How to Buy a Business
Search for a Florida Business for sale
10 years ago, the best way to find a business, besides working directly with a broker, was to find it in your local Sunday paper. With the advent of the internet, there are several websites where you can find Tampa Bay businesses for sale in Florida. BUT be aware of the Important Note below
Three of the most popular sites are:
There is something you need to know about looking for businesses for sale in Florida on the internet.
Get your own broker acting as a “buyers broker” to represent only you!
Florida real estate law says a listing broker is suppose to represent both parties – buyer and seller – Do you see a possible conflict? You must have a business broker only representing you.
Here’s what you need to know:
Any ad you find on the internet will be represented by the listing broker, who paid for the ad, and if contacted will require a buyer to sign off on an NDA (non-disclosure agreement) before he will release any information about the business. Although the main purpose of an NDA is to stress confidentiality regarding any information supplied by the broker – the second thing it does is register you as his buyer.
That’s not good for you.
You have the right to select a broker to represent you exclusively as a buyer’s broker.
If I’ve made my case and you’d like me to represent you as your buyer’s broker, here’s a list of what to do when you’ve found a business for sale on the internet.
Gather the information about the business from the ad – to include:
- Name of the website (bizbuysell.com)
- Type of business (i.e. Pizza place, auto shop, florist etc.)
- Asking price
- Listing broker’s phone number ( usually provided – do not email him )
- Location (generally identified by town/county)
- Ad number – (will identify the ad)
Be Aware- some sneaky brokers will only allow you to contact them via email – if they don’t provide their name and phone number – simply identify the ad with the information from the above list and I will contact them in your behalf. If you email them – it registers you as their buyer – preventing me from working on your behalf.
Many a buyer has been dissatisfied with a listing broker when they felt there was a conflict of interest. Don’t let that happen to you….get your own Business Broker!
There are 8 good reasons for getting your own Business Broker:
- I will get you a better price than you can get on your own.
- I can find a business that qualifies for seller financing.
- I can find a business that qualifies for SBA financing.
- I can usually convince listing broker to secure seller financing even when seller wants all cash.
- I will be able to get more information than you can on your own.
- I will be able to negotiate better terms than you can.
- I will protect you during due diligence.
- I will represent you at the closing.
- My services are FREE – the seller pays all broker fees!