Exit strategies

[lonni]

So i am going to have to give up photography in a few years and was wondering how to wrap up the business side.

Here is what i have thought of:

Take an apprentice now and sell the business on to them, so they keep the contacts and the goodwill.

Just wind it up when i cant see well enough and flog off the equipment

Sell in the near future before the goodwill is ruined

What would you guys do?

[jdepould]

I guess it depends on the relationships you have with other photographers in the area.

If it were me, I'd probably stop taking on new clients, and have a few other people's names and numbers at hand for instant recommendations/referrals. When it comes time to actually close up shop, just give your clients some advance notice and some recommendations, then retire?

[lonni]

Yeah, i am already turning new customers away and i am just sticking with my regulars. I feel kinda bad leaving my regulars with out anyone as i am pretty much the only person in the area that will take them on, every one else only wants to take commercial customers they can use for their portfolio and they feel my customers would bring their image down, even if it is good paying work. Plus they only do commercial work as a side to their weddings.

[bhursey]

So why are you quit. I would say just stop taking clients stop advertizing keep basic equipment and shoot your regulars tell they move on. See if you can find another photographer some where that is close tow hat you do and refer them to that photographer.

[lonni]

I have just been told i am going blind, and have about 5 years before i wont see any more. It cant be stopped or fixed or anything. Cant ask someone to pay me to shoot if i cant see, which is why i am looking at ways to wrap up now.

My "fall back" career is graphic design, which i cant do if i cant see, so i am putting my energy into retraining so i can stil work. I am looking at doing some lecturing and have been told that marketing would be a good avenue too, since i have the skills, but no formal training.

I am really only doing my regulars at the moment, and they have been told the situation and know that they will be told when i can no longer work.

[MattG]

That's terrible news but I am glad to see you are being pro active about life after this happens. Your business in its current state has some worth - there is the market perception, branding, client list, equipment etc. that present themselves as part of a business, as well as the ability to train someone to take over the business.

I am not sure what numbers work for you, but if you are prepared to sell the business to an aspiring photographer by throwing in the client list (i.e. regulars) plus equipment, branding and training in all aspects of the business, then you could realise a reasonable sum.

[lonni]

Thanks Matt. I actually want and got an apraisal and can get a pretty good price for the business, I actually hada friend of a friend who heard about the situation enquire and we are looking at doing a pretty good deal.

She wants to buy the businees in total, and even wants to keep me on as long as i can still work to help ease her in and keep teh customers confidence.

so fingers crossed everything will work out.

[Jim Poor]

Originally Posted by lonni

Thanks Matt. I actually want and got an apraisal and can get a pretty good price for the business, I actually hada friend of a friend who heard about the situation enquire and we are looking at doing a pretty good deal.

She wants to buy the businees in total, and even wants to keep me on as long as i can still work to help ease her in and keep teh customers confidence.

so fingers crossed everything will work out.

Wow. Good luck. Sure puts things into perspective.

On a related note, there are several well-known blind photographers out there.

[lonni]

Thanks jim. I dont think i will ever give up photography, I can still develop photos, as most of that is done in the dark anyway, but i will have to get my husband to label the developing chemicals with braile, or even set them up. it just dont think the images will be saleable though. lol.