Archive for the ‘buy a florida business’ Category

Baby Boomers Dilemma-Buying a Business at your Age?

May 11, 2017

Baby Boomers Dilemma-Buying a Business at your Age?

As a card carrying member of the Boomer generation and a South Florida Business Broker  I hear the stories of why business owners are selling their Florida businesses. Perhaps even more interesting is why so many Boomers are interested in Buying a Florida Business at this stage of their life.

Search Florida Businesses for Sale

This is because many Baby Boomers in Florida are too young to retire, and are facing age discrimination in the corporate world.  What is a better way to use your years of experience in the corporate world than to leverage your strengths  and buy a business in Florida?

An interesting tidbit is that those in the age group between 55-64 years of age form businesses at a higher rate than any other age group. Many people in this group have substantial retirement accounts but  realize that starting to use these funds too early makes retirement a tradeoff of trying to live life on a fixed and limited income.

Many people are realizing the cost of living in many places in the country does not enable a lifestyle that is conducive to quality of life that you have work so hard to achieve and why Florida has become a leading choice for those seeking a lifestyle change.

As a Boca Raton Business Broker I am primarily involved with South Florida businesses for sale which includes business listings in Palm Beach, Broward, and Dade Counties. However, my membership in the Business Brokers of Florida (BBF) gives me an opportunity to find businesses for sale throughout Florida.

Many people I have spoken with are not certain which type of business makes the most  sense for them which has prompted me to create a questionnaire to help narrow down the choices. If you have an interest in receiving a copy of this document send me an email

edwardsklar@southfloridaforme.com  and I will be pleased to send it to you.

Many of the businesses we have available offer owner financing, but please visit this link if you want to know:

How much of a Loan can I Qualify for?

Please think about how secure you will feel in buying a business with established cash flow where your expertise can bring it to another level. All of our clients receive an opportunity to work with our team of professionals for assistance in areas such as legal, accounting, marketing, sales, and business planning.

Financing a Business Acquisition in Florida

April 8, 2017

The Florida Business Brokers  team are members of the Business Brokers of Florida, and provide a concierge approach to helping buyers evaluate the appropriate business to meet their requirements. 

One of the questions we hear most often is how can I finance the business I am interested in?

We have compiled a list of resources for you to begin exploring, and have several lenders available who have been successful in obtaining loans for viable businesses.

One of more popular loans is those guaranteed by the SBA. Please follow this link to view a quick video showing the highlights of this program.

https://www.sba.gov/videos/sba-loans-explained

The State of Florida offers many types of financing:

Florida Development Finance Corporation (FDFC)
State Small Business Credit Initiative (SSBCI)
Enterprise Florida, Inc.’s (EFI) Minority & Small Business, Entrepreneurship and Capital (MaSBEC) division partners with outside organizations to provide small, minority and entrepreneurial companies with training, development and financing options. EFI has an extensive network of state, federal and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation.
Capital Programs
EFI facilitates the following capital programs that match qualifying small businesses with lenders that can provide financial assistance and lines of credit:
Small Business Loan Support Program
EFI’s State Small Business Credit Initiative (SSBCI) and Microfinance Guarantee programs are designed to assist small businesses in obtaining loan approvals and leverage private capital for use in startup costs, working capital, business procurement, franchise fees, equipment, inventory, or the purchase of owner‐occupied commercial real estate. The program provides a lender with the necessary security, in the form of a partial guarantee, for the lender to approve a loan or line-of-credit.
Bond Financing
The EFI‐managed Florida Development Finance Corporation (FDFC) was created to be a conduit issuer (not direct issuer) of industrial revenue bonds (IRBs) for small manufacturers and 501(c)3 organizations. The advantage of IRBs is the potential to provide borrowers significant interest and state tax savings. IRB proceeds may be used for capital expenditures only, such as the purchase of land, new long‐term equipment, and building construction/renovations.
Venture Capital Program
The EFI‐sponsored Florida Opportunity Fund provides venture capital for start-up and early-stage businesses. State Venture Capital Programs often take one of two forms: a state-run venture capital fund (which may include other private investors) that invests directly in businesses; or a fund of funds, which is a fund that invests in other venture capital funds that in turn invest in individual businesses. Many factors, particularly resources and available talent, inform a state’s decision on which form to choose.
Phase 0 Program
EFI’s SBIR/STTR Phase 0 Program helps Florida’s small businesses improve their chances of submitting a successful Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase 1 proposal for federal research and development funds. Eligible expenses include market research, technology consulting services, grant writing assistance, related travel and legal/accounting fees.
Minority Business Development
EFI has endeavored to support existing minority development efforts by partnering with established outside organizations to provide small, minority and entrepreneurial companies with training, development and financing options. EFI has an extensive network of state, federal and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation. Specifically, a Group of 6 or “G6” partners have been vital to a successful outreach and communication in this area. Our G6 partners include:
The Florida Advisory Council on Small and Minority Business Development
The Florida Association of Minority Business Enterprise Officials
The Florida Consortium of Black Business
The Hispanic Business Initiative Fund

 

Please find much more info on funding and special situations such as businesses likely to secure a visa, businesses for veterans, etc..

If you are interested in finding a business for sale in Florida contact me:

edwardsklar@southfloridaforme.com

 

www.southfloridaforme.com

 

Why Gamble on Buying a Business?

December 28, 2016

Gambling on Business

Every business broker has had the experience of being contacted by a potential client who states very simply that they want to buy a Business or Franchise. How many of these conversations make it abundantly clear that they have misconceptions as well as no clear understanding of what type of business is suitable for their skill set and level of experience? The most common misconception that we encounter at www.southfloridaforme.com is the almost religious belief that buying a Business or Franchise is an automatic recipe for success. From there the conversation can reveal an unrealistic assessment of the skills necessary for success and the fact that the necessary skill set may vary greatly with the type of business. What to do? We have a buyer standing in front of us looking for guidance and sound advice in the decision to buy a Florida Business. Here is what we do:

We have developed a very straightforward and user friendly questionnaire that we insist that the client fill out. I ask them to include in the process any and all decision makers who will be part of the process of selecting the most suitable opportunity. I want to know how they feel about risk and debt. I want them to consider in advance how much they are willing to work so that they have a realistic expectation and choose a field that conforms to their expectation. We know there are businesses that are pretty much 40 hours, no weekends, etc. and others that will suck every hour of wakefulness out of you. We know the level of profit to expect and how that relates to the workload. They may have no idea about these things. By the time they finish filling out my questionnaire they will have considered and discussed most all of the most important factors that they should consider before rather than after they have started making any decisions. By going through their answers together we can develop a set of criteria to aim to satisfy.

Next comes the part of the questionnaire that deals with identifying their personal skill set(s). The goal is to address how any deficits in skill or experience can be compensated for or outsourced. The true talents, experience level, and skills that the client brings to the potential new business can now bring the conversation to the next step in the process.

Now I want to identify Business opportunities that meet the criteria we have developed. The last step is to compare what we have found to a non-franchise business opportunity in the same area, business category, and other criteria we have developed. It may just be that after a thoughtful conversation that our client can see that they are more suited for an existing business that is for sale. At least now we can have that conversation and truly deliver the guidance and sound advice that was their reason for contacting us in the first place.

If you would like to see this questionnaire please request so by emailing us at edwardsklar@southfloridaforme.com