Blog - South Florida Business Broker Russell Cohen

Business Broker Russell Cohen

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Business Broker Russell Cohen Blog

Selling an Insurance Company in South Florida

Insurance companies are in demand for buyers who qualify to purchase them. According to top-ranked Business Broker, Russell Cohen, Insurance companies look for other insurance companies to acquire, especially those who match the client base of their existing policy holders. I interviewed Business Broker, Russell Cohen, Murphy Business Franchise Owner and Florida licensed business broker about his latest sales transaction which was for the sale of an insurance company called Florida First Insurance in the South Florida city of Pembroke Pines. My first interview question: ” What is it like selling an insurance company and what makes purchasing this type of business unique?” Russell explained, “Not just anyone can become the owner of an insurance company. The purchaser of an insurance company must have what is known as a 220 Insurance License.” During our interview it was clear that this sales transaction was an acquisition buy from the owners of an existing insurance company called Finney Insurance. When a company buys another insurance company what they are really buying is the “book of business” of the commissions to be earned by the renewal of the policies by the existing policy holders. In addition, the new buyer can market to these customers for the opportunity to sell more insurance products and to grow the commission they will earn from the policies sold. In this purchase, the buyer figured out how to earn these additional commissions from the book of business while at the same time reducing expenses and overhead by closing the doors of Florida First Insurance Company offices in Pembroke Pines. The previous owner will continue to work for... read more

Female Entrepreneur Buys Fast Casual Restaurant In Major Boca Raton Mall

June was a hot month for sales by Florida Business Broker, Russell Cohen and this Boca Raton Mall Restaurant was sold to an experienced, South Florida based,female entrepreneur and restauranteur, Severine Gualandi, who was ready to add more success to her business portfolio. This restaurant known as the Bonaccino Cafe is located inside the Boca Town Center Mall . Bonaccino Cafe is considered a “fast casual” restaurant. You can find the Bonaccino Cafe near one of the retail anchor tenants Nordstroms. Fast casual restaurants often have sandwiches, salads, beverages and desserts and other menu items which are easy to prepare and not time consuming. Fast casual restaurants tend to be moderately priced vs higher priced fine dining. Mall location rents are not for the faint of heart, especially in malls owned by the biggest landlords in the industry such as Simon Properties. When we asked the broker for this transaction about some of the things people should know about doing business inside a mall he said, “The buyer of a business inside a major mall typically needs to have a track record of success to get approved as a tenant in the mall.” The seller of this business placed the restaurant on the market for sale with Russell Cohen, a Murphy Business Franchise Owner and Broker with the intention of making a quick sale to relocate out of the state of Florida for a business opportunity in California. Urgency was part of this sale. Initially, the price did not reflect this urgency. There were many interested buyers for this business and the lesson learned from this business sale was that... read more

South Florida Landmark Bagel Restaurant Sold in Record Time to New Local Owners

In the crowded restaurant business where success is more rare than failure, a landmark bagel restaurant with more than 40 years of success was just sold by Business Broker, Russell Cohen. Russell Cohen is an expert in the area of buying and selling businesses with his track record as an award-winning Business Broker. He has sold more than 400 businesses in Florida over the past decade and 10 business transactions closed in the first quarter of 2016. I asked Russell Cohen about what made this transaction and business sale so media-worthy. Russell explained that this was a business sale that was very fast. It was a textbook sale of a business : The entire process was completed from listing to closing within 60 days. The buyer was an experienced business person with food-industry experience from New York. In fact as Russell described some of the buyer’s background it was in the bagel wholesale business which means that he really understood the products he was going to be selling. When I asked about factors that lead to a very effective and short business sales transaction period, Russell told me that the business being sold had a long , positive business track record. The business was in a position to prove that it was profitable. When a person wants to invest money and time in a business the intention is that they are going to do so because they want results. “If a person buys a business for cash, the intention and expectation is that the business will pay for itself and be self-sufficient within two to two-and-a-half- years of the... read more

Is Your Business Still on the Market?

