What's It Worth?

[Farrell]

FWIW, a number of years ago I bought a technicians small business - the elderly fellow had passed away and his son sold it to me. It was a 3x5 card box with several hundred contacts in it.

What we did was go through the cards and total up the dollar amount that was his gross income from those clients over the past year. I paid 50 cents on the dollar. His son and wife also sent a letter to each of the clients listed on the cards introducing me and stating that I was going to be servicing many of the former tech's clients and would be happy to service their piano. I then also followed up a couple weeks later with my own letter of introduction, bla, bla, bla.

If I remember correctly, at last count I serviced about 60% of those clients - so I basically did a free introductory tuning. I don't know how many of those have remained steady clients - a fair number.

I think it was a good deal for me because I needed the work as I was just starting out. I think the family of the tech got a good deal because they really couldn't have done much else with the box of cards anyway.

Hope this helps.

Terry Farrell
Tampa, Florida
  ----- Original Message ----- 
  Suppose you're an experienced Technician and you came into a new area. It wasn't easy but over 5 years you built up a practice from the ground up, in this rural/suburban setting, of 500 or so of the usual mix of clients: great, good, and maybe not-so-good. Something has come up, and you've got to leave town.

  There are a couple of Technicians in the area, and a couple of tooners. Your 'book' isn't huge, but it would be a boost to any of them.

  You want your clients to be well taken care of.

  You could use some cash.

  What's running through your mind?
  What's it worth?
  What should you sell it for?
  What kind of deal makes sense?

  OR

  If you were one of the Technicians or tooners:
  What should you pay?
  How and when should you pay it?

  Terry Miller
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