This Is How You Sell A Business From 100 Miles
What happens when your passion for your small business turns into exhaustion? For Philip “Phil” Nader, selling his business was the solution.
Because of the success of his first Simple Computer Repair franchise in Michigan and his interest in electronic repair and technology, Phil jumped at the opportunity to buy a second location in Ohio when the franchisor offered it to him in 2016.
“My intention was to invest in the business and not be the owner-operator there,” Phil explained.
He added that the former owner had initially agreed to stay and manage the business. The tables, however, turned when the manager-owner left the store due to health reasons and pursued other ventures.
As a result, Phil was faced with the challenge of being an absentee owner of the Ohio location, traveling over a hundred miles from Michigan weekly to check on its operations.
“It was getting too overwhelming and too stressful, and I made the decision to put it up for sale,” Phil recalled.
Because running two businesses—no matter how similar—at different locations became an aggravating and frustrating situation for Phil, he admitted that selling the Ohio franchise was an “easy choice” even though he might not get back his original investment in the business.
“…The only bad part of it is that I didn't get what I paid for out of it, but that was okay with me because it was something that would put so much stress and disrupted my life,” Phil said.