After months on the market, you are no closer to a business deal than the day you put the official word out that your business was for sale. Prospective buyers have come. Prospective buyers have gone, and still no sale. You are downright stumped. Why hasn’t your business sold? Here are four reasons why your business may still be on the market—and how to spring in to action so you can see some green this Spring. It’s in Bad Shape: No one wants to offer a seller six figures on a business that has no books and records, or records that make no sense. Nothing frustrates a prospective buyer more than asking for current financial statements and tax returns, only to be told that they are not available. This is a major red flag for a prospective buyer. How can a business run efficiently without current and accurate financial statements? The short answer is that it can’t. As a business owner, you must anticipate the purchaser’s questions regarding all financial matters and have current statements readily available to defend your answers. It’s Uninviting: If you surfaced cleaned and called it a day, that’s not good enough. When it comes down to showing your business to buyers, every corner and crevice should pass the white-glove test. Your business must look exceptionally clean, bright and well organized. Having looked at your business every day, you may not see the areas where improvement can be made. However, these areas will stand out like a sore thumb to a potential buyer. The goal is to greatly improve the success of a sale, and... read more

Business Broker – Surfside, FL

Whether you’re interested in selling your business or buying one, odds are you’ll want to engage a business broker to help you through the process. Why? The answer is quite simple! A Business broker acts as intermediaries between buyers and sellers in the brokerage process. Selling a Business? Let’s face it! Selling a business can be a long, tedious, and stressful process. However, hiring an experienced business broker in Surfside, FL. has huge benefits. An experienced business broker in Surfside, FL. can help guide you through the complicated process of selling your business. Utilizing the services of a seasoned, professional business broker in Surfside, FL. allows you to focus on running your business while reducing the risk of business erosion during the sale process. Buying a Business? Buying a business is a huge decision, and hiring a business broker in Surfside, FL. can help you navigate this stressful and time consuming process. Apart from having access to a vast listing of businesses that can help you in your search, a business broker in Surfside, FL. has the knowledge of the buying process and can help you overcome the hurdles that arise. Given that buying or selling a business might be the most important decision you ever make, we encourage you to contact us today! Experience Business Brokering at the highest level in the industry. Apart from being your business broker in Surfside, FL, we service the following areas: Doral, Aventura, Opa Locka, Medley, Miami Beach, South Miami, Delray Beach, Boca Raton, Boynton Beach, Lake Worth, West palm Beach, Wellington, Palm Beach, Lantana, Riviera Beach, Miramar, Sw Ranches, Lauderdale, Wilton... read more

Business Broker – North Miami, FL

Whether you’re interested in selling your business or buying one, odds are you’ll want to engage a business broker to help you through the process. Why? The answer is quite simple! A Business broker acts as intermediaries between buyers and sellers in the brokerage process. Selling a Business? Let’s face it! Selling a business can be a long, tedious, and stressful process. However, hiring an experienced business broker in North Miami, FL. has huge benefits. An experienced business broker in North Miami, FL. can help guide you through the complicated process of selling your business. Utilizing the services of a seasoned, professional business broker in North Miami, FL. allows you to focus on running your business while reducing the risk of business erosion during the sale process. Buying a Business? Buying a business is a huge decision, and hiring a business broker in North Miami, FL. can help you navigate this stressful and time consuming process. Apart from having access to a vast listing of businesses that can help you in your search, a business broker in North Miami, FL. has the knowledge of the buying process and can help you overcome the hurdles that arise. Given that buying or selling a business might be the most important decision you ever make, we encourage you to contact us today! Experience Business Brokering at the highest level in the industry. Apart from being your business broker in North Miami, FL, we service the following areas: Doral, Aventura, Opa Locka, Medley, Miami Beach, South Miami, Delray Beach, Boca Raton, Boynton Beach, Lake Worth, West palm Beach, Wellington, Palm Beach, Lantana, Riviera... read more

