Is it possible to sell a retired consultancy business?

Zascar

My father ran a very successful consultancy business for many years but had to give it up due to ill health. It was in the area of Franchising - he helped businesses expand using the franchise model, and would take care of everything from setting up the model to selling the franchises. Anyway he had a great brand and lots of good clients, I hate to see it die. I have been wondering if it would be possible to sell on the brand to someone who wants to pick it up and run the business. I feel a younger person with sales ability could do very well (I'd do it myself but already have my own stuff going on).

Am I wasting my time here or should I try to sell it? Not looking for much money really. How should I go about doing this?
Thanks

Succession planning - it should be possible to sell / hand over to someone. Most of the value is tied up in him though.

meijin

how would someone else have the expertise of your father? or did he just manage the business and had other people providing franchising expertise?

Zascar

This is the thing. In reality someone may want to take on the challenge of learning the industry and gaining the skills necessary. Perhaps someone who already has some knowledge of the franchising industry or has worked as a consultant.

elastico

Zascar wrote: »

My father ran a very successful consultancy business for many years but had to give it up due to ill health. It was in the area of Franchising - he helped businesses expand using the franchise model, and would take care of everything from setting up the model to selling the franchises. Anyway he had a great brand and lots of good clients, I hate to see it die. I have been wondering if it would be possible to sell on the brand to someone who wants to pick it up and run the business. I feel a younger person with sales ability could do very well (I'd do it myself but already have my own stuff going on).

Am I wasting my time here or should I try to sell it? Not looking for much money really. How should I go about doing this?
Thanks

You haven't said how long its closed. If its a few years all his contacts and connections may have moved on too. Once somebody exits a business everybody else moves on pretty quick (often literally the next day) so doors that used to open for him may never open again.

CIARAN_BOYLE

Is your father alive? if so he may be able to manage a handover to someone else. its not something he can sell and walk away from. he will need to be involved on a part time basis for 6 months to a year.

if he is dead or too ill to manage a handovet then so is the business. you might sell a mailing list for a fee hundred euro but not much more.

Zascar

The business stopped about a year ago and he has passed since. I see what you mean and maybe there is nothing left. Really all I was thinking of was the brand, might be worth something to someone - but how to find the right person is the hard part. Sure I could put ads in the Sunday Business Post but it might not produce anything worthwhile really,

CIARAN_BOYLE

Zascar wrote: »

The business stopped about a year ago and he has passed since. I see what you mean and maybe there is nothing left. Really all I was thinking of was the brand, might be worth something to someone - but how to find the right person is the hard part. Sure I could put ads in the Sunday Business Post but it might not produce anything worthwhile really,

Brand is worth nothing. Its been inactive for a year and nothing associated with it remains.

I don't see there being anything there to sell.

endacl

Sorry for your loss, Zascar.

Zascar

Ok thanks guys I thought as much but just wanted to check!

BrokenArrows

Since the business has been closed for a year then there is very little value in it.
If the new owner was to takeover while your father was still actively working and training the new owner then it would be worth something but at the moment i would think someone would just start their own business.

Still without knowing the exact details of the business it is hard to say.

Easiest option would be to try and sell it and see what happens.

Zascar

Any suggestions of where to try to sell it?

CIARAN_BOYLE

Zascar wrote: »

Any suggestions of where to try to sell it?

Was your father a member of any professional organisations. Perhaps one of them have a relevant magazine which would take a listing.

Buttercake

Zascar wrote: »

he had a great brand and lots of good clients,

if its Mr John Abc Consultants Business, then he is the business. Its not like Accenture or Deloitte where its the name..

The clients, again they are good to your dad and not anyone else.

What would have been good is if your dad slipped someone into the business as a partner while he was dealing with the clients and he could have done introductions etc helped build rapport to the newbie and then slipped out himself.

Zascar

Yes absolutely - its unfortunate we did not act earlier but his illness came quickly and it was not a high priority action at the time!

Digital_Guy

Sorry for your loss Zascar. We chatted on here some years back about a website you had going at the time and were looking to sell!

Out of interest is the website still online? Does it still get traffic and inquiries? Maybe not but I don't agree that entire value of a consultancy is tied up in one person necessarily, there are other assets and angles that could and should be considered.