Business Broker Russell Cohen Blog

Need help With Palm Beach Business For Sale?

By lucas | Published: February 20, 2012

The thought of having a Palm Beach business for sale and selling it yourself can be a daunting task. However, in order to get off to a good start a professional business broker will set you in the right direction. A business broker with trustworthy experience in assisting many business owners to sell their companies can be the lucid voice in a successful selling venture. When selling a company, business brokers can assist you to correctly estimate the price of your Palm Beach business. 

Since business brokers understand the needs of buyers, they can provide essential counsel so that you can be attentive to the details that will give your company paramount selling appeal and make it more salable. In addition, business brokers can draw more potential buyers to your business with their extensive contacts and resources.

If you are in the throes of whether it is worth it to use a business broker to assist you with your Palm Beach business for sale, you will find the benefits justifiable. The goal of a business broker is to sell your business in confidence along with its assets, supplies, and real estate in the shortest time achievable, at the most excellent price and terms, and with as little inconvenience as possible. 

To ensure success with your Palm Beach business for sale, there are several steps that will secure a buyer and close the sale for you. Those are:

Business Valuation

Business valuation encompasses the business’s net income including interest expense, salary, depreciation, optional expenses and other personal extras compensated by the business.

Marketing Business For Sale

The marketing strategy must be modified to focus on the strengths of the business and its prospects.

Screening Business Buyers

A bespoke business-marketing package will make sure that your Palm Beach business for sale is offered only to qualified buyers. They must agree to a confidentiality disclosure and demonstrate their capability to purchase your business through delivery of a personal financial statement.

Making the Business Sale

An experienced business broker will organize the transaction from the first contact to the closing of the deal. That includes all scheduling and negotiations, to providing specific services and closing the sale.

For additional information or to contact us click on Palm Beach Business For Sale

 

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How to find Miami Businesses For Sale Opportunities

By lucas | Published: February 10, 2012

Finding Miami businesses for sale can be challenging process that requires diligence and exemplary resources to find the best opportunities available. This means that you must have access to the best information which displays a viable familiarity and area market knowledge.  

Miami Business Brokers

Business brokers usually know the marketplace well enough so that they know the particulars concerning both buying and selling businesses. They are aware of all of the specific opportunities for sale, including turn-keys, franchises, and other types of opportunities.

In addition, the business broker can connect their clients to a great number of other useful resources, such as small business start-up laws and regulatory compliance information. They usually have access to a database that can help find a South Florida and Miami business for sale. Because they also sell businesses, they can also assist with all of the phases of the sales listing to attain the largest possible return on the business investment.

Business Sale Process

Understanding the Florida business for sale process is crucial for any individual or company planning on selling or buying a business. Being aware of what is involved prevents costly and unpleasant surprises and disappointments – most of which can easily be avoided.

The business valuation process is an important aspect of acquiring or selling businesses. For example:

•Using credible and accurate business records or P & L’s is essential, since this usually minimizes taxes, and which represents the biggest component reflecting actual Florida business for sale worth.  

•Refraining from relying upon opinions of accountants and attorneys to determine business value. They are not professional business appraisers, nor do they usually have a close enough relationship with the business. According to the IRS Revenue Ruling 59-60: ”No formula can be devised that will be generally applicable to the multitude of different valuation issues…”  

•Use third-party valuation firms that are accredited in Florida business for sale valuation. They can use databases that includes pricing data on both sold and for-sale businesses.  

•A completed Florida business for sale valuation will provide buyers, sellers and financial investors with an independent market value. This third-party valuation can reduce haggling and provide credibility.

Working with a Florida business for sale broker can assist with ensuring that the business sales process goes smoothly, and that all of the important aspects are covered adequately. Business brokers can assist current and prospective company owners to successfully acquire, expand and then later monetize their companies.

For additional information or to contact Russell Cohen click on Miami Business For Sale

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Miami Business Broker Explains How to Qualify a Business Buyer

By lucas | Published: February 3, 2012

For many business owners, the economic climate, or your own personal reasons can deem it time to sell your company. Regardless of the underlying reasons, it is an entirely reasonable expectation that you reap the rewards of the time, money and sweat invested in your start-up, by getting at least full market value for your business. The decision to sell should immediately be followed up by the realization that you in all likelihood will require a business broker, in order to effectively – as well as efficiently – navigate the many pitfalls inherent in the sale of a business, where the goal of the other side is almost always to get what they can, for as little as they can.

