I'm trying to get funding for a store front but even though I make > $100k, I have two new cars on my credit and I being declined "Too much outstanding debt for income level".
I've had a business since 2007 and I have a single major customer that provides $x per month, always. It's a set rate and it's been going consistently for 5 1/2 years. It turns out to be about $20k a year. There is NO overhead.
I thought about possibly selling this "contract" to generate the capital I need for the store front. The problem is, the contract expired 4 years ago. The contract didn't guarantee any work, length of time or pricing, only set forth terms of the agreement.
My question is, how to you value something like this? Would $40k be too much to ask? Is there a formula to determine the selling price? Would it even be sell-able?
Update: I have a paper trail to prove the income generated. The customer is a global corporation.