jaybyrd 3,770 Posted July 21, 2014 I could sell you a car lot and just as easily open another down the road and call on my old customers. If you are running your business properly that 1 year no compete should give the buyer a chance to establish themself. Share this post Link to post Share on other sites
gcextreme 475 Posted July 21, 2014 Yes true. But my main question was if he sold his designs with the business...and if he did and he kept copies of everything and opened up a new shop using the same designs, how would that play out? But the odds are he probably didnt sell all his artwork and designs with the company. Share this post Link to post Share on other sites
jaybyrd 3,770 Posted July 21, 2014 I would say customer artwork would stay with the business. Share this post Link to post Share on other sites
slice&dice 2,450 Posted July 21, 2014 I would say customer artwork would stay with the business. That is correct. All the SignBlazer production files transferred as part of the sale, as did the customer list. 99% of what I produced was Lettering (text) only, with a few minor graphics (mostly from the built-in SignBlazer cuttable vectors Library) so it wasn't really much in the way of special custom artwork. I knocked stuff out, and when it was completed, it left the store and was gone. Rarely would there be any need to go back into the archives for anything and repeat it. "what are u really selling?" -- The cash value as a "going concern" was worth $4000, the "covenant not to compete" was valued at $2000, the store fixtures (tables, desks, sales counters, vinyl racks, etc.) came to $1000, and I got $3000 for the equipment and inventory (cutter and computer, panel saw, and vinyl and substrates). Share this post Link to post Share on other sites
gcextreme 475 Posted July 21, 2014 So u sold it all for about $10K?? How did u come up with the $2000 dollar amount for the non-compete thing?? Share this post Link to post Share on other sites
slice&dice 2,450 Posted July 23, 2014 So u sold it all for about $10K?? How did u come up with the $2000 dollar amount for the non-compete thing?? Yes, $10k. My tax adviser worked out the figures, using IRS form 8594 that was required. http://www.irs.gov/instructions/i8594/ch01.html Share this post Link to post Share on other sites
outlaws 102 Posted July 24, 2014 Very cool my wife has family in North Augusta! I just moved to North Augusta. Butch Share this post Link to post Share on other sites
Moody Blue 505 Posted July 24, 2014 I just moved to North Augusta. Butch Very cool! They live in Belvedere which is about 10 minutes north of North Augusta Share this post Link to post Share on other sites
outlaws 102 Posted July 25, 2014 Actually my address is North Augusta but I am at exit 5 close to Murphy Village if you know where that is. North side of I-20. 1 Share this post Link to post Share on other sites
gcextreme 475 Posted July 25, 2014 Im really hating my day job more and more. Been there 6 years and im training in new people who make more than I do. My boss keeps overlooking me for a promotion cuz he wants to keep me where I am cuz he cant find anybody who wants to do what I do and can do it as good as I do it. I build and work on packaging machines worth $200k + and I make a measely $14 an hour while the janitorial lady makes $12.. At this point the only reasons I stay is because of the reliable paycheck every 2weeks and health/medical/401k benefits. But I'm confident once I get my business going I can make way more to offset those benefits and pay. My last paycheck for 90 hours (10 hrs of overtime) was $1233. After taxes and stuff I got only $780. I say my average paychecks are about $750..so i bring home only $1500 a month. Thats $18000 a year to live off of.. My current vinyl project is $1400 (minus $300 for materials) so $1100 profit and I can probably whip it out in 4 days. So 4 days $1100 Or 10 days $750. And yes I know I will have to pay taxes on the $1100 too. And pay for benefits. .but imagine if I got 3 or 4 projects like that a month. I could easily bring home 3x or 4x what I am making at my hourly job. I put my first ad in the paper now, $75 for the month august to have my ad logo and info in the business directory section. Even if I can get business from the others businesses listed in there would be great. Plus the editor at the paper took a stack of my cards to hand out to customers wanting websites and vinyl stuff. He said he just had a guy the other day asking and he didnt know where to send him. Share this post Link to post Share on other sites