Hi everyone. Here is my situation:
I am beginning the process of looking into taking over my father's business where I have been working for the last several years as vice president / marketing manager / lead salesman. My goal is to finalize the transfer of ownership within the next 2.5 years. It is a small classic car dealership structured as a corporation that has been in business for 16 years. It has been me and my fathers plan since I started working there that I would take over as owner and operator when he was ready to retire. We sell classic cars online to customers all over the world, marketing on eBay and similar auto sales sites.
We would like to structure the purchase of the business into a monthly payment that would act as my fathers retirement. We operate out of a .46 acre lot of main street frontage with a two bay shop. The taxable property value is ~$430,000.00. Our inventory averages a total wholesale value of $300K-$400K.
I know I need to somehow value the business as a whole to begin this process. Where do I start? Thanks in advance for any help.
I am beginning the process of looking into taking over my father's business where I have been working for the last several years as vice president / marketing manager / lead salesman. My goal is to finalize the transfer of ownership within the next 2.5 years. It is a small classic car dealership structured as a corporation that has been in business for 16 years. It has been me and my fathers plan since I started working there that I would take over as owner and operator when he was ready to retire. We sell classic cars online to customers all over the world, marketing on eBay and similar auto sales sites.
We would like to structure the purchase of the business into a monthly payment that would act as my fathers retirement. We operate out of a .46 acre lot of main street frontage with a two bay shop. The taxable property value is ~$430,000.00. Our inventory averages a total wholesale value of $300K-$400K.
I know I need to somehow value the business as a whole to begin this process. Where do I start? Thanks in advance for any help.
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