THE BUYING PROCESS
The first step to the buying process should be to make an appointment with Martin at Five Star Business Brokers of South Florida. Martin will be able to show you all of our current listings, as well as listings from other brokers in the Palm Beach County or South Florida area. There is no better place to buy a business than Five Star Business Brokers.
Be prepared to have an open mind when you buy a business. If, for example, you come from the corporate or sales world, you may not have a specific skill set that is directly transferable to a possible business you may buy. That should not detract you from considering such a business because what usually matters is your ability to learn how to please customers. This is ultimately the same type of skills you learned in the corporate or sales world.
Once you have an idea on the range of industries you are considering, it is best to figure out the price range you will be searching. Sometimes a seller may be willing to hold a Note for some of the purchase price, so that will extend the price range of businesses you may consider. Additionally, you can always seek external financing (usually SBA), but be aware that there are always financing costs involved, and the SBA invariably requires you to personally guarantee the loan. The SBA also often requires you to have direct work experience in the industry which encompasses the business you are buying.
You will need to sign a non-disclosure statement and show proof of qualification in order to seriously consider any business. Martin at Five Star Business Brokers of South Florida can assist you in evaluating the financials and pertinent characteristics of any business. You’ll then need to do your own ‘digging’ into the business such as researching the industry online and the known competitors. Then Martin can assist you in meeting with the seller where you can gain a much keener sense of how the company operates and what you will need to do as the new owner.
When it then comes time to making an offer, going through due diligence, and getting a purchase agreement in place, Martin at Five Star Business Brokers is ready to assist you every step of the way. Your dream of owning a business can become a reality!
Located in Palm Beach County, Florida, Five Star Business Brokers proudly transacts business sales throughout the areas of West Palm Beach, Lake Worth, Palm Beach Gardens, Boca Raton, Jupiter, Delray Beach, Boynton Beach, Wellington, Palm Beach, Royal Palm Beach, and Riviera Beach.