment/119773897#Comment_119773897

My decision to retire was made for me,

But your age it'd be important that you'd have a plan not just do it on spec, your lack of sleep could be more to do with an aversion to change.

Or the fact that the offer wasn't atttractive enough

kerryjack

First off well done A great achievement if it was me I would Sell up and try something different , A man that set up and ran a million euro business would be highly prized and could walk in to any business and get well paid for it.There is plenty lads straightout of college that think they know it all but are green behind the years and haven 't life experience , probably take a year out buy a luxury camper van and take the family around Europe for a year. Come back fresh and go at it again.

straight

https://www.boards.ie/discussion/comment/119778178#Comment_119778178

You will be coming back from Europe alone if you are planning on spending a year with your family in a camper van. 😉

enricoh

Thanks, I told the missus I might take it n relocate to South America under a different identity so she couldn't find me!

I was at engineering before which was more interesting n challenging so I might look into getting back to do a couple days a week at it. Get some half retired fella to hold the fort a couple of days a week. A mate had to pull the plug on his cafe during the week n is heartbroken so I know it was a fortunate predicament to be in. Thanks all.

893bet

Looking at this objectively a lot of people are sitting on million quid assets here.

million quid assets that come within an assess roar of taking out 100k profit a year.

70-80 acres of middling land, a 4 bay slatted shed a tractor and a few bits, plus stock and entitlements. A million wouldn’t buy it.