Preparing your business for sale

You may have heard the time old expression “you never get a second chance to make a good first impression”. It’s a true statement in regards to many areas in life… dating, interviews, meeting your future in-laws (talk about making a first impression count), and most especially in business. But what many business owners fail to see is that first impressions are also a major area of marketing when it comes to selling their business.   When it comes to business sales, the psychology behind selling a car or a home is very similar. Buyers are strongly attracted to businesses that look good. If it shows well, it will sell and sell at a higher price. A buyers is not going to pay top dollar for a business that appears dirty, cluttered, disorganized, and has either no books and records, or records that make no sense. Contrary to what most business owners believe, most businesses are not show ready right from the start. This is where consulting with a business broker to work with you in preparing your business for sale will greatly benefit you. Listed are two important areas that a broker can assist you getting your business prepared for making a great first impression.   Visually Attract Buyers- your business must look exceptionally clean, bright and well organized. Having looked at your business every day, you may not see the areas where improvement can be made. However, these areas will stand out like a sore thumb to a potential buyer. A business broker can give you an honest and independent evaluation of the visual appearance of your business. The... read more

Businesses for Sale in Palm Beach County: UK Investor Acquires Profitable Pet Sitting Business

Palm Beach County has a variety of good businesses for sale. The latest example is a visa qualified pet sitting business recently sold to an immigrant from the UK. The present owner has been in the business several years and it is well-established in the tri-county area. And though the business is profitable, the owner was selling because she wanted to focus on a different type of business in the same industry. The buyer is in his 20s and is a businessman from the United Kingdom. He wanted to immigrate to the United States and settle in South Florida. The best way for him to do so was to find a visa qualified business he could invest in. Of the many businesses for sale in Palm Beach County, this pet sitting business fit the bill quite well. In order for a business to be qualified for an immigrant visa, it must have clean books and records that show a solid profit. It must also have either 1099 or W-2 employees. The Palm Beach County pet sitting business that was for sale met these qualifications. The business makes a solid annual profit in the high five figures that will allow the new owner to recoup his low six figure investment in less than two years. In addition, this pet sitting business in Palm Beach County is very easy to run. All the owner has to do is manage the moving parts. The current owner already has a full slate of 1099 contract workers that perform the services throughout the area. The current owner is also providing 30 days of training... read more

Businesses for Sale in Broward County: Argentine Family Finds Their American Dream

As a Broward County business broker, I work with a lot of foreign buyers that want to invest in a business here in South Florida. Recently, one such family from Argentina found the perfect fit with the purchase of a Sir Speedy franchise in Margate, Florida. The Sir Speedy franchise in Broward County was for sale for about 9 months. The owner had been in business for over 30 years and wanted to retire. The store is well established in the community, has good employees, and turns a profit. And just as important for our Argentine family, it was a visa-qualified business. Argentina is a difficult place to do business these days. In the midst of ongoing political instability, they are dealing with 30% inflation and finding it very hard to operate a successful business. This is the case in many other countries as well. Fortunately, for foreign business owners, there is a way to bring themselves and their family to the United States; the E2 visa. Business owners from countries that maintain a treaty of commerce with the United States can take advantage of the E2 visa to purchase a business for sale in South Florida or any other part of the country. To qualify, they need to show financial capability to not only purchase the business, but to have sufficient funds to support themselves independent of the business. In addition, the business must be visa-qualified, and it is helpful if the investor has a background in the industry wherein he/she is entering. In this case, the Sir Speedy business for sale in Broward County was a great... read more

Miami Businesses for Sale: Jet Ski Rental Business Attracts Ideal Buyer

There are a lot of factors that go into a successful business sale. For both buyer and seller, it requires patience, flexibility, and a commitment to do your due diligence. But when all these elements come together, it becomes a win-win for all parties involved. A prime example is a jet ski rental business we recently sold in Miami. As a Miami business broker, I come across all types of business owners that need to sell and move on with their lives. In the case of our jet ski rental service client, he needed to sell his business so he could dedicate more time to his family. He had a well-established and well-run business, but he had a death in the family and needed to alter his priorities. As with all such transactions, my client needed to find a qualified buyer and he needed it done in a confidential manner. One thing that must be understood about buying or selling a business in Miami (or anywhere else) is that this is not the same as listing a home or even a piece of commercial real estate. If word leaks out that there is a certain Miami business for sale, it can upset the employees and customers, because they may begin to think that the company is in trouble. So first and foremost, confidentiality and handling the transaction in a professional manner are critical. This is why business owners come to me. It is my job to ensure confidentiality, and to weed out the real buyers from those that are just kicking the tires. Another important factor when selling or... read more
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