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wannabeeahack
PostPosted: Mon Sep 23, 2019 10:49 pm 
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How would you value a taxi business up for sale?

vehicles owned as valued?

plus

goodwill?

plus a years profit?


(If the accounts were not underdeclared of course...lol)

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Sussex
PostPosted: Tue Sep 24, 2019 5:14 am 
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Value and length of any contracts.

Loyalty of existing drivers, and to whom that loyalty belongs too i.e. existing owners or existing punters.

Guaranteed work i.e. length of time left on freephone services.

Reasons for selling.

Profit and loss accounts.

And I suppose the price will depend on how desperate one side is to sell, and the other side is to buy, and how many actual buyers there are.

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rashid
PostPosted: Tue Sep 24, 2019 10:15 am 
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wannabeeahack wrote:
How would you value a taxi business up for sale?

vehicles owned as valued?

plus

goodwill?

plus a years profit?


(If the accounts were not underdeclared of course...lol)


A friend recently brought halfs 50% into a Ph company with around 80 cars all Ph (30 company owned + the rest owner drivers)

Company has been running in a local town for around 40 years

Company cars are driven on a Driver-40 60-Company basis, Company pays all expenses for the vehicle
Owner drivers pay a 15% commission to company and all expenses are to the owner driver.

The company has a lot of local regular work

and he paid £300,000 for it.
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Sussex
PostPosted: Tue Sep 24, 2019 11:32 am 
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Quote:
Company cars are driven on a Driver-40 60-Company basis

I hope those drivers are getting more than the minimum wage and holiday and sick pay.

Else the operator could be breaking the law.

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grandad
PostPosted: Tue Sep 24, 2019 11:43 am 
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Sussex wrote:
Quote:
Company cars are driven on a Driver-40 60-Company basis

I hope those drivers are getting more than the minimum wage and holiday and sick pay.

Else the operator could be breaking the law.

Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

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Sussex
PostPosted: Tue Sep 24, 2019 11:49 am 
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grandad wrote:
Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

Must admit not a sick pay expert, but what is this then?

https://www.gov.uk/statutory-sick-pay

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rashid
PostPosted: Tue Sep 24, 2019 12:46 pm 
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Sussex wrote:
grandad wrote:
Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

Must admit not a sick pay expert, but what is this then?

https://www.gov.uk/statutory-sick-pay


Drivers are all self employed
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Sussex
PostPosted: Tue Sep 24, 2019 1:01 pm 
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rashid wrote:
Sussex wrote:
grandad wrote:
Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

Must admit not a sick pay expert, but what is this then?

https://www.gov.uk/statutory-sick-pay


Drivers are all self employed

According to the courts, under the circumstances you outline, they are not.

Supreme Court will decide for defo sometime soon.

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rashid
PostPosted: Tue Sep 24, 2019 1:04 pm 
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Sussex wrote:
rashid wrote:
Sussex wrote:
grandad wrote:
Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

Must admit not a sick pay expert, but what is this then?

https://www.gov.uk/statutory-sick-pay


Drivers are all self employed

According to the courts, under the circumstances you outline, they are not.

Supreme Court will decide for defo sometime soon.


I just gave an example to the above topic for how much a friend payed for a Ph business not like i know all the ins and outs like its my own business
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Sussex
PostPosted: Tue Sep 24, 2019 1:19 pm 
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The reply wasn’t necessary to you but to all operators who think they can carry on with the self employment scam.

In the case you outline the courts have said those drivers should be classed as workers and afforded the protection worker status allows.

I mean if the driver doesn’t own the car, he doesn’t pay for the insurance and upkeep, he has no control over the rates he charges, or the work he is given and he has no contract with any customer, then one has to wonder exactly what makes him self employed?

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wannabeeahack
PostPosted: Tue Sep 24, 2019 2:06 pm 
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Sussex wrote:
The reply wasn’t necessary to you but to all operators who think they can carry on with the self employment scam.

In the case you outline the courts have said those drivers should be classed as workers and afforded the protection worker status allows.

I mean if the driver doesn’t own the car, he doesn’t pay for the insurance and upkeep. He has no control over the rates he charges, or the work he is given and he has not contract with any customer, then one has to wonder exactly what makes him self employed?



till HMRC come calling they are S/E

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wannabeeahack
PostPosted: Tue Sep 24, 2019 2:09 pm 
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Local firm for sale

10 rental vehicles on thier last legs due renewal

20 owner drivers on PDA only rents of £120/week

diminishing contracts (schools were £20k/month now £6K)

ambulance work was £15k/month lost totally

owner wants to keep "best work"........

for sale at £850,000

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Sussex
PostPosted: Tue Sep 24, 2019 2:51 pm 
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wannabeeahack wrote:
Local firm for sale

10 rental vehicles on thier last legs due renewal

20 owner drivers on PDA only rents of £120/week

diminishing contracts (schools were £20k/month now £6K)

ambulance work was £15k/month lost totally

owner wants to keep "best work"........

for sale at £850,000

Cloud cuckoo land.

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grandad
PostPosted: Tue Sep 24, 2019 3:48 pm 
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Sussex wrote:
grandad wrote:
Do you mean statutory sick pay? I don't think there is any requirement to pay more than this.

Must admit not a sick pay expert, but what is this then?

https://www.gov.uk/statutory-sick-pay

Yes, that is statutory sick pay. employees that qualify for this do get it from us, however up until a few years ago this was reclaimed from the government but it is not allowed now. As an employer though i do get an allowance of £2,000 I think, off of our employers national insurance to allow for such things. so if there are no claims for sick pay then we get £2,000 for nothing.

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edders23
PostPosted: Tue Sep 24, 2019 7:14 pm 
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earlier this year did have a long chat with someone who was interested in possibly buying my business

I was offered approx 35% the value of the vehicles for 50 percent of the business with him remaining a silent partner and me running it but he wanted to get rid of half my existing drivers and chase school contracts in order to tempt a load of PH drivers away from existing Peterborough firms with the school contracts as the incentive

answer N.O.

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