Tag Archives: sell a business florida

Business Succession

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Last week I was asked to speak at a small business seminar on business succession as it relates to selling a business here in Florida.  Succession planning in general  is the process of preparing to hand over control of the business to others. Very often family may be part of succession planning and while most businesses do not have any plans for business succession, those that do, fall short in the planning and communication of those plans. So you are working hard on your business now, what is your plan?

  • Build up  your business to a nice size and sell your business for great financial gain?
  • Pass your business on to your kids
  • Arrange an LBO for key employees
  • Work your butt off, make enough money to pay your bills and do this til you are no longer on this earth.
  • other

Business SuccessWe are all busy running and or growing our businesses, but last week  a few business owner did consider this issue important enough to take a few hours out of their day to attend this workshop and  begin understanding the process.

Presenting at this workshop were an Attorney, a CPA, an insurance provider, and myself.  This seminar was attended by local small business owners seeking knowledge on this topic.  What I found most interesting was that the Attorney, CPA, and I spoke on many of the same issue regarding selling your business  We all spoke for about 1/2 an hour and didn’t coordinate on what we would speak on.  While we touched on the the different aspects surrounding business succession,  I found we spoke on many of the same points, but due to our professions we spoke on those point from varying perspective.

When discussing seller financing for your business, the attorney spoke of the need for extreme caution when setting up seller financing, and additional care extended when family or fiends involved.  The CPA spoke to the proper records to be kept to document what you have and be able to show what you had in the way of your companies performance.  My discussion regarding seller financing  addressed the prevalence of seller financing in the marketplace and the need to be able to offer it to help make a deal happen in to days tight credit market.

What Your Business Success Relies On?

A few key points from this workshop:

  1. Most businesses do not have a succession plan.
  2. Planning is the most important first step.
  3. Seller financing can help facilitate a deal but one must do proper due diligence.
  4. Relying on your business as your only source of retirement funds is dangerous and mis guided.
  5. When doing your annual reviews of company numbers or tax preparation, use that as a good time to look at other matters as it relates to your biger picture

My suggestion is between handling your accounts receivables, accounts pay ables, other office paperwork, social networking, working with clients, and  returning phone calls/emails, take a moment to consider what your exit plan may be.  Even if you just give the subject a few moments of thought, you may find yourself ahead of most or your peers and fellow business owners.

Also, the Internet is a great source of information on business succession and other business matters, but also keep your eyes open for the various seminars, workshops, and expos that may be in your area.  They are not only a great source of knowledge, but also a great opportunity for the “other type” of social networking.

“Earn $10,000 per Month Working just 2 Hours per Day!? “

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“Earn $10,000 Per Month Working just 2 Hours per Week”… “Lose 10 pounds per day by just Sitting on Your Sofa”… “Take this Pill and all Women will Love You”…

Eye catching titles intending to entice one to read your message. Many of us use the Internet to further our knowledge and educate ourselves on our areas of interest.

I am in the business of helping people buy businesses and sell businesses. I also do get involved with business consulting to both startups and small businesses. The above headings are written to get our attention and get us to read.

Is It True Or Just A Marketing Trick?

Does one think that you can get rich just working a couple hours per week? Lose weight by laying on the sofa? I dont think we really  believe it to be probable – maybe we think it to be remotely possible, and just that sliver of hope warrants us to spend our valuable time to read.

Optimism is a wonderful trait-when tempered. Kind of like the optimist that falls off a 90 story building and while falling past the 50th floor says to himself – “so far so good.”

Small business is of great interest to me, and I have various sources of information that I tend to follow. I write for a website that reaches many entrepreneurs, aspiring business owners and current business owners searching for both information and opportunities.  On my own website, I list 1000 plus businesses for sale from Florida and around the United States.  Within these businesses for sale certainly exist tremendous opportunity for those willing to put in the necessary risk and hard work.

And yes one buying one of the many businesses for sale  you can earn $10,000 per month only working a couple hours per week…. But that may occur only after 10 years of working 14 hours day, initially struggling to pay the bills, and dealing with daily dealing with setbacks, and disappointment.

Yes, maybe after you have exercised a)  a good business plan, in b)  a good industry and c) are well funded and d)  properly timed your venture you could earn that money – i.e. One could find quality people to help one execute a solid business plan for a well funded Typewriter Company…. But success would be unlikely – the same above scenario, executed 40 years ago may have proved successful. The timing for a typewriter company has come and gone.

There are people that “hit a homerun” and reach significant financial success with apparent little effort in a short period of time and capitalized on a new idea as the typewriter people may have several years ago.  But I think for every one of those success stories there are the 10,000 others that reach success through long term hard work.

