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A Few Steps To Buy A Florida Business

Buying a Business in A Few Steps

  1. Figure out what you’re interested in and the kind of business you’re looking for with the capital you have available with a Business Broker to help you with the items below.
  2. Determine with them if the business will succeed by assessing the current assets of the business and what you’ll need to invest.
  3. Understand why the business is for sale to determine any risks.
  4. Review the business’s financials to determine if buying it aligns with your budget and goals.
  5. Evaluate the price of the business with one of three approaches: earnings vs asset vs market approach.
  6. Secure the additional capital needed to make the purchase.
  7. Do your simple due diligence before making an offer.
  8. Close the deal with the appropriate documents (bill of sale, adjusted purchase price, leases, etc.).
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How To Buy A Florida Business

Florida’s economy is strong. In fact, With a large pool of talent, good employees are available to help you successfully run your business.

There are many different types of businesses available to buy in Florida as well, making it an attractive place to do business for many different types of people. Here are some things to look for when buying a business in Florida.

Once you and your Business Broker decide on the type of business you’d like to own, there are some things to take into consideration. Where is your ideal location? Is it accessible enough that you’ll easily generate traffic? Are there other things nearby that will help drive new business when you don’t have marketing resources, such as large chain restaurants or shopping malls? Will the type of business you’re looking for thrive in the area where you’d like to locate it? All of these are key considerations when buying a business to ensure you’re starting off on a successful foot.

It’s also important to choose a shop that has an established customer base in its community, is in a good location, and has earning potential that matches your goals. Furthermore, if you find a Florida business that meets your criteria, you may be in a better position for a small business loan. Banks and other lenders prefer to give these types of loans to established businesses with a proven record of success. Also IRA’s can be used to help finance a business.

For many businesses, if not all, location plays a major role in success. Make sure when assessing several different business options, you’re accounting for the location of each, as this critical factor is one of the only ones you’re unable to change.

When thinking about the type of business you might buy, consider how many of the same types of business already exist in the area you’re considering. For example, if you’re looking to buy a beauty salon, and the area is already fairly saturated with them, you may want to consider another type of business, or another location.

Once you’ve settled on a few businesses that meet your initial criteria, it’s time to get some professional help and start digging into the details of these particular shops. You may want to bring in an attorney, accountant and a commercial real estate agent to assist you. All of these professionals can make the entire process of choosing the right business far easier, faster, and more likely to end in success.

You need to be certain that the current owners are being truthful about the business they run and that they’re really experiencing the level of financial success they claim. If there have been lulls in business or profits, you need to know why in order to make an informed decision as to whether or not you’ll move forward with the purchase. You’ll want to see bank statements, financial records, vendor lists, tax returns, insurance policies, and more.

Reviewing the business’s financial records is a vital step in the process. Unless you can clearly identify the reasons behind financial issues and you’re confident you can reverse them, it’s unwise to invest in an operation that’s slowly going out of business.

It’s important to review legal records as well. Many businesses are going to be subject to various regulations, usually at the local municipal or county level. Verify that the business’s licenses and insurance are up-to-date and that its staff has the necessary training and (in some cases) certifications to be doing the job in that location.

No matter what type of business you decide to buy in Florida, it should be the right choice for you. Don’t get pressured into buying a business you don’t feel passionate about, because you should always love what you do, especially as a business owner. To begin your new future, please consult a business broker as your first step.

View our current Florida Businesses For Sale at: www.FLORIDABusinessOpportunities.com

Steps In Searching For A Florida Business Opportunity

Starting The Process:

  1. Determine Your Commitment
  2. Establish What You Can Afford
  3. Figure Out What Skills You Have
    Before you even begin searching for a potential business, you should narrow your choices by asking yourself some of the tough questions up front:
  •       What skills do you have that would translate best to owning a business? For instance, do you feel comfortable selling?
  •       Is there a particular business sector like retail, service or manufacturing that matches up well with your skills?
  •       Are there any specific qualifications like a professional license that you would need before acquiring a particular business?
  •       Do you want to manage employees or would you rather run the company yourself or with your spouse/partner?
  1. Consider Lifestyle Impact
  2. Narrow your search with a Business Broker
  3. Sign a Non-Disclosure Agreement
  4. Review the confidential information provided
  5. Meet with the Seller
  6. Be Prepared with Questions
  7. Make an offer on terms you feel comfortable with for your future
  8. If accepted, due diligence is a must to prove financial and other issues
  9. Close and grow that business

View over 4,000 current Florida Businesses for sale at:

www.FLORIDABusinessOpportunities.com 

A Few Steps In Buying A Florida Business

Buy a business opportunity that you will enjoy, not just for the money.
First step:
    Consult a Business Broker that has state-wide presents in all aspects businesses
    Research the field and identify the ones that meet your criteria
    Sign a NDA to keep all information given to you confidential
    Make an offer to purchase the business you feel comfortable is right for you
    Complete review of facts and with due diligence
    Work on financing contingencies if needed
    Close on your new business
We have over 1,000 listings available in Florida for sale.  Visit our website at: FLORIDABusinessOpportunities.com  and find the right one for you.

