Recently, a friend and I have an opportunity to buy an LLC by conducting business under the owner until we earn enough to purchase it outright. Here's a little background.
3 year old LLC in the moving service industry. NOT Full service; we only offer labor services like packing, loading, and furniture arrangement. The only assets are an appliance dolly, and some tie straps. There has been no revenue in a year. The entity has a handful of 4 and 5 star reviews. The entity has best of awards on various moving related sites. There are outstanding invoices for registered agent services from the creation of the LLC.
The owner no longer wants to run the business. We are tasked with taking care of fixing all issues from mismanagement and securing enough business until we can hire sub contractors to increase our revenue.
I want to know what a fair price for the LLC would be considering we are practically starting fresh from a year of inactivity. The owner is asking 20k within 7 months or 40k @ 10% of all business profits. I do not currently know what the LLC's revenue has been in past years.
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