Have you had ‘the talk’ with your significant other? – Have you discussed your thoughts, ideas with your significant other? Does buying a Jacksonville Florida business mean a relocate? If so how does that affect those most important around you? I started and owned and sold my own business and to say that about making either of these decisions without my wife is unthinkable. I work with a great deal of potential business sellers, and when I ask Business Owner if he had talked with his wife about Selling his Jacksonville business, and he said ‘not yet ‘, I knew we still has further steps to take.
Consider your capabilities. What are your realistic financial means to purchase a business. Do you need a firm that offers Seller financing or do you intend to seek financing from a bank or other? What is both your true skill set and what kind of businesses do you possess an interest in. And, do you get the financial capabilities to buy such a business, and or or their technical or license requirements that could me met by you. Visit this blog to read a related blog post; here is the full article.
Recently I engaged in a conversation with a business owner looking to sell his Jacksonville Florida business-the owner told me he would very much like to sell his Jacksonville Florida business and start a new somewhat unrelated business if he could get the right price for his business. I then asked what he felt may be the right price and he followed up with’ I do not know’.
Jacksonville Florida Overload?
The ‘right price’ may not equal to the firm value, or the price a qualified interested buyer is willing to pay. Click the following link; http://healthybarny.livejournal.com/8516.html.
The right price needs to resemble actual business value, for an actual transaction to be consummated. If the ‘right price’ is actually 2-3 times what estimated value of the firm is, it is probably best for all the parties concerned to spend their time elsewhere.
From my personal experience of business ownership, I think yes most Jacksonville Florida businesses are for sale if the ‘price is right’. But not all businesses. While owning my previous cases in the 10th year I had gotten a significant offer for the business. However, I had long terms plans and aspirations for the business. At that point in time I had made several acquisitions and made several other offers on other related businesses and was comfortable with valuations, synergy calculations, and felt I knew what the worth of my business was.
In my situation I consulted with my ‘trusted advisers’ around me my CPA, my attorney, my wife. Yet ultimately the decision was mine. My CPA did tell me something that strongly influenced that decision. He had told me’ You, ll know when you’re ready’. It was a great price great offer. However, I wasn’t ready and ultimately sold my business 10 years later and got fair value for the business. So is every Jacksonville Florida business for sale if the ‘right price’ comes along. I think that most businesses are for sale if the right price comes along, but not all businesses.
Geography-Florida is a big state! Are you looking to buy a company in a certain part of Florida. Florida really has 3-4 different markets which include the Miami Dade area, Southwest Florida (Ft.Myers / Naples area), Tampa area, Central Florida (includes Orlando), Northeast Florida (includes Jacksonville), and the Panhandle area. Are you looking to buy a Jacksonville Florida business or a business anywhere in Florida, or do you wish to be in a certain part of Florida.
Start Looking around. It’s easy from somewhere in the world to jump on the web and search for Florida Businesses For Sale. This is a very easy part of the process. You can search for someone Selling a Jacksonville Florida business, but how do you advance your search from casual looking around to trying to achieve a goal of for example wanting to purchase a business within 6 months. For every hundred of people that ‘look to buy a business’ only a handful actually do. Looking thru websites is generally a free and fairly benign exercise. Engaging with someone that understands the Florida market advances your efforts from ‘looking around’ to trying to fulfill a goal. Contact a business broker and maintain a dialogue and seek out assistance from someone that engages in this process on a periodic basis, and understands the marketplace.
The vetting process. Getting information from the net on businesses for sale can provide certain minimal information. To receive detailed info confidentiality agreements will be signed. Expect information exchange to be a ‘2-way street ‘, you’ll desire information on a business sellers business including financials, history, and company background. A business Seller will require information on you, including your financial capabilities and your background.
Meeting with the Business Seller. A Business buyer can ‘meet’ a business owner via a phone conference call, but a face to face visit with the owner will allow both the prospective business buyer and Business Seller, to either develop a comfort level to move on or move on. A successful meeting could result in a contingent offer being generated/presented.
Generating a business offer to Purchase-After finding the business that meets your requirements, an offer is generated and submitted to the business Seller. At times an LOI (Letter of Intent) may likewise be utilized. The business Seller has the choice to accept, reject or make a counter offer.
If accepted, due diligence is pursued with the goal of satisfying the wants of the business buyer and reaching a business closing date whereas the prospective business buyer achieves the goal of being a business buyer. The steps to buying a business can vary greatly. Having an organized approach and realistic expectations can go a long way in finding and buying the right business.