Simple Steps To Buy A Florida Business

Your Six Steps To Success To Buy A FLORIDA Business:

  1. Commit to a deadline for buying a business opportunity (not just “looking” for one).
  2. Set aside time everyday to work on this project.
  3. Organize your finances.
  4. Work on determining what type of business will thrive from your strengths and not suffer from your weaknesses.
  5. Seek professional advice from a qualified business broker whom can help you in this process.
  6. Unless you have a wealth of experience buying businesses, then educate yourself about this process. Learn as much as you can. When it comes to investing in your future, you can never know too much!


Determine Your Investment Level

Determine with absolute certainty how much of your own cash you are prepared to invest. Forget any relatives who may have promised that they’ll “back you.” When the time comes to lay down the money, chances are they won’t be around.

Don’t bother looking at businesses that are unaffordable. Over 60% of small business purchases involve seller financing. Generally, this is 20% – 40% of the purchase price. If you have $100,000 to invest, don’t look at businesses that will sell for $500,000. It’s OK to dream, but be realistic.

Also, take the time to sit down with an Business Broker or SBA specialist to research all avenues for your financing if you have good credit. FLORIDA Business Opportunities is ready to help you now. View our thousands of listing today at www.FloridaBusinessOpportunities.com

Why Some Florida Business Deals Fall Apart

Deals fall apart for many reasons – some reasonable, others unreasonable.

For example:

• The seller doesn’t have all his financials up to date.

• The seller doesn’t have his legal/environmental/administrative affairs up to date.

• The buyer can’t come up with the necessary financing.

• The well known “surprise” surfaces causing the deal to fall apart.

The list could go on and on and this subject has been covered many times. However, there are more hidden reasons that threaten to end a deal usually half to three-quarters of the way to closing. These hidden reasons silently lead to a lack of or loss of momentum.

This essentially means a lack of forward progress. No one notices at first. Even the advisors who are busy doing the necessary due diligence and paperwork don’t notice the waning or missing momentum. Even though a slow-down in momentum may not be noticeable at first, an experienced Florida business intermediary will catch it.

The sooner this loss of momentum is addressed, the better the chance for the deal to continue to closing. Because the root of the problem is often an emotional issue, it has to be faced directly. An advisor, the intermediary or someone close to the person should immediately make a personal visit. Another suggestion is to get the buyer and seller together for lunch or dinner, preferably the latter. Regardless of how it happens, the loss of momentum should be addressed if the sale has any chance of closing.

We have many Florida Business For Sale at this time. Please view our website to find one for you.

Start A Business or Buy An Existing One

Building your own business is hard work. That’s why many entrepreneurs choose to buy an existing Florida business rather than starting from scratch. But how can you avoid sinking all your resources into a business that is sure to fail? What should you look for? What should you avoid?

There are several advantages to buying an existing business as opposed to starting your own. Most obviously, you save time. Suppose you want to start a retail business. It may take months for you to build an adequate inventory. Opening your own restaurant means creating your own recipes and menus; building a manufacturing business from scratch can take years. But when you purchase an existing business, the “dirty work” has already been done.

If the business you want to buy offers a product or a service, you can evaluate the operating history and better understand the demonstrated market. Are people buying the product or service? What are they willing to pay? What type of advertising has been most effective? When you start your own business, it can take many years of trial and error to establish your market. Purchasing a business can alleviate this process.

Buying an existing business will allow you to evaluate its cash flow and operating expenses, giving you a better idea of how much investment capital you will need. When you start your own business, these numbers are much more difficult to estimate, and investors consider start-up businesses higher risk than existing ones with operating histories and proven track-records.

Perhaps the biggest advantage to buying over starting a business is the existing business’s potential. You may see growth opportunities the current owner doesn’t, or maybe you have a superior business plan. Your enthusiasm and excitement for the business can revive it and help it to grow, and often relatively minor changes in advertising, personnel, or procedure can greatly improve profitability.

We have thousands of Florida businesses for sale at: www.FLORIDABusinessOpportunities.com