Miami Business Broker Expertise

A Miami business broker has a range of applicable experiences and knowledge when it comes to the hectic scene of Florida-based business sales, acquisitions and mergers. One of the more important considerations starts at the very beginning, before your business is even put up for sale: how much is it worth to potential buyers, in the current economic marketplace. Frankly, your business may either not be worth what you think it should be, and trying to sell it for that much can easily extend the time it is for sale indefinitely. A business broker is intimately aware of techniques that would allow her to gauge the value of your business to the demographic of people likely to buy it, which has the added bonus of finding customers during the process of valuation.

Furthermore, during the process of selling your business, the other aspects of your life will certainly not stop; a business brokers job description often entails keeping up-to-date with the various people involved with all aspects of a sale-interest, and ensuring that proper documentation is made available, etc. When considering the large number of professional contacts any business brokers worth her title has likely built up over the course of her internment or practice, you can see that she will have access to far more beneficial resources than if you choose to take the hectic path alone. These resources aren’t just limited to facilitating the search for clients, but can also aid you in things like financing and technically-dense information about the economic climate with which you may have been unaware. In sum, a business broker’s financial fate is tied to making the best possible sale of your business.

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Selling A Business in South Florida – How a Business Broker Can Help You

By lucas | Published: January 28, 2012

In the world of business there is always a way to move forward. Part of growing a business is having the potential of selling it off at a later date, but selling a business can sometimes be a difficult task. Business brokers can cut through the confusion and help a small business owner garner the best possible price for their business.   Business brokers traditionally help sellers of a business by setting the pricing. With knowledge of the business landscape business brokers can set the going price for the business. They also keep the business confidential, list the business for sale with multiple sales listing services, collect and manage the necessary paperwork and advertise the business for sale.  Aside from that business brokers are available to answer any questions from sellers which take the pressure off the business owner during the selling process.

South Florida Business For Sale

Business Brokers offer business sellers their expertise and knowledge of business selling. While an owner may know how to run their business they are in new territory when dealing with selling a business. Brokers take out all of the guess work, but that guess work comes at a price. Would-be sellers are required to sign a contract with a broker. The broker is given a percentage of the sale proceeds as payment for their services.  The fee can be anywhere from 5%-12% depending on the brokerage used and how much work the brokerage puts into selling the business.

In order to determine if business brokers are a good course of action for your business it is important to consider whether or not you have the time, knowledge and know how to successfully move a business. The price of the business, the value and the market should all come into play when considering whether or not to use a brokerage. A tougher market may make a broker, with his or her knowledge, a necessity if businesses aren’t selling well. Before moving to sell a business with a brokerage considers the pros and cons of dealing with business brokers. Know that a business can take time to sell and the contract the brokers offer will be the most telling sign of your potential success.

For additional information or to contact Russell Cohen click on Selling Business South Florida

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How Business Brokers Help Sell Your Business in South Florida

By lucas | Published: January 23, 2012

Selling your business may seem like a daunting task as there are many crucial factors to consider. The biggest factor would be getting the maximized price for your business and as little problems as possible. Business brokers have extensive experience in these types of sales and would be a good first step.

Business brokers who only represent you, the business owner, is important. The broker will have your best interests in mind. Check what kind of fees are involved and if it’s up-front as opposed to fees based on the sale price upon closing. These brokers have the contacts to market your business to many prospects, so paying the fees may be well worth it, than going it alone. There are pitfalls in finding the right place to advertise your business for a quick and fair priced sale. Much money can be wasted advertising in the wrong places. Brokers have done all this legwork already.

One of the biggest areas for caution when selling a business is qualifying the buyer. If you decide to sell your business on your own and a buyer approaches you, you have to determine if they have the means to actually buy your business. Wasting time with buyers who cannot close the sale means missed opportunities with qualified buyers. Part of business brokers responsibilities are to fully qualify all buyers before you are even involved with them. This saves valuable time and money.

An exit strategy when you are selling your business is an important component of the process. It is advisable to plan this well in advance. There are various exit strategies based on who you are selling to and what you would like to preserve. There are business transfers, selling to family members, preserving wealth within your company for when you sell, just to name a few. Business brokers can best advise you on what exit strategies you should use to maximize your sale price while minimizing costs.

