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Discussion in 'ChipTalk Mall' started by Casablanca, Aug 4, 2011.
How in the world do you sell a business that you can't show someone until they pay you?
Come again? Are you saying you're selling the farm?
You heard it here...
Site, Domains, Nevada Jacks, IP, All equipment to produce ceramics chips, etc etc..
The only thing not for sale are our clay molds and our real casino collection.
My best bet would be to sell to another who's in the same business so they are already in the know. This way you don't have to show them much and can just list down the inventory without having to explain too much.
sorry to hear about this. You have been around a long time. good luck
Step one, I'd start by narrowing potential buyers before you even think of going any further. I guess what I'm trying to say is find the VIABLE buyers before you think of starting negotiations, etc..
Step two, when you start getting into deeper details, requite the potential buyer sign an non-disclosure agreement. No NDA, and the discussions stop right there.
You'd probably need a lawyer to get a NDA written with the appropriate legalese, but if you have a potential buyer dedicated enough to make it to that phase, they would be willing to sign. If not, return to step one.
I'm not sure what you need to keep under wraps. I'm guessing financials, and tricks/techniques for production. The former, makes perfects sense (and where vetting the potential buyers before you get there is important). The latter also makes sense, but I, personally, wouldn't bring things like that up until it's closer to a done deal rather than early on in the discussions. In my opinion, a potential buyer doesn't need to know details on that part of the job in the "I think I want to buy this" phase.
Good luck with the process!
NDAs and a good lawyer FTW
That's quite a bombshell Jim. What details can you share? We can ask everyone to get the word out. The bigger the buyer base the better change NJ has of continuing to supply the world with great American Made poker chips.
Jim could the clay molds be leased back to the buyer for producing clays, or what? Are you staying in the clay business with those molds? Do they have a separate buyer?
Need to win lottery!!!
Will you take Paypal
When BCC was for sale, I believe they used a business broker or 2 to get the word out, there was a non-disclosure agreement, and they provided several years of financial statements, as well as an asking price.
Yeah a very large asking price...
I would love to buy NJ's, but they would have to be willing to sell for about $27.46 for me to make it work with my already underwater home mortgage.
The clay molds are owned by myself and a private party which is the reason why they would not be included in the sale of NJ. The Nevada Mold is not for sale unless the offer was in the mid 5 figure range. The suits mold is for sale. 10k.
As far as staying in the chip business.. no.. I'm considering getting out of the chip business. In addition, I'm sure that if a sale were to be arranged the buyer would require a noncompete agreement.
Are you still in the Baltimore area, or is everything in FL (or a little bit of each)? Just curious?
I'm back in Maryland.. but still visit Jupiter Island when I can
Joe... Joe..... calling Joe @ PGI...... you want a second classic mold for your new venture, this is it.