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 purchase, ” explained Russell. It was also of note that the buyer of this bagel business which is a Landmark restaurant in Plantation, Florida for more than 40 years, was a local buyer.
When asked about some of the lessons learned from this business sale transaction Russell said, ” Longevity in business with a great reputation, with a loyal clientele, will allow a business owner to exit their business at the highest possible price.”
When asked what else Russell Cohen, Business Broker and owner of a Murphy Business Franchise for almost 17 years said, ” The sale happened in such a timely manner and without glitches because we had the right buyer, at the right time ,with the right business opportunity offered for purchase at the right price.”
Russell Cohen explained more about this business sales transaction by saying,”Timing for the buyer was perfect. The buyer knew exactly what he wanted and he loved was he saw in this business opportunity. The buyer was clear that this business fit his requirements and needs and that by buying this business he was going to have ownership of a business that he could potentially run until he was ready to retire.
The new buyer is taking over this business operation as an Owner/Operator which means he will actively participate in the operation of this business. The buyer of this bagel restaurant was attracted to this business opportunity by the strong earning of this restaurant and long-time excellent reputation. The buyer knew that with the income from this business he would be able to work and support his family in the lifestyle he wanted to live. The buyer was able to feel very confident in making the decision to purchase this restaurant and to put his hard-earned money into buying it.
There are other good signs that also make a buyer more confident that a business is good and these include factors such as incredible reviews on Yelp and all the major directories. It was important to verify that this business had a good reputation for food and service.
Russell Cohen has told us that many of the business transactions here in South Florida are to buyers who are from other countries who want to relocate here to Florida. Russell did agree to share more of the details of non US residents purchasing businesses in another interview.
Marian’s Bagels is located at 248 S University Drive, Plantation, Florida and is open 7 days a week for breakfast and lunch from 7 am to 3 pm. They are not open for dinner which means that the business owner can have more of an opportunity to be home with his family during those hours.
Business Brokers such as Russell Cohen are licensed in Real Estate in the state, in this case Florida and have chosen to specialize in handling the transactions for the listing and selling of business opportunities. Russell also handles Franchise business opportunities.
You can connect with Florida Business Broker, Russell Cohen www.FlaBiz4Sale.com for your business buying and selling questions or to buy or sell a business in Florida.