[Jay Le Huray]

I am now at the grand old age of 63 with about 1.5 years to go before retirement
my round is about 50 grand a year (average £1000 per week)

I want to ask some advice.............. I will most likely work my round for another year and stop when I am 66 and have considered selling it
however how many people have money to buy an established business outright?

I have come up with a plan..... I have spoke to my 36 year old son in law who is interested in taking it on the following basis

I will first train him for 3 months on a wage and then hand it over to him, this will include the whole round, van and all the tools to do the job, in theory he should be earning  £1000 per week, out of this he will pay me £1000 per month (£250 per week)

this payment will continue for the next 5 years, at the end of the 5 years he then legally owns all the business including equipment and I then have no more interest in it at all.

during the 5 year period he is has to pay all expenses such as deasil, road tax, insurance and maintain the van and equipment etc

at the end of the 5 year period I will have taken in £60,000 and in return he has gained a nice business which I have spent many years working at.

2 questions
1, do you think this will work?
2, do you think i'm being fair on him?

[jk999]

How longs he been your son in law ,how much do you trust him ,get some legal doc's signed ,because he might do it for six months then start telling you he's starting to lose work or he hasn't made as much money or he might not like doing the job because window cleaning doesn't suit everyone. Quite frankly I would sell the full round and that way no headache s for five years .or alternatively you could employ a couple of guys build the round up more and enjoy retirement with more money coming in each week

[andyM]

Just wondering if the £60,000 over 5 years might be subject to taxation if you are drawing a pension at the same time?
I'm guessing the £250 a week will have to be declared as otherwise it might well show a discrepancy on son in law's books if it's kept hush hush. 

[dazmond]

these things rarely work out mate.id sell half the round and still work part time(if health is good) to top up your pension for another 5 years or so.

i know 2 window cleaners(one 68 and the other 71)still working part time(on ladders too! ).they look great for their age and have plenty of holidays and work 2 or 3 days a week.

[sunshine windows]

I would say you're being very fair, considering you could franchise the round off to start up 2 franchisees and have an ongoing income of 20% for as long as you like.

You could employ someone on around £20k (full costs would be closer to £30k). Then you've got a 20k income for yourself.

[sunshine windows]

Which ever route you decide to take, like has been said, make sure you get legal advice and documents drawn up.

[Mick Kent]

Sell it to Vinny. He is in Southampton and earns millions

[robert mitchell]

Sell it to Vinny. He is in Southampton and earns millions

Just gift it to me to save you the hassle , vin has enough work 

[duncan h]

Sell off all but a small round. Work 2 to 3 hours a day and have loads of holidays.
If not. Sell the lot.
If it was your son, I would say differant

[Tom White]

Just wondering if the £60,000 over 5 years might be subject to taxation if you are drawing a pension at the same time?
I'm guessing the £250 a week will have to be declared as otherwise it might well show a discrepancy on son in law's books if it's kept hush hush.

Your pension counts as taxable income, just like the £250 a week.

What happens if the son-in-law takes a week off work, or we have a week of terrible weather, or he's ill for a period of time?

[*Hector*]

How about you sell it to him outright from the beginning, for £50,000 or if he can't pay that up front £1000 per calendar month for 5 years. Get the paperwork done properly through a sillysitter and then it is all his from the word go, and if he fails to pay the monthlies at any point, take the bugger to court and get it from his house etc....

[Ian101]

i may sound like a git but I would do it all legally and get a lein against his house - if he has no house then I wouldn't bother and start selling bits off now - maybe keep the top 50 or 100 jobs for pocket money.

if its good work and not in a hurry and ur happy to do a proper handover eg intro to all the customers then you may get up to 10 the value

[Smurf]

How about you take him on full time as a trial and pay say £10 per an hour and keep your business lock stock and barrel. Then if it don't work out either way just find someone else to employ.

[redstarwindowcleaners]

Nice one if someone offered that to me I would jump at the chance the bottom line is the son in law committed enough to carry it thro I suppose you wouldn't have suggested it if you had doubts go for it how the financial side of things are worked out is your call and no one else's business
your  call at the end of the day dude but i wouldn't like to see a business that i spent my entire life being split up or sold on
would be nice to see it stay in the family
only my opinion

[Smurf]

What happens if and BIG IF he turns out to be a total waste of space.  Then what are you going to do apart from upsetting the whole family?

[Richard iSparkle]

I am now at the grand old age of 63 with about 1.5 years to go before retirement
my round is about 50 grand a year (average £1000 per week)

I want to ask some advice.............. I will most likely work my round for another year and stop when I am 66 and have considered selling it
however how many people have money to buy an established business outright?

I have come up with a plan..... I have spoke to my 36 year old son in law who is interested in taking it on the following basis

I will first train him for 3 months on a wage and then hand it over to him, this will include the whole round, van and all the tools to do the job, in theory he should be earning  £1000 per week, out of this he will pay me £1000 per month (£250 per week)

this payment will continue for the next 5 years, at the end of the 5 years he then legally owns all the business including equipment and I then have no more interest in it at all.

during the 5 year period he is has to pay all expenses such as deasil, road tax, insurance and maintain the van and equipment etc

at the end of the 5 year period I will have taken in £60,000 and in return he has gained a nice business which I have spent many years working at.

2 questions
1, do you think this will work?
2, do you think i'm being fair on him?

i have to say i think its a very bad idea.

if he wants to buy the business off you, you could do it at the proper value.

you can give him extras for free as a family gesture, like the equipment, and give him extra support free of charge etc,

what if him and your daughter break up at some time in the future, and he'd got your business for free?

but if it goes wrong,  it could tear your family apart, as well as loose you money.

the only thing that would make a difference is if you really are well enough off not to need the money. if that is the case, then you've got nothing to loose really

[Jay Le Huray]

thanks for all your great replies, yes I think I need get my head around the best way forward

[ascjim]

Isn't going to work and will cause problems later on.

Sell it, or pay someone else to do it.

[Mick Kent]

Isn't going to work and will cause problems later on.

Sell it, or pay someone else to do it.

You know that because of how?

[johnwillan]

I am now at the grand old age of 63 with about 1.5 years to go before retirement
my round is about 50 grand a year (average £1000 per week)

Hi Jay

If I recall this is around the age Ian Lancaster started franchising, might be worth giving him a call.

John