Russel Cohen

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 buying a business in Miami is flexibility. The more the seller is able to offer the buyer in the way of financing and ongoing support, the better the chance that we will find the ideal buyer and receive close to (and in most cases all) of the seller’s asking price.

My Miami jet ski rental client agreed to finance up to 50%, provide 30 days of support, and be available for the new owner by phone for up to 1 year. And since the seller financed the purchase for 32 months, he has a vested interest in seeing to it that the buyer is successful.

But my job as a Miami business broker does not end there. I also needed to make sure that the buyer was a good fit for this type of business. It took some time, but we found a young man that had previously owned a children’s party rental business and was looking for a similar business in the Florida Keys where he could enjoy the high quality of life we have down here. The jet ski business turned out to be the perfect fit for him, and the seller’s willingness to finance half the purchase helped seal the deal.