Have you ever sold a business in Tenerife?

[Peely]

Hey everyone :)

I'm a journalist writing an article discussing why people choose to sell their businesses in Tenerife, and would really appreciate some first-hand stories and experiences that I can use and perhaps quote on :D

Have you ever sold a business in Tenerife? Why did you decide to sell? Were you expanding? Retiring? Did the business fail, or were you just looking for a new direction?

Any help would be much appreciated! :thanx:

Emelia

[CIM]

It seems that many are selling on after realising that the business does not make anywhere near as much as they thought it would - or no profit at all. So they are trying to recoup as much of their initial investment as possible before returning home. It is very common and many of the agents selling "businesses" are complicit in misleading would be buyers about the income / prospects of the businesses they are selling.

I´m sure there are a few good businesses for sale here but what you generally see is something on the market for 60,000€ that purports to make the owners a healthy income of 3,000€ a month whilst working only 4 hours a day.

I have made inquiries about several and the facts and figures very often fall apart under scrutiny.
An teeth whitening clinic ran from someone's rented home - on sale for 90,000€ with claimed profits of 9,000€ per month....
A laser etching machine that creates 3d photos of people etched into crystal. Huge profits! Looking for someone to buy into the company... (I actually went along for an evening to see how "booming" this business was and they did precisely zero etchings whilst I was there.
That is to name but two which have been advertised on this very forum.

Many sellers and agents selling businesses are simply waiting for a mug who will lap it all up, looking to live their dream life in the sun, running their own business part time and making a comfortable fortune - all for an initial investment of very little. It´s a shame it is so bad but that is the way of things here and one of the reasons business owners are selling is because after seceral month s or even years of trying they realise they don't actually own a "business..."

[bulldog]

It seems that many are selling on after realising that the business does not make anywhere near as much as they thought it would - or no profit at all. So they are trying to recoup as much of their initial investment as possible before returning home. It is very common and many of the agents selling "businesses" are complicit in misleading would be buyers about the income / prospects of the businesses they are selling.

I´m sure there are a few good businesses for sale here but what you generally see is something on the market for 60,000€ that purports to make the owners a healthy income of 3,000€ a month whilst working only 4 hours a day.

I have made inquiries about several and the facts and figures very often fall apart under scrutiny.
An teeth whitening clinic ran from someone's rented home - on sale for 90,000€ with claimed profits of 9,000€ per month....
A laser etching machine that creates 3d photos of people etched into crystal. Huge profits! Looking for someone to buy into the company... (I actually went along for an evening to see how "booming" this business was and they did precisely zero etchings whilst I was there.
That is to name but two which have been advertised on this very forum.

Many sellers and agents selling businesses are simply waiting for a mug who will lap it all up, looking to live their dream life in the sun, running their own business part time and making a comfortable fortune - all for an initial investment of very little. It´s a shame it is so bad but that is the way of things here and one of the reasons business owners are selling is because after seceral month s or even years of trying they realise they don't actually own a "business..."

the only way to make a small fortune in Tenerife is come with a large one!!

[chocaholic]

Hi, where are you writing the article for?

Business here is nothing but red tape, headaches and pay out.

To be self employed you pay out a minimum of 270 euros a month, mine is 288 a month due to my age. You receive supposed social health care for this but not may trust this systema dn also have pr
private health insurance as I do.
Then there is your accountants fees, tax, licenses etc.
Here your tax is often held as a retention, so you pay 20% tax and you may get it rebated the following year.

Red tape and paperwork is unbelievable. It is very difficult running a business here, they deter small businesses rather than aide them.

I know two separate friends in the past month who have been here for over 20 years, had successful businesses and have had enough of being hounded whilst there are still a lot of people getting away with paying no tax or social. It would take too much effort for the authorities to find the black market workers so they send out made up fines and crap to people who have already paid far too much and received
**** all in exchange.

How do you become a millionaire in Tenerife? Come with two million!!