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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

How to buy a business with a business broker assistance

HOW TO BUY A BUSINESS

Start from scratch or find how to buy a business

When people want to start a business, they have to begin from scratch, from developing the business idea and building up the company. But there can be problems beginning from the scratch and some distinct disadvantages such as difficulties in marketing the new business, challenges in building a customer base as well as hiring. Establishing cash flow can also be a problem for a person who is just starting the business. When you decide to buy, it is less risky. When you buy a business in Florida, you take over a business operation that is already done by another person. You get a business with a good reputation, established customer base, and employees who are already acquainted to the business. What are the best strategies on how to buy a business?

It can be costlier to buy a business than starting a new one, but it may be worth it since you are likely to get legal rights that include copyrights and patents. You also have access to business SBA loans. Of course, you’ll need to be careful so that you don’t get stuck with outdated distribution methods, less cooperative employees, or obsolete inventory.

When you search business for sale you should be specific. For instance, when searching businesses for sale Florida, you can specify the business by searching to buy restaurants or businesses for investor visas. Think hard of the business you are interested in and the business you may be more familiar with. You also have to consider your experience in that particular business, the size of the company, location, number of employees, as well as sales.

Using a business broker assistance

Most brokers can be a great help to business buyers, especially for people who want to buy a business for the first time. Here are the ways brokers can offer assistance to you as a buyer:

  1. Help you pinpoint your interest- brokers will help you to find what you are interested in and businesses that match your skills. Using a broker may help you figure out that an industry you have never considered would be best for you. In fact, finding a business has a lot to do with personalities. If you are great at sales, then you should be looking for a business that is lacking a good salesperson.
  2. Negotiating and assisting with paperwork- brokers help both parties to reach an agreement but more importantly, they understand the process involved in transferring the business from the seller to the business buyer. The business buying process can be complicated at times and its good to use an experienced business broker to make sure things go smoothly.

Verify a business value

One important thing to keep in mind when researching how to buy a business is that during the business purchase process, you will have a period of time to do your due diligence. This includes things like examining the company’s balance sheet, cash flow statements, tax returns, income statements, contracts, and future expected earnings. Many business buyers will use an accountant to assist with this process.

Here are the things to consider when verifying business value before you decide to buy it:

Inventory

These are all the products and materials for use in servicing clients. You should be present during the examination of the inventory to know the status of the inventory, what amount of inventory is available at the moment and what amount will be available when the financial year ends. For example, you have decided to buy gas station; you should know the average monthly inventory necessary to maintain the sales, compared to the existing inventory. You’ll need to make sure the two figures are adjusted at closing, so you are only paying for what is there.

Furniture, Fixtures, and Equipment

The seller should give you a list of the equipment as well as an estimated market value. You should to know if they are in proper condition, and all the costs the owner has incurred in maintaining the facilities. If you have decided to buy a Restaurant, then check that all of the facilities are in acceptable condition, check the kitchen facilities, bar, tables and chairs, toilets and all other facilities.

Copies of all documents and contracts

Contracts include all the vendors agreements, client contracts, employment and union contracts. Evaluate all the details on the documents and make sure they are correct. You can also have an attorney or an accountant go through the documents to give you a better idea of the specifics. A more detailed list of documents and pre-closing matters are as follows:

• Tax returns
• Financial statements
• Sales records
• A complete list of liabilities
• All accounts payable
• Debt disclosure
• Merchandise returns
• Customer patterns
• Marketing strategies and advertising costs
• Industry and market history
• Location and market area
• The reputation of the business
• Insurance
• A current employees list and organization chart

Mistakes to avoid when buying a business.

Try not to be anxious when you want to buy a business. It may end up having a negative effect on your ability to evaluate everything fairly. Looking on all the steps on how to buy a business, an anxious buyer will have trouble pulling the trigger and entering into a contract. This is referred to as buyer’s remorse and it is common in first time buyers. Many business buyers wind up missing the best opportunities because they are too afraid to enter into a contract of sale. You may never wind up buying a business if this is where you stand. You should know that you will have time to do your due diligence after the contract is signed.

The other mistake to avoid is to not try to expand a business before you learn it. Buy a business, run that business the same way the seller did for at least six months and then slowly make changes. If you go in and make changes on day one, your clients may be unhappy, your employees may be unhappy, and you may damage the business. Keep things simple and easy for everybody at first. Once the transition is over, then you can slowly customize the business to your needs. This is why it is so important to know how to buy a business.

How to buy a business

Blog articles for business buyers

Blog articles for business buyers

Blog articles for business buyers

Business buyers in Florida

Are you one of the business buyers? Are you considering owning your own business, especially buying a business in Florida? Have you always dreamed of owning your own beauty salon, hotel, restaurant, laundromat, coin laundry, or even thought about buy gas station? We like to think of a someone who owns their own business as someone who finally achieves that ultimate dream. Let’s face it no matter how hard you try in the Florida you might not make it as a millionaire overnight.

However, there are so many dreamers out there in the world that not just work hard but are smart about it and own their own business. When someone buys a business millions of dollars could potentially be made. It seems like more and more people are now disliking work at their jobs more so now than ever. When someone buys a business, they are ultimately giving themselves not just independence from their job, but also financial freedom.

For those who have or are thinking about a new business especially around South Florida it is important to know what they need to get started in this process. For example, any business for sale could be worth a million dollars or nothing in the end. As a business owner anything is possible as long as you are willing to put in the effort to grow the business.

Options for business buyers

In Florida there are many options for business buyers. You should start by searching businesses for sale in any category you decide such as construction businesses or restaurants for sale but don’t be afraid to call your business broker and ask for assistance because you won’t always qualify to buy any business for sale.

Besides keeping an eye on all of the businesses on the market, a good business broker will also assist you when it comes to discussing the steps involved in buying a business. You may need a business SBA loan, or a business visa and your business broker can also help you here.

So, what is holding you back.? Is it finances, or have you not had the time to buy a business in Florida? Whatever the case may be, the best way is to jump right in and call a business broker to get your business search started. Your multi-million dollar dream is just a phone call away!

Blog articles for business buyers