Call for Artists, Making Money at Juried Art Fairs, Craft Shows and Festivals
Anyone here have any experience selling/buying an existing Art/Craft business?
My wife and I are kicking around the idea of a new direction in life (semi-retire/travel), and it will not include our art/craft business.
The product is more craft, Unique, and not easily duplicated, but I could teach someone the process/business.
The business provides a nice part time income. (We both work full time)
It may be a year or 2 before we exit from the business, but would like to hear from others some of the things to be aware of when selling?
Are their buyers out there?
What are the pifalls?
How do you price your business?
There are assets (building, kilns, etc - Currently working on this list). Is it easier/better to just part it out?
I subscribe to Picture Framing Magazine, and in PFM an entrepreneur speaking to business value and worth discussed his take on it. A few years ago he talked about how much businesses are actually worth and that the reality is a business is generally worth three times its annual income. Often businesses are overpriced or buyers overpay for them. Not that being overpayed will be your problem, but it will certainly be a problem for the buyer. So realistically the value of your business has to do with how much money you've been reporting to IRS as income. Cut and dry. Plain and simple. GOOD LUCK!