407-869-6446 – Licensed Real Estate Broker
Why should I buy an Orlando business rather than start one?
The failure rate in small business is enormous in the start-up phase and the first three years. The existing business has demonstrated that there is a need for that product or service in a particular location. Financial records are available along with other information on the business. Most sellers will stay and train a new owner and most will also supply financing. Finding someone who will teach you the intricacies of running a business and who is also willing to finance the sale can make all the difference.
What is the real reason people go into business for themselves?
Most surveys taken reveal the same responses, in almost the same order of priority. Here are the results of a typical survey, listed in order of importance:
1. To better my life and control my own destiny.
2. Don’t want to work for someone else.
3. To better utilize my skills.
4. To make money.
5. Immigration regulations require the purchase of a business to receive residency status in the United States.
Why should I go to a Business Broker?
Selecting the right, experienced broker for YOU is of utmost importance. Your broker will carefully study your strengths and shortcomings, experience, needs, likes and dislikes and will provide you with a selection of different and, in many cases, unique businesses, including many that you would not be able to find on your own, that better suit you.
Business brokers are also an excellent source of information about businesses and the business buying process. They are familiar with the market and can advise you about trends, pricing and what is happening locally. Your business broker will handle all of the details of the business sale and will do everything possible to guide you in the right direction, including, if necessary, consulting with other professionals who may be able to assist you.
How are businesses priced?
Although supply and demand will ultimately effect the price of a business, there are “rules of thumb” or formulas used to arrive at the proper market value. Your business broker will explain that a review of financial information will be necessary before a price or range of prices may be suggested. Most sellers have some idea about what their business should sell for – and this is certainly taken into consideration. However, the business broker is familiar with market considerations and, by reviewing the financial information, can make a recommendation of what he or she feels the market will dictate. A range is normally set with a high and low price.
Since a large number of business sales are seller-financed, the down payment and terms of the sale are very important. In some cases, how the sale of the business is structured is more important than the actual selling price.
What does it take to be successful?
Certainly, you need adequate capital to buy the business and to make the improvements you want, along with maintaining some reserves. You need to be willing to work hard and, in many cases, put in long hours. Too many people believe they can buy a business and sit behind their desk and work on business plans. Business owners must be “doers.”
What happens when I find a business I want to buy?
When you find a business, your business broker will be able to answer many of your questions immediately or will research them for you. Once you get your preliminary questions answered, the typical next steps that your broker will guide you through are:
1. Submit an offer
2. Receipt of seller’s acceptance or counter offer
3. Negotiations to firm a contract for sale & purchase
4. Recommend professionals to assist you performing your “due diligence”
5. Preparing documentation for the proper lease assignment for the premises, when applicable
6. Organize preparation of closing documents
7. Review of closing documents
8. Closing the transaction
What area do you support for me and why?
We handle businesses anywhere in the state of Florida with particular emphasis on Central Florida, Orlando and surrounding area. This area has absolutely ideal climate conditions, tax advantages, low crime and affordable housing. This is one of the fastest growing areas in the United States. The future for small business activity in this area is exceptional.
Florida Businesses for sale – click here
