Closing down my business

[Midwest]

I've decided to close down my business.

After my apprenticeship, I did about 12 years in the industry, before moving onto pastures new. When I retired from that job, I thought I would try being a sole trader electrician. I gave it a bash for 5 years, but for various reasons, I've decided to call it a day. I have a new job starting in October.

It was an unexpected steep learning curve for me, but not completely wasted time. I joined this forum back in 2011 in preparation, and gained some valuable experience and guidance from members over the years. Sometimes the advice aggrieved me, but the truth hurts!

So a big thank you for your counsel. I shall be sticking around, though

A last bit of advice from you in the meantime. I'll have my accountant tidy up those ends, the van will be going off to the knackers yard, I'll keep me tools for the time being. Advertising was minimal, and old clients I can redirect to other sparks. Anything else?

Not sure what to do with my public liability insurance, paid for till June 19, the last work I did was April this year. Should I keep it, or get a refund?​

 

[Midwest]

I bet your phone will still be ringing for months with enquiries.

That was one of the reasons, it wasn't.

 

[dksanders]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I had 3 different companies who specialise in selling businesses look at it. Those were the expected ranges they gave me.

They were:
Knightsbridge PLC
EM-PWR
and Daltons Business

 

[dksanders]

Valued at that by whom? And why could they not put an accurate price on it?

As a sole trader as well I don't think it is a business that has much value in being sold - we are effectively often the key asset of the business...

I had 3 different companies who specialise in selling businesses look at it. Those were the expected ranges they gave me.

They were:
Knightsbridge PLC
EM-PWR
and Daltons Business

they obviously could not put an accurate price on it because that would mean they would have to be able to predict how much it would go for. Two of them said at least £35k, one of them said, as much as £70k

 

[Anthony S]

The only Electrical business worth anything would be a business with future contracts signed and sealed and all the trimmings, ie transport, plant, employee's etc etc