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How to Buy a Business in Florida

How to Buy a Business in Florida

Looking to buying business in Florida? The state’s economy is always welcoming to anyone looking to relocate and invest in Florida. There is also a variety of choices from buying a coin laundry, buying a gas station, buying a construction business, buying a laundromat, hunting a restaurant for sale, and even business for visa. But, there are a couple of things a future business owner should know before doing a search business for sale Florida.

Buying Business in Florida?

Buying a business requires the same effort as that of starting it from scratch. Business brokers may enumerated several steps applicable when buying a business for sale for a million dollars, and even small businesses. It includes determining buying ability, searching for the right business, and practicing due diligence among others. This section presents a guide on doing a search business for sale Florida.

The first thing to do is to come up with a clear plan. The plan should include the type of business you are interested to buy, consider the amount of money you are willing to spend, and whether the business has performed great in the past. It should also contain whether you are interested to buy laundromat, buy restaurant, buy construction business, buy gas station, or buy a coin laundry. This concise, clear plan will be your guide in hunting down a business for sale.

Second, decide how the purchase will be financed. Will it be from your savings? Is there a need to secure a business SBA loan? Are there serious investors willing to support your endeavor? Given that money talk is one of the most difficult topics when doing business, preparing in advance is a must.

Next, decide whether to work with a business broker or do the hunt independently. When doing it solo, the Internet and local newspapers are your best resources to search business for sale in the state. These are the perfect sources to look for gas stations for sale, coin laundry for sale, restaurant for sale, business for visa, or just to buy business in south Florida. A better and recommended way to find that business is to work with a business broker in Florida. It is especially helpful for those who have no prior experience doing business in the state.

What to Expect when Buying Business in Florida?

While the process could get complicated, the best thing to make the process smoother is to lay down expectations. Given that the business is already existing, the set of expectations are a bit different from that of someone setting up a new business. A future business owner can decide properly and plan ahead if he or she knows what would happen next.

The experience differs based on the approach taken by the future business owner. If he decided to work with a business broker, Florida Business Brokers observes a four-step process in purchasing an existing business. An initial consultation is the first step in finding a business. It is the stage where the business broker is able to gather information on what kind of business the investor wanted to acquire. It can include gas station for sale, coin laundry for sale, or just any business for sale for million dollars or less. Next, the investor would then be presented a list of businesses. The third step involves the investor and current business owner agreeing to enter into a purchase agreement. Lastly, delivery of the payment. As mentioned earlier, you, as the business owner, should have already decided how to finance the purchase prior to selecting which business to buy. A prepared plan should impress the seller and allow the future business owner more peace of mind during the final stage of the transaction.

The experience would be a bit different for someone who would work independently when buying a restaurant or any business for sale south Florida. Given that he is working alone, buying business in Florida should be reviewed one-by-one to ensure that the investment would not be a waste of money and time. A thorough investigation and assessment should be done prior to meeting with the business owner. After an extensive review of the prospect business, the same method follows – the investor meets with business owner, they agree on financial terms, and the delivery of the payment financed through cash or an business SBA loan.

Plan, Research, and Hard-work

There is a lot of work needed when buying business in Florida. A future business owner needs to know the kind of business he wishes to purchase, plan on how to finance the purchase, and to whether work with a business broker or independently to search a business for sale. While the process can be a challenge, hard-work, a thorough investigation, and preparing a clear, concise plan is needed in order to avoid the common pitfalls of those who are new to doing business in the state.

Buying business in Florida

Why You Should Invest In A Gas Station

Why You Should Buy Gas Station

There are many wonderful reasons to buy gas station, and you will find that it could become the perfect family business. It might be a good way for you to start a second career after retiring, or you could begin a business that owns and manages gas stations. Everyone who is thinking of getting into the business will experience all the benefits listed below. You are given the opportunity to make a lot of money, and it could be a business you hand down to your family for generations to come.

1. Gas Stations Are Always Needed

You could buy gas station Florida property at any time, and that gas station will be needed. People have to fill up their vehicles, and the gas station often becomes a preferred place for people to get snacks, to buy lottery tickets, and to come through for a car wash or automotive service. It all depends on the sort of gas station you buy, and you will have many options once you start shopping.

2. Who Is Your Affiliate?

You could be affiliated with any petroleum brand you want, and you could do your own research so that you can pick the brand that you think best reflects your values. You might want to be affiliated with different brands if you purchase multiple stations, or you could become a major franchise partner of one brand. They might put a lot of trust in you, and you could work with them to open more stations. You might become a brand expert, and you will find that working with one of these companies gives you a lot of flexibility.

3. What Happens In Your Gas Station?

You could run a gas station that has a fast food franchise on the inside, or you could just sell snacks and drinks. You can sell lottery tickets, or you could open a truck stop that has showers and a cafe. You might have video poker machines in your gas station, and all these things pay you back in one way or another. You might prefer to have an ice machine outside, and you will make a commission on all the sales that you make. You are running a whole business that does more than just sell gas.

