Uncategorized Archives - South Florida Business Broker Russell Cohen

Business Broker Russell Cohen


The Bookstore In The Grove is Closing. It Won’t Be The Last

Felice Dubin is tired. For the past decade she has stocked the kitchen, sold the books, swept the floors, paid the bills and kept the lights on at The Bookstore in the Grove. “We’re in business ten years, and now I’m gonna retire,” she exclaims, with a sigh of relief. Felice was born in Brooklyn but raised in Barranquilla, Colombia. She moved to Miami in her last year of high school. Before she owned the bookstore she manufactured children’s clothing and worked in real estate. “And then I went into this, because the community didn’t have a bookstore,” she says. Today you can get the latest trade paperback, an organic smoothie, and a darn good turkey sandwich, all under the same roof. Nobody bothers you if you stick around for a few hours to get some work done, either.   But as of June 18, there will be no more The Bookstore in the Grove. Unless Felice can find someone to buy her business and take over the lease, there will be no more readings or book signings, no more cafecitos or empanadas, no more lunchtime sandwich rushes, no more children safely hanging out for hours after school, diffidently waiting for their parents to get off work and pick them up. “It’s going to be sad to see it go… The community is devastated,” says employee Samantha Souvigny. Samantha’s only been working at the bookstore since the start of the year, but she already greets each customer by name and asks if they’ll have the usual. She and the other 19 employees won’t be out of a job come...


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...
Female Entrepreneur Buys Fast Casual Restaurant In Major Boca Raton Mall

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

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...

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...
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