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Best Type of Business to Buy

We are often asked, “What is the best business to buy?”  It is a good question.  After all, as Orlando business brokers we see all different types of businesses.  So it makes sense to think that there has to be types of businesses better than other types of businesses.

Of course, some businesses are better than other businesses.  But really, there is not a type of business that is better than another business type.

There are better types of businesses for a particular buyer though.  The first step to buying a Florida business is obviously to identify what types of businesses are best for you.

Filling out a Buyer’s Business Wants and Needs and the Buyer’s Profile forms will help you narrow down what businesses you may want to search for.  These forms are also imperative if you want a Orlando Florida Business Broker to assist you with the purchasing of buying an Orlando Florida business.

Assess Yourself

Start the process by making a list of (and be honest with yourself) your strengths and weaknesses.  You need to look at your professional/career experience and acquire a business that best suits your particular experience.

Also examine your personal interests and hobbies.   Transforming a passion you have about an interest or hobby into your business is fantastic.  Owning a business becomes a way of life, so regardless of what business you acquire, you should have a passion for it.

For the best success, simply look for a business that you have experience and knowledge about and one that you have an interest in.

What You Want Personally

Think about what you want from being a business owner.  Do you want a business that you will devote lots of time to make it grow and expand, or are you looking for a business that gives you more personal freedom?

Are weekends/holidays important for your family life?  Do you feel comfortable and have the ability to manage large numbers of people or do you want to manage a few (or none at all)?

Independent vs. Franchises Businesses

Are you looking for an independent business or a franchise? Both have their pro’s and cons.  We suggest you read our article about whether an independent or a franchise is better for you.

Standard of Living

How much money do you need to make from a business in order to maintain your current living standards?

As you look at Florida businesses for sale, you will see terms such as Adjusted Net, Cash Flow or Owner’s Benefit.  This is basically the money that a seller states that a new buyer should make if the new owner operates the business the same at the Seller and had operated the business during the same time period that the adjusted net was figured out for.

Keep in mind that the adjusted net is usually figured out without financing for the purchase of the business.  If you will be doing financing through a SBA program, bank or will be having owner financing, you will need to subtract the loan payments from the adjusted net in order to determine is a business you want to purchase will still be able to support your current living standard.  A mortgage calculator can help you determine your payments.

Geographical Area

If you currently have a primary house in Florida, have a spouse who has a career and kids enrolled in schools, you are probably locked into a certain geographical area that you can buy a Florida business.

If you are not currently living in Florida, you probably have a larger geographical area that you can search into buying a Florida business.

Determine what areas of Florida you would be interested in buying a business.  By knowing what Florida counties that you would be interested in buying a business in, will be extremely helpful since most businesses for sale websites allow you to search by Florida counties.

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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