Unformatted text preview: debt, an offset press, and because we now ran the printing for six smaller weeklies, plus our own shoppers' guides, his client was very interested in buyingThe Ford County Times. "How interested?" I asked. "Extremely. If we could look at the books, we could value your company." He left and I made a few phone calls to verify his credibility. He checked out fine, and I collected my current financials. Three days later we met again, this time at night. I did not want Wiley or Baggy or Generated by ABC Amber LIT Converter, http://www.processtext.com/abclit.html anyone else hanging around. News that theTimes was changing hands would be such hot gossip that they'd open the coffee shops at 3 A.M. instead of 5. McGrew crunched the numbers like a seasoned analyst. I waited, oddly nervous, as if the verdict might drastically change my life. "You're clearing a hundred grand after taxes, plus you're taking a salary of fifty grand. Depreciation is another twenty, no interest because you have no debt. That's one-seventy in cash flow, times the standard multiple of six, comes to one million twenty thousand." "And the building?" I asked. He glanced around as if the ceiling might collapse any moment. "These places typically don't sell for much." "A hundred thousand," I said. "Okay. And a hundred thousand for the offset press and other equipment. The total value is somewhere in the neighborhood of one-point-two million." "Is that an offer?" I asked, even more anxious. "It might be. I'll have to discuss it with my client." I had no intention of selling theTimes. I had stumbled into the business, gotten a few lucky breaks, worked hard writing stories and obituaries and selling pages of ads, and now, nine years later, my little company was worth over a million dollars. I was young, still single though I was tired of being lonely and living alone in a mansion with three leftover Hocutt cats that refused to die. I had a...
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- Spring '10
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