Mergers and acquisitions teams at business brokers firms are trained to match buyers and sellers. Buyers need the skill set to make a business purchase successful. These teams are experts at the matching process for a quick sale. When you are selling your business on your own, you would have a tougher time doing so. Business brokers make this type of matching their expertise and they have databases of fully qualified and researched buyers now at the ready.

For additional information or to contact us click on South Florida Business Broker

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Marketing Your South Florida Business For Sale

By lucas | Published: January 20, 2012

As you consider selling your business, many thoughts are undoubtedly bouncing around in your head.  What is my business worth?  What’s the process of selling it?  How long will it take?  What am I going to do with myself after the sale?  Where are the best business brokers?  The first step in selling your business, one you may have worked the better years of your life building, is to make the decision to sell. 

If you’re certain that selling your business is what you want, begin by being well prepared.  Get all of your financial records in order.  Buyers are certainly going to scrutinize them carefully.  Make that first impression count.  Business brokers will tell you that this is a hugely important component to having a well-marketed business for sale.  Have all the balance sheets, profit and loss statements, tax records, bank statements and other financial records well organized, and be prepared to produce custom reports for potential buyers. 

Next, create your “blind profile.”  This is typically a single page description of your business without any specific information that might reveal its name.  This item should bullet point the best aspects of your business, it’s profitability, and potential for growth.  A more complete and highly detailed description of your business will be made available to serious buyers.  Usually business brokers will aid a seller through this process.

Now that your business financials are highly organized and you have a stunning blind profile along with a comprehensive selling memorandum, it’s time to actually advertise.  Coordinate efforts with business brokers and get the word out.  The internet is probably quickest and most effective media for marketing your business for sale, dollar for dollar especially.  Of the many business brokers out there, they will all agree that you cannot proceed with your marketing without reaching qualified buyers, and there are several highly effective websites that specialize in business sales. 

It’s also very important to scrutinize potential buyers as they scrutinize your business.  Be sure that they are qualified and can complete the sale within the amount of time you and your business brokers have designated.  Don’t waste your time.  And before allowing them too much information about the business, make sure all serious buyers sign a confidentiality agreement.  From there, avoid endless correspondence and negotiations.  Make a deal you’re happy with and sign off. 

For more inforamtion on how we can assist you selling your business click on South Florida Business For Sale

 

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Importance of Terms When Buying or Selling A Business in South Florida

By lucas | Published: January 16, 2012

There are many factors to consider when buying a business or selling a business in South Florida. If you are a sole proprietor (an individual who is the sole owner of a business that is neither a partnership nor a company) can decide to close whenever you please. If you are a business with a partnership, limited liability company (a company whose owners and managers enjoy limited liability and some tax benefits, but avoid restrictions associated with S corporation), or a corporation you and your partners have to dissolve the entity according to your articles of organization.

If you are a Limited Liability Company or corporation and fail to legally dissolve your part you will be liable for taxes and filings. If your business is operating as a sole proprietorship or partnership you may not be required to do this, but it is still a good idea.

To protect your reputation and finances, it is best that you cancel all of your licenses and permits that you will no longer need. A professional business broker can help you with the entire process.

Make sure that all final paychecks are paid to employees by their last day of work. The Worker Adjustment and Retraining Notification Act protects workers, their families, and communities and requires employers with 100 or more employees provide at least 69 calendar days advance written notice of your closing.

If you have employees, you must obligate your payroll tax responsibility or you will risk personal liability. Inform the federal tax agencies that you are closing you business and you will cease to file unemployment returns and an employer’s quarterly tax form.

You should also contact any creditors or lenders to let them know you are closing your business and settle any remaining debt. If you cannot pay off your debts you may have to file bankruptcy. You also want to close out your business bank accounts and cancel all of your businesses credit cards.

You might want to start preparing your current inventory for sale. What inventory you have from your business is a part of your businesses assets. This should be included with the total value of your business.

When closing your business it is probably best that you seek expert advice from lawyers, accountants, business brokers, and the IRS. This is a delicate multi-step process so it best that you do this carefully and wisely.

For additional inforamtion or to contact us to assist you selling your business click on Selling a Business South Florida

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How Long Does It Take to Sell Your Business in South Florida?

