Ok, let's test your business acumen guys, help someone out with a real life situation

[chrisncate]

That nails it pretty good Bl. What you wrote is pretty much the only viable option (short of something really outside the box occurring).

Whether he goes that route or just shuts it down remains to be seen. He's pissed away money on lawyers, confidentiality agreements and other related stuff in the past and isn't sure he's willing to do that for the probable return on the time, money and effort involved.

[chrisncate]

Originally Posted by Tempest

Bottom line there's on the books income...and off the books income
The Off the books income consists of the referral business to companies/individuals who contract for less than $600 a year and aren't required to send 1099's ?

So all the business expenses get deducted from the declared income and minimizes tax exposure as much as possible, thus making the documented book of business look somewhat unattractive

It's hard to sell a personal service, off the books, cash business, that's a one person show.

All of the income is on the books, he runs ethically. The non 1099 component is the residential/one off (under $600) component. The residential stuff is typically a one time event (and even when it's not, individuals don't issue 1099's).

[jrd22]

Bringing in a partner with a signed, notarized contract is about the only viable way you are going to be able to sell your business Chris. If, as you say, the books don't reflect the value of the business it must be because cash isn't being reported as income and therefore won't contribute to value per a normal valuation. That does not mean there isn't value in a largely cash business, the black market is growing and thriving and many people have no problem cheating the system and not paying "their fair share". I would try advertising either on Craigslist or in a business related trade journal for an "apprentice" or "will train partner" type of partnership.

[chrisncate]

Originally Posted by jrd22

Bringing in a partner with a signed, notarized contract is about the only viable way you are going to be able to sell your business Chris. If, as you say, the books don't reflect the value of the business it must be because cash isn't being reported as income and therefore won't contribute to value per a normal valuation. That does not mean there isn't value in a largely cash business, the black market is growing and thriving and many people have no problem cheating the system and not paying "their fair share". I would try advertising either on Craigslist or in a business related trade journal for an "apprentice" or "will train partner" type of partnership.

I don't own a business, I am a vagrant/loiterer/agitator by trade.

I will, however pass your good advice along. The partnership thing might be viable, he's considering that option closely.

Jimmy likes selling his business, this makes Jimmy happy..

[SloopJonB]

Originally Posted by chrisncate

I don't own a business, I am a vagrant/loiterer/agitator by trade.

We must have been separated at birth.

[Capt Len]

Only two out of three so I don't think we have the same parents but I do have a viable activity with good books and benefits that needs new blood. Open to ideas.

[jrd22]

Oh, sorry, I was sure I remembered you describing yourself as a small, one man service type business owner in another thread.

[chrisncate]

Originally Posted by sloopjonb

we must have been separated at birth. :d

Agitator..