Start Your Business

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A person may start a business or buy a business and sell it next year for rich rewards. But, I am convinced that most financially independent success stories are the result of hard work over an extended period of time. And for me much of the good valuable advise I have attained throughout the years came through extended conversations, and trial and error – It does not come through short cryptic eye catching statements.

As a writer of a blog based on my experience as a business owner directly involved with several business acquisition,  I contemplate the question of writing what I think readers may want to read or the information that I think small business owners and aspiring entrepreneurs should read. Style or substance – I will tend toward substance knowing I will regularly not catch the eye of the readers looking to “get rich today – retire tomorrow.”

If I write an article about “Why is It Important That A Business Owner Understands His/Hers Balance Sheet,” will it be read? I dont know, but I know it would add value.

Real Business Advises

Some of the advise regarding starting a business, running a business, or buying a business can appear fairly boring and non eye-catching –

  • Do Your Homework
  • Educate Yourself
  • Understand that you will be rarely over-funded
  • Expect to Work Hard (working at “your job” or for others may be hard- but this will probably be harder-maybe more enjoyable, but harder)
  • Expect setbacks and accept it will be up to you to overcome them.

But I do think that readers that are reading small business/entrepreneur blogs, news feeds etc. are taking an important step in educating themselves which is a valuable part of the process of reaching financial independence and or entrepreneurial business success.

More than One Reason to Start or Buy a Business

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How many times do you go to a cocktail party or just hang out with friends and hear things such as “I got this great idea for this new business”, or “Ive got this great idea for this new invention”, or  “If I were the boss and owned this business that I am working at, I would ______________.”   Words are said, heads nod, cocktail parties end and friends go home and nothing happens.

But for some the entrepreneur spirit rises to a greater height than just words, and they are able to turn those words into action.   What is the difference between those at the weekend cocktail party talking about it and the person that wakes up Monday morning and actually pursues it?  Very often, the inspiration to turn words into actions lie in the reasons why one want to pursue this path.  What are the reasons some turn those casual interest into action?

Buy A Business

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As a business broker I have many discussions with individuals that want to buy a business.  The process of buying a business or starting a business both are filled with trepidation, concern, excitement and pursuing of yet to realize results.  One of my functions in working with individuals in the process of buying a business starts with a  simple question – WHY?   Why do you want to buy a business? or in some cases   Why do you want to start a business?   There is a big difference between the person that talks about buying a business or starting a business and one that actually follows through on those aspirations.  And the reason why one wants to start or buy a business can be very different as well.

The below list is certainly not complete but explores some of the reasons one takes the next step.

Why Do You want to Buy a Business or Why do you want to Start a Business?

1. Sometimes its not just about the money, someone has a passion for a field or effort and just wants to immerse self into that field.

2. Others, want to turn filthy rich. Some studies will speak to the high percentage of individuals that gained significant personal wealth through buying a business or starting a business.

3. Someone may just want to have a job to count on.  If you are the boss (of yourself), Who is going to walk into your office and fire you.  No one.  You have control of your job security.  Maybe this venture will turn into more, but at this point, “I just need steady work”.

4. There is a want to start or buy a new business because a person wants out of existing business due to “burnout”, or fatigue and wants to enter a new venture to re-invigorate and try to re-discover the energy that comes along with an entrepreneurial new start.

5. There may be a compelling wish to pursue a new venture that is genuinely making peoples lives better, and a person has a need to fulfill this want of self- fulfillment.

Real Reason For Starting Your Own Business

People who want to be entrepreneurs cite reasons such as satisfying a self-determination, wanting to set their own hours, wanting to be their own boss, and wanting to test themselves, as reasons for starting a new business. But when we get down to it, most people want to start a business to gain financial freedom. Starting or buying a business in the pursue of financial gain and to provide a comfortable existence for self, family or others is a realistic and well-proven approach.  Starting or Buying a business so one can spend more time with family is both mis-guided and unrealistic.

The reasons one does start a business, or buys a business can vary greatly, and the list is longer than outlined above. But there are only 2 types of entrepreneurs or small businessman when it comes to buying a business or starting a business – Those that Do – And Those that Don’t.

Florida Business For sale Buying a Florida Business

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Below please find reason to visit www.sellabusinessflorida.com when pursuing the acquisition or Sale of a Florida Business

Top Reasons To Buy Or Sell A Business Via  www.sellabusinessflorida.com

1) If you are looking for a business broker or more specifically if you are seeking a business broker in south florida, or a SWFL business broker, or are seeking a business broker in fort myers florida, seeking a business broker in Sanibel Florida, or seeking a business broker in Florida to assist in your sale or burchase of your business.

