Business Broker Russell Cohen

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Business Broker Russell Cohen Blog

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

City News Readers Choice Award 2012

Russell Cohen was named 2012 Reader’s Choice as favorite business broker in the Coral Springs, Parkland City News.  Here’s what they had to say :    Buying or selling a business is part of the American dream. Let Russell Cohen, Licensed Real Estate Agent with Transworld Business Advisors, help you make this dream come true. He has brokered over 400 business transactions from small businesses to multi-million dollar mergers and acquisitions. Russell will maintain your confidence while marketing your business on 15 websites.  Using his world-wide network, Russell researches all prospective candidates, allowing you to continue to run your business during this complex process. Whether you are looking to buy a business, franchise your business, or sell your business, Russell will work hard to get the deal done. He has been a #1 Transworld agent since 2000 and has been Florida’s #1 agent since 2005(most sold businesses) See Reader’s Choice... read more

Looking For A New Business? Florida Business For Sale

Starting a new business requires an extensive development of ideas with difficulties in building new customer connections, forming of new sales and marketing strategies, hiring employees and establishing a stable cash flow churned up by lack of recent sales record, business performance history and popularity to dynamic customers.  That is why some people in florida prefer to buying a business rather than start their own. However, selling a business is another different thing, with the Seller factor. When selling one, the owner will have to undertake a series of procedures, a plan on how to execute the sales process and to familiarize the potential buyer with what the existing business entails. First, a prospective buyer will need information on current trading history, products range (where applicable) customers, supplies and sales records like balance sheets and cash flow history. The seller has to look out before giving out this information since not all buyers are potential buyers-some are tourists. Otherwise, they might end up leaking word that the business is on sale which might cause the business a not-so-good reputation. Thus, a confidentiality plan has to ensue. This is of importance to the buyer too. Confidentiality is a key viewpoint in florida business for sale, acquisition or merging. Customers, suppliers and employees need to be kept out of the selling plan at early stages until the buyer and seller come in terms. When dealing with several buyers, it is clever to let them not know each other lest you might appear anxious to sell your business which may cause defranchisation. That is even if you are anxious! Of course, some... read more

Selling Your Retail Business in South Florida – Business Broker South Florida

Looking for a business, needing to sell your business that is a question business owners are asking all across America. South Florida is a great place to have a business, the cultural diversity, the entertainment just fantastic. However sometimes you are looking to sell your retail business and need a business broker, or someone who knows the market. There are some things to note when you are considering selling your retail business. One of the things you should establish is a checklist for what your goals are in selling your business.Some of the goals to consider is when you would like to sell your business, will you go through business brokers to sell your retail business. Additionally, how much would you like to sell your business for and what is the market for your type of business. It may sound like a great deal to look at but establishing a plan with a business broker, reviewing your options is a starting point in accomplishing your business goals. Depending on your location in South Florida, the type of retail business, and your business broker you should be able to define your plan and put it into action. Also consider when you would like to have your business sold and  what is happening in the real estate market.  It is best you have achievable strategies in place, therefore if the market is not right when you want to sell your business, your broker can give you some advice on other options. Also if the type of retail business you are selling in South Florida is new , not well known in the community you can restructure your goals, let other business owners know you... read more

Is Liquidation the Best Way to Sell Your Business? Palm Beach Business Broker

When selling a business there is much to be considered before deciding on the method of sale. The first thing to do is to have a valuation of the business by an independent Certified Public Accountant that specializes in valuations. This will give you a clear picture of the value of the business. From there it can be determined if the business should be sold as a whole or if it should be liquidated by selling the assets off separately. To sell your business is a hard decision in the first place, because so much hard work has gone into building it. But with liquidation the owner should realize the business will cease to exist and the employees will no longer have a place to work. Employees may be due salaries, severance, leave balances and more. All of these costs may make voluntary liquidation a nonviable option. It is always wise to use a business broker to assist you in cases like this. Assets are often seen by the owner as more valuable than they really are. A careful valuation of assets is needed to determine the actual market value. This will allow for a sound decision as to the best way to sell your business. In a voluntary liquidation, payments to creditors must be considered, there must be enough money to pay creditors or you will be left with debt after the liquidation. If the liquidation is part of a bankruptcy the court will payout the proceeds to the creditors in accordance with the bankruptcy plan and then the remaining debts will be discharged. Liquidation is usually a last resort... read more

Finding A Business Broker To Sell Your Business – Business Broker Fort Lauderdale

Planning to sell your business can turn out to be quite tricky and complicated when you are trying to do it on your own. You can hire a business broker and discuss the various pros and cons of selling your business. Timing is important and when you sell your business at the right time, you will be able to secure a handsome profit. Benefits of hiring a broker Sometimes, certain companies approach you with the intention of purchasing your company from you. A broker is helpful because you will be able to negotiate in a better way. He will also be able to tell you if the competitor is on a fishing expedition – whether he really wants to buy or whether he is just trying to learn the secrets of your business. To sell your business, you need to do a lot of careful planning, have the ability to do complex negotiations, learn to handle financial discussions and finally, lots of luck. Your broker will also function as a professional appraiser so you can run a full evaluation of what your business is worth. The valuation will help a lot when you name an asking price (it will be mostly market value) for your business. It will lend more credibility to the sale. And once you have an interested buyer, you need to negotiate the sale, prepare the documents, draft them and still look after the daily affairs of your business. You have to let the staff know of the sale and sometimes, it is done in a better way, with the guidance a professional broker. Getting the... read more

Great Businesses To Own In South Florida – Palm Beach Business For Sale

If you’re thinking of placing your Palm Beach business for sale, you probably know that selling a business is a complex process.  You just might not know how complex it can be. Many people attempting to sell their business go into the process blindly and are surprised by the many pitfalls that can come their way, not to mention how difficult it can be to keep the business running profitably while in the process of finding a buyer.  It’s a lot of work! If you have a Palm Beach business for sale, consider these key facts pertaining to the selling process – so you can look before you leap: Confidentiality must be maintained – It may seem to go without saying, but having the world know that you’re looking to sell your business isn’t exactly a good idea.  After all, if employees and vendors find out in advance that the business may be sold they could easily jump ship, leaving you with an unprofitable (or even defunct) business when you need it to be at its best in order to look like a worthwhile investment to potential buyers.  And rumors can easily fly – rumors pertaining to why you’re selling in the first place. Sale must be advertised everywhere – Advertise, advertise, advertise.  But where? It’s important to know exactly where your gunpowder will be most effectively used. Business must still be run successfully – This ties in to the first point.  Running a successful, profitable business is work enough.  So what happens when the highly involved process of selling that business coincides? Still, keeping the business running well... read more
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