4. Creating Jobs

If you buy gas station, it will allow you to hire employees, give people jobs, and allow people to be managers. You could change someone’s life if you give them a good job, and you could get people in your family a job if they need it. Your kids could learn about the value of hard work by working in the station, and they could become business experts who come back to run the business for you. You are creating a job for yourself, and you could expand your business so much that you have business partners who buy in for a percentage of the company. You are growing a business that pays you while you watch it grow instead of sweating every day.

5. You Have Stability

You have stability in the gas station business because they are so badly needed. People will not move to a place that they think is too far from a gas station, and you could choose a location that gives you a captive audience. You simply need to decide if you can make the most possible money from a gas station in a remote or urban area. You might want to open stations in different places because you want to appeal to many different types of customer, or you could take a gas station on the highway. You will play host to many desperate people who need gas, and you will be their savior because your gas station is easy to see from the highway.

6. The Business Has Support

You get a lot of support from the gas brand that you are affiliated with, and they will give you help with setting prices, marketing, and upkeep of your space. They might help you pay for the car wash that is attached to your gas station, and you get to be a part of any business expansions they do. You can grow this the economy, and you will find that you can continue to make money from the gas station business long after you have retired or turned the gas station over to your kids.

7. Conclusion

One of the best things that you can do for yourself is to buy gas station, because it allows you to make money in an industry that is very stable. People always need to know where the nearest gas station is, and they will come to your gas station if you are in the right location. You can one or many stations, and you could build a family business from scratch.

Buy gas station

Ten things you need to consider before buying an existing business

Ten things you need to consider before buying an existing restaurant

Buy an existing restaurant in Florida

While it is a financially smart idea to buy an existing restaurant in Florida, turning it around will take experience, help, and patience. The advantage of purchasing an existing business is that you won’t start from scratch. This will have taken you almost halfway through the journey to being a successful entrepreneur. It is estimated that in every year over half a million business change hands; the number is expected to soil since more and more people are willing to sell their businesses due to hard financial times being experienced. Below are ten things that you should consider before buying a business.

Know your employees

Before signing that purchase document, always know your employees. Make sure they are willing to stick around once you buy it. Why? Well, your employees are usually there most of the time, and during that period they have built a good rapport with your customers, so you need them around. Most sellers never notify their employees that they are selling the restaurant, so be sure to include a clause stipulating that the seller has to inform the employees of the purchase within 48 hours of closing. It should consist of another term that requires the buyer to meet up with the employees and weigh their suitability to continue working there after the sale. Lastly, include another provision that allows you to walk away from the purchase in case you are not satisfied with the particular restaurant.

Sales taxes and payrolls

Each state has a specific set of rules and if you decide to buy a business’s assets, inquire if he owes sales taxes or payroll taxes. In case he has employees ask whether he is current on his employment taxes – if he is up to date, then as the state’s tax body to issue you with a clearance letter. Failure to this the state can come for you if they discovered that you are behind in your taxes.

Negotiate a letter of intent

This is a letter that stipulates all necessary agreements, usually a two to a three-page document. In this letter, you should include the purchase price, when and how you pay the price. Also, it should include the assets your seller wishes to keep and those he hopes to sell. Letters of intent are not fully binding but filling in all the technical agreements is important, this is because they will serve as drafts that lawyers will use when typing a purchase and sales agreement for the restaurant.

Buy the assets and not the restaurant

In case the seller is an LLC or a corporation, don’t buy the stocks, instead buy the assets. Why? The first reason is that in case he is being sued or has debts you will be covered from those legal responsibilities. Lastly, you will have a friendly tax treatment because your tax will be based on what you bought the assets for and not what your seller paid.

Understand why the restaurant is for sale

When you want to buy an existing restaurant, it is crucial to understand why the restaurant is up for sale. Though, it is a bit skeptical to inquire why but it should be a red sign when a seller fails to give a compelling reason as to why his business is for sale. This is because most people have been through gruesome battles to keep their businesses afloat. They are emotionally connected, so it is only fair to understand why? Additionally, ask neighbors and employees, if their answers conflict then that’s a red sign.

Do you have an exit strategy?

This should be a factor that you should have in mind before signing a purchase agreement. The world of business is brutal and before making it through you will have to keep digging in your pocket. Due to unforeseen circumstances sometimes, you can’t make it through, so always have an exit strategy, and if your business has some partners make sure you have a buy and sell agreement in place.

Restaurant contracts and leases

The fun part of when you buy an existing restaurant is that it comes with all documents. It is important though to keep an eye on the business contracts and leases. For instance, if over 80% of your revenues come from one client, think twice, what would happen if he walked out?

Agree on an indemnity with the seller

Even if you hired great business advisors, sometimes things slip up, and you may end up being sued for something your seller did. It is prudent to ask for an indemnity from the seller, where he promises to pay all legal fees and defend the suit in case of such a scenario. Furthermore, in case you should also give your seller an indemnity in case you get sued after the close of the restaurant.

Conclusion

When you buy an existing restaurant it will save you time and heartache, but before buying what should, you consider? It is important to know why the restaurant is up for sale. This will allow you to plan for any skeletons that you had not foreseen.

Buy an Existing Restaurant