February 10, 2020

Why Leaving a Business to the Kids Where No One Had Control Forced the Business to Close

A cabinet maker that had old world woodworking craftsman skills is encouraged to sell his business by his wife when none of his children wanted to take over. However, he just couldn’t bring himself to sell the business. The reason he didn’t want to sell is not what you might think.

A business that needed a special purpose building facility and was paid for quickly because the business was profitable enough to pay off the mortgage. The owners didn’t need the money and so they didn’t charge the business rent. Learn how by not paying market value rent eventually leads to the business closing.

How leaving a business to the kids turned out to be a really bad idea and a junk yard business that made good decisions on EPA issues allowed the business to be sold for millions.

Peter Coleman
Sunbelt Business Brokers of Las Vegas
Las Vegas, Nevada
Visit Website
Send E-mail

Podcast: Play in new window | Download (Duration: 32:22 — 29.6MB)