By lucas | Published: January 11, 2012

When you’re looking to try to sell your business, there are several things you should consider. It’s not as though you can just sell your business overnight; there are myriad things you should consider. Of course when the urge strikes you though you should come armed with the answers to these questions to see if the act of trying to sell your business is even worth it.

Business Demand

One of the first things which you should have direct access to is what is the demand for your business; right now.  How much money have you been making over recent fiscal quarters? How much of a demand is there for your product or service in the marketplace? How integral are your skill sets to keeping the business running? All things which you should know before you undertake the task of trying to sell your business and a professional business broker can help you with them.

Physical Assets

This is another thing you need to understand; what are your physical assets related back to the business? How much of them are you selling? Are you selling the space where your business takes place? Do you even own the space yet? Answering these questions will help you understand the type of buyer you need to have your eyes on and the level of involvement from the business buyer which will be needed.

Name Your Price

One of the central questions which you as the seller of your business should be aware of is what is your business factually worth? Taking into account all the assets, liabilities, product on hand, product on order, electricity, employees, customer outreach; everything related back to your business that you own or that you have to pay out; all these thing should be considered when you are talking about selling your business.

Going off to sell your business certainly is not for everyone. Often times an owner or founder of a business will hand that down to the next generation before the children decide what to do with the business. Many descendants like the family business and keep it open for years to come. Others will find that the profit margins are too slim or the work is too hard and they will just sell it. If you’re looking to sell your business you should know where you stand on at least these central questions.

For additional question on selling your business and to contact us for questions click on Business Broker South Florida

 

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Transworld Business Advisors names its Top Deal Maker and RC Cup recipient for 2010

By rc-admin | Published: November 29, 2011

Fort Lauderdale, FL – November 29, 2011 – For Immediate Release

Transworld Business Advisors has announced Russell Cohen, Managing Director as its Top Deal Maker companywide and recipient of the RC Cup Award for 2010.

At a company gathering on January 14th in Boca Raton, Cohen was presented the RC Cup Award that is annually presented to the firm’s associate whom completed the most deals.

The award was presented by Andrew Cagnetta, CEO of Transworld Business Advisors. “Russell has raised the bar the number of deals completed by an agent in the industry year after year. The RC cup will forever be something that Russell inspired” stated Cagnetta.

This is Cohen’s 6th consecutive RC award.

Cohen, a ten year veteran of the industry, specializes in the sale of small to mid-sized, privately held businesses though Florida and the US. 

About Transworld Business Advisors

Transworld Business Advisors is the premier business brokerage firm in Florida and now a worldwide franchisor. Established in 1979, the company is headquartered in Fort Lauderdale, FL. with over 30 offices throughout the USA. The company specializes in a wide range of industries including manufacturing, distribution, service, technology, and retail businesses. Currently, the company boasts a staff of 100 agents and more than 1500 business listings, making it one of the largest brokerage firms in the country.

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Selling a Business? A Delay Could Cost You

By lucas | Published: November 22, 2011

Thinking of selling your business? Uncle Sam is offering a big incentive to act fast. As in, by the end of this year. The capital gains tax rate is set to jump from 15 to 20 percent on January 1, 2011. Surprisingly, many owners are unaware of these potential tax increases, and just as many don’t know how it could affect them.
 
Upon the transfer of a business, the owner is faced with a tax bill based on the consideration received. The tax rates applied to the proceeds depend on how the purchase price is allocated amongst a variety of asset classes. The two most common tax rates are ordinary income and long-term capital gains. And with the top ordinary income rates at least double long-term capital gains, sellers are particularly interested in having a majority of the proceeds treated as the latter. In the sale of a business, the portion of the purchase price allocated between these tax rates is driven by what the parties can negotiate, as well as the tax code.

Currently, the largest source of Treasury revenues comes from individual income and employment taxes. Our mounting federal deficit all but assures that increases to the long-term capital gains tax will happen. In fact, most accountants and wealth mangers have been advising their clients to consider accelerating any tax liabilities, as we may never see today’s tax rates again.
 
“[Another] compelling reason to consider selling a business this year, assuming one is otherwise motivated, is the likelihood that not only are capital gains rising, but ordinary income tax rates will likely be rising in the future,” states Jeff Arnol, CPA and managing partner of Illinois accounting firm Kessler Orleans and Silver…

 

To read the entire article go to Entrepreneur.com

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