Locate the Right Business Broker in Florida
Finding the right business broker in Florida to help sell your business is not an easy task. It may even seem overwhelming for the uninitiated business seller who only has experience in dealing with residential real estate agents. The right business broker should be a licensed professional with experience and knowledge of business sales. Many business owner have spent most of their lives building their business, and deserve nothing less than the best from their business broker.
Ensure Business Broker is Properly Licensed in Florida
- The first step to find the right business broker in Florida is to check with the Florida Department of Business and Professional Regulations (DBPR) online in order to view the broker’s current license.
- One may go to the online portal and review the individual license and company license of the purported business broker.
- This will allow the user to see the current licenses and whether there has been any disciplinary action taken against the individual broker or the broker’s company.
- Some people also get confused as to the license (if any) that is needed in Florida in order to sell businesses.
- Individuals who act as brokers and sell businesses in Florida must have valid real estate licenses.
- The licenses are identical in form and manner to the real estate licenses required of realtors when selling commercial or residential property.
View the Business Broker’s Current Listings for Sale
Any reputable business broker in Florida will have a website that describes themselves and what businesses they have currently listed. This is a tremendous resource for any seller that is shopping around trying to find the right business broker to list their business. Amazingly enough, many Florida business brokers do not list their own current listings in their website. Instead they simply refer the viewer to a link which shows blind listings from other brokers.
Confirm Amount of Business Broker’s Current Listings
A business owner seeking to sell their business by finding the right business broker should view their potential business broker’s current listings. When searching online though, one must be aware that many brokers do not actually their own listings. This type of misleading self-advertisement does a great disservice because the viewer should be made aware of which listings actually belong to the broker. Any reputable business broker will have their own current listings in their website, and should have at least a dozen current listings if they are a full time business broker.
Listings Should be Confidentially Advertised and Professionally Written
Viewing the current listings will allow one to see whether (and how) the business broker is advertising the business confidentially without publicly disclosing the name of the business or the specific location of the business. Additionally, the listings should not have any pictures that enables the viewer to determine what business is actually being sold. Moreover, the listing should be professionally written with little hyperbole (this does not impress serious buyers). The advertisement should be coherent, concise, grammatically correct, and accurately describe the business while still protecting its confidentiality.
Receive A Free Business Evaluation from Business Brokers in Florida
The only true way to gauge the experience and knowledge of a business broker in Florida is to sit down and talk with him or her about your business. The purpose of this discussion – or business evaluation – is to determine the best asking price for your business. There should be no charge for this discussion to take place, as a trustworthy business broker only expects to get paid if there is a successful sale of the business. The meeting should also occur in a confidential setting and conducted confidentially so that the seller is free to discuss the business without fear of any adverse consequences.
Ask the Business Broker If They Have Sold Businesses Like Yours in Florida
During the free business evaluation, the business broker should explain how exactly they determined the suggested asking price for the business. The business broker in Florida should be able to refer to previously sold similar businesses similar as a starting point. Further, the business broker in Florida should also anticipate many questions and issues that a prospective purchaser of the business will have. These matters should all be addressed during the free business evaluation.
Example: Selling A Healthcare Business in Florida
- Let us assume that Jack is selling his home healthcare business in Florida and is searching for the right Florida business broker.
- Eventually Jack sets up multiple business evaluation meetings with multiple business brokers.
- Rather than simply picking the business broker who tells Jack the highest suggested asking price for his home healthcare company, Jack should pay close attention to how exactly the business broker arrived at their suggested asking price.
- Coherent logic, data based on industry experience, and an explanation of the valuation methodology employed must be discussed in order for Jack to understand if the asking price makes sense.
- Moreover, Jack should be on the lookout for the business broker who – during the course of the business evaluation – shows knowledge of the home healthcare industry by discussing the complicated and lengthy licensure transfer process that inevitably occurs when selling healthcare companies in Florida.
- If the other business brokers do not mention this critical issue, then it is unlikely that they will anticipate how the licensing issue may adversely affect the transaction if it is not known and addressed ahead of time.
- It also demonstrates a lack of experience in selling home healthcare companies.
Finding the right Florida Business Broker may be easier said than done as it does involve some legwork and research on the part of the business seller. In the end, it is well worth the time spent in order to protect your business and receive the best purchase price possible.
Give Martin at Five Star Business Brokers of Palm Beach County a call today for a FREE evaluation of your business.