Changing the business name

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Morticia

Morticia

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When purchasing an operating business, when is it viable to change the name of the biz?
 
After a minimum of 2 years, 3 is better. The same is true of location, you need at least 2 to 3 years in a location before you can move and your clientele will (mostly) follow.
Are you thinking of changing the name of your place to AlterKocker Inn?
 
I have done this already (bought stock in S Corp). If buying a business, much better to do an asset purchase. Any and all past obligations can become yours. I went through hell when I bought someone's biz years ago. Unpaid (and unrevealed taxes), unpaid workmens comp judgment ($20K), any potential lawsuits, etc.I spent a lot of money in due diligence, but he hid things well. And since he moved 2000 miles away and did everything in cash, lawyers told me I would spend tens of thousands pursuing him, and then never be able to collect.
Changing the name is not as much as deal as you think. You can redirect from existing website/phone#/social media/blogs, inform the past guest list, do press releases for locals, have grand opening, etc. If the biz has negative reviews, changing ownership can wipe that away.
And if doing asset purchase, you need to change the name anyway.
 
I've noticed that Anthony Melchiorri changes the names on many of the inns he consults with, since it makes all the bad reviews go away, and lets past guests know it has undergone major changes.
I've seen a lot of big companies change names a little at a time over a few years. Like
Kinkos[/h2]
became
Kinkos/FedEX Office[/h2]
which became
FedEX Office/Kinkos[/h2]
which finally became just
FedEX Office[/h2]
 
Arks said:
I've noticed that Anthony Melchiorri changes the names on many of the inns he consults with, since it makes all the bad reviews go away, and lets past guests know it has undergone major changes.
I've seen a lot of big companies change names a little at a time over a few years. Like
Kinkos[/h2]
became
Kinkos/FedEX Office[/h2]
which became
FedEX Office/Kinkos[/h2]
which finally became just
FedEX Office[/h2].
Click to expand...
Arks said:
I've noticed that Anthony Melchiorri changes the names on many of the inns he consults with, since it makes all the bad reviews go away, and lets past guests know it has undergone major changes.
I've seen a lot of big companies change names a little at a time over a few years. Like
Kinkos[/h2]
became
Kinkos/FedEX Office[/h2]
which became
FedEX Office/Kinkos[/h2]
which finally became just
FedEX Office[/h2]
Click to expand...
How about changing the name of a town? I saw there was an inn for sale in (that place) ...
 
Yes, that's a pretty famous town! I doubt they want to change it. Probably get tourism dollars from people who like to say they've been there!
 
In the web even though it changes rapidly, it can take years to recover from a simple name change. Don't undertake it lightly. It is not as simple as just a few redirects.
 
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!
 
Duff2014 said:
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!.
Click to expand...
Duff2014 said:
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!
Click to expand...
Ha, ha. My broker sends me info every month. This time he came up with a beach front location. The name of the place is lame, every other place in town is similar.
I've suggested this place a few times because of the beach location and too many people said, "meh," so I think it doesn't have a good rep even tho the reviews are good.
 
Morticia said:
Duff2014 said:
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!.
Click to expand...
Duff2014 said:
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!
Click to expand...
Ha, ha. My broker sends me info every month. This time he came up with a beach front location. The name of the place is lame, every other place in town is similar.
I've suggested this place a few times because of the beach location and too many people said, "meh," so I think it doesn't have a good rep even tho the reviews are good.
.
Click to expand...
Morticia said:
Duff2014 said:
Morticia said:
When purchasing an operating business, when is it viable to change the name of the biz?
Click to expand...
Isn't one B & B enough work Morticia?!??!!
Click to expand...
Ha, ha. My broker sends me info every month. This time he came up with a beach front location. The name of the place is lame, every other place in town is similar.
Click to expand...
I think it would be fun to have a beach at our place until a hurricane comes up the coast. Then I'm glad we don't. But I love to drool over real estate magazines with my dad. Mom just shakes her head. There's a house across town that looks a lot like our b&b and we say that we should buy it. (not that its for sale or we have the money) Never seen inside but the outside is set up like ours.
 

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