can your contracts be voided if you sold your company? I ask this because what happens to someone that buys a company and the customers don't like the way the new owners do business?
Service companies vary a lot with the economy. I've sold two of them. The state of the economy made a HUGE difference in what I got for them. We did much better on the one sold in 2006 than we did on the one sold in 2010.
And don't listen to brokers. I went through five of them.
Tony you sold on your own without a broker? I am thinking about doing the same. But I did want to hear what they had to say. I will probably try to sell on my own when Im ready.
Vegas Valley Valet Cleaners was on the market for 2 years. Sold it on the third phone call to competitors 20 days after the last broker contract was up. Got 1/2 cash and 1/2 in pre printed checks over a year. Also kept jobs for some of the employees.
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Understood. Do most contracts have a termination clause or can they dump you for any reason? It would just make me a little nervous. Joe shmoe might have been servicing all the subways for ten years but when he sells the company subway decides to put all 25 locations up for bid again.Then that's the buyers fault. If you can keep them happy for X amount of time them there's no reason the buyer shouldn't be able too.