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Buying a Florida Business Tips: Part 1

As a Buyer you want a quality business.  You want to  know the background information and see financial information on that business.   As a potential Buyer you should realize that the business Seller expects the same.

The Seller of a business wants to know information on you, what your experience is and what your financial status is.  If you are looking to buy a Florida business and you want to be taken more serious among both sellers of businesses and business brokers you should do some prep work.

By demonstrating to a Seller and business broker that you have the experience and have the financial capabilities to operate and purchase the business, you will probably receive more information prior to an offer and will have a better chance of securing financing from the owner.

There are three crucial items that you should prepare for yourself if you are considering purchasing an existing business operation.  All three are confidential in nature.  Only brokers and sellers of the businesses you are requesting information from need to see these items.  Remember, you will be asking for confidential information from the Seller, it’s only fair they see who they are providing it too.

The first is a Buyer Profile.  This is used strictly by your business broker, and is not given to a seller of any businesses.  The Buyer Profile outlines information that will help your business broker find appropriate businesses for sale that suits your capabilities and needs.

The next important document that is needed is either a buyer’s bio or a resume.  You can use either one.

If you use a buyer’s bio, you should type it instead of handwriting it.  It looks more professional.  Just ask yourself, which would you feel more secure about, a description of the Seller’s business that is written or typed?

Even better is to create an actual resume.  It may take a little more time, but it gives a better impression to the Seller.  If you do create a resume, makes sure that you tailor the resume so it is clear that you are a buyer and not a potential job applicant.  This can mainly be achieved by your description at the top under “Objective”.  If you are looking at different types of industries, you may want to have a few resumes each a little different that highlight your strengths for each industry.  This would be no different than adjusting your resumes to reflect your strengths for different jobs you would be applying for.

The buyer’s bio and/or resume are extremely important so you can demonstrate to a seller that you are qualified to operate their business.  If you are considering asking a seller to finance a portion of the sale this is crucial.  A seller is not going to provide financing if he/she does not think you have the experience to run their business.

Lastly and most importantly is your financial net worth statement.  The financial net worth statement outlines your assets and your liabilities.  It will demonstrate to the Seller that you have the financial ability to purchase his/her business or not.

If you want to be taken serious by business sellers and business brokers, having these documents and supplying them at the time you request information on a Florida business for sale, will greatly increase their perspective of you as a serious buyer.

You can now begin the next phase of the process by searching for businesses for sale.

 

 

Jim Parker

James Parker
President/Business Broker
Lic. Real Estate Broker

Dear Fellow Entrepreneur or Aspiring Business Owner:

On behalf of everyone at Boss Group International, I would like to thank you for visiting us. We have provided a wealth of information on our website so you can better understand the process of buying or selling a Florida business.

 

You may want to see what businesses are currently for sale in Florida. We have provided you a direct link to the database of businesses for sale that professional Florida business brokers use to search for their buyers. Please take a look at this incredible database.

 

If you are interested in buying or selling a Florida business, contact us today so we can discuss the possibilities. As professional Florida business brokers, our conversation will remain confidential.

 

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