I'll try to keep it short. I hope this is allowed and in the correct forum. Hoping I can get good suggestions. 8ish yrs ago I needed a machine to do a certain task. Nothing available but there were a cpl machines that were overkill but also very limited capabilities and expensive ($200k +). Not having much choice and never really intending to sell to public, I designed, built and tested a prototype for 5ish yrs before starting a patent and releasing to the public. The cost of this machine is $45k.
It's a very small niche and on the extreme side so you kinda have to be the extreme type to even want one so it is a small market but again it was originally built for necessity. The last 3 yrs it's been available for purchase. Website, social media, etc all been up also. It's tough to market as it's very custom and no normal type places for good return on marketing. I've had good interest but no sales.
It's easily expanded into other fields. I marketed almost specificly to one of those markets but found out real quick that I wanted nothing to do with that particular market so backed away quietly. I've a long back ground on similar machines so it's fun for me and the machine performs very well. Very proud of it. I've done everything myself. First PROBLEM: I don't like dealing with people. I like the design, building & testing part. I dislike the public relations part!
Biggest PROBLEM: I retired about the time I released the machine to the public. At that time my tank was empty but I was still having fun. I'm currently running on less than fumes!!! I'm extremely tired and want to act like I'm retired! Even though I wish I did, I have no family interested on continuing what I started.
Questions: What do I do? How do I try to sell the business? How do I place a value on the business? I've thousands of hours in developing it. Testing it. $$$ invested in it. Current intentions are to build another model with upgrades. I enjoy using it so want an upgraded model anyway. My only thoughts are to put some kind of for sale statement on the website very much like I've written here after the upgraded model is up and running and see what kind of interest there is.
When I first released it, I received many calls from engineers and others in similar industries and some that have tried but never finished similar machines. I think they were most interested in how I did certain aspects but not wanting to buy. Suggestions on how to proceed appreciated! Arctic
It's a very small niche and on the extreme side so you kinda have to be the extreme type to even want one so it is a small market but again it was originally built for necessity. The last 3 yrs it's been available for purchase. Website, social media, etc all been up also. It's tough to market as it's very custom and no normal type places for good return on marketing. I've had good interest but no sales.
It's easily expanded into other fields. I marketed almost specificly to one of those markets but found out real quick that I wanted nothing to do with that particular market so backed away quietly. I've a long back ground on similar machines so it's fun for me and the machine performs very well. Very proud of it. I've done everything myself. First PROBLEM: I don't like dealing with people. I like the design, building & testing part. I dislike the public relations part!
Biggest PROBLEM: I retired about the time I released the machine to the public. At that time my tank was empty but I was still having fun. I'm currently running on less than fumes!!! I'm extremely tired and want to act like I'm retired! Even though I wish I did, I have no family interested on continuing what I started.
Questions: What do I do? How do I try to sell the business? How do I place a value on the business? I've thousands of hours in developing it. Testing it. $$$ invested in it. Current intentions are to build another model with upgrades. I enjoy using it so want an upgraded model anyway. My only thoughts are to put some kind of for sale statement on the website very much like I've written here after the upgraded model is up and running and see what kind of interest there is.
When I first released it, I received many calls from engineers and others in similar industries and some that have tried but never finished similar machines. I think they were most interested in how I did certain aspects but not wanting to buy. Suggestions on how to proceed appreciated! Arctic
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