2) If you want to sell your Florida business now, you are considering selling your Florida

Sell A Business

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business, want to discuss planning to sell your business, or are seeking to sell your business in Southwest Florida. Just call for a FREE consultation

3) If you seek a business opportunity in the fort myers florida area, are interested in merger and acquisition in the naples florida area or seek a business opportunity in Florida. If you seek to oursue a merger in Florida pls contact sellabusinessflorida.com.  We work with business buyers throught the United States and Internationally to assist in finding the right Florida Business to buy just click on this link to view over 1000 Florida Businesses For Sale https://www.sellabusinessflorida.com/
florida_business_search.html

4) If you seek to buy a business in Florida, or are looking to buy a Florida business that is in South west Florida, or wanted to buy a business in NaplesFl, or buy a business in fort myers Florida, or buy a business in Tampa Florida please contact us for more information. The above link allows you to search for the business that is right for your needs and situation. Again, just contact us to arrange a free consultatation regarding how to buy a Florida business.

Please find below a partial List of types of florida Businesses For Sale that we work with:

  • Florida Electrical contracting business for sale
  • Florida Retail Businesses for Sale
  • Florida Restuarants for sale
  • Florida Print Companies for Sale
  • Florida HVAC businesses for Sale
  • Florida Computer Companies for sale

3 Small Business Owner Concepts that Sound Unusual.

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  1. My business runs better without me
  2. I’m selling my business after 20 years time to take it easy? No, its time to work hard
  3. When Negotiating- Those who want it less – Wins?

My focus is working with business owners and individuals with the process of buying and selling businesses.  These concepts apply both to the process of buying and selling businesses as well  running a small business.

My Business Can Run Without Me

1.  When starting your business, you are the face of your company, you may be the sole or only interface between you and your customers or clients.  Firstly this approach does limit the amount of growth your company can/may experience.  Secondly if the company is so reliant upon you, What happens to your company if you are gone?  Do your customers buy from you or your company? Are they the same thing. Are you building value in your company?  If you sell your company and you leave, what do you have to sell?  In the beginning of building your business- you are the guy/girl.

This business depends upon you, it relies upon you.  Preparing for the eventual exit of your company your efforts should be towards one of reducing that dependence on you.  So what can you say, or what do you want to be able to say- “this company cannot run without me”. Or “this company runs fine without me”.  Is preparing your business for eventual sale similar to your business plan for future long sustaining growth?  When positioning your business for sale, or just growing your business, work on making the company one that is NOT “All about Me”.

Business Owner

Slacking Off When Trying To Sell Your Business

2.  You started a business and have owned it for 20 years and now want to look to sell it in a year-  What should you do? – Run it like you will own it for the next 20 years.   This is done with certain limitations to capital expenditures, and capital improvements, but speaks more to the mindset needed during this period.  Starting a business, growing it and running it for 20 years and then selling it for significant gain is similar to running a marathon.

Like in a marathon sometimes Small business owners “hit the wall”, are done and just want to exit/finish, sell their business and be done.  But why run hard for 22 miles and then walk the last 2 miles? Finishing strong in a race is always good.  And a small business that “finishes strong” can pay big rewards.  Would you rather buy a business that is trending up or trending down.  Also, if you “start walking” and your business doesn’t sell, what is the state of your business at the end of that walk?

Business Negotiation

3.  Could it be when negotiating- He who wants it LESS wins?   If you are looking at a potential new supplier that is hungry for your business and your present supplier is doing a good job, what is the likelihood of negotiating favorable pricing terms from the new supplier?.  A salesman calls you on the phone and wants to offer you SEO services but  you are currently page 1 on Google Search and getting 4000 hits per day but he is willing to do “what it takes” to get your business-can you negotiate a good deal?

You are looking at buying a business.  Currently you are looking at 3 similar businesses to buy.  2 of those businesses offer great seller financing.  You ask for seller financing from the 3rd, and you are willing to “walk away” if you don`t get your terms.  What is the likelihood of you accomplishing those terms.?  When establishing terms you need are you willing to walk away if you don`t get those terms?   Or put another way, my wife wants to buy a new house, she wants this specific house, so I am assigned to negotiate with the buyer.  Being that “we” really want the house, am I prepared to present conditions that are “deal breakers”.

Am I willing to walk away if I don`t get the $3,000 price reduction -No.  And to those that are married- I need not say more.  In these cases negotiating is very difficult as we are not one that “Wants it Less”.    Actually the “wanting it more” is so great that I feel I exit the world of negotiating and enter the world of hoping…