Selling a Business in Florida

Wow!  Businesses for Sale in Florida can be exciting!  Yes, the economy suffered, housing crashed, but a lot of businesses thrived.  Why?  Lower overhead and extremely pro-business State Taxes!

So, if you want to Sell a Business in Florida and desiring top-dollar from the buyer of your business,  read on!  Yes, you've probably seen some tough times.  In fact, your mind may only think about the hardships.  That said, you have some GREAT things to offer potential buyers, above and beyond your business!

Owners seeking to sell a business in Florida should take time to highlight some of these pro-business facts, along with the details of their business for sale.

• Limited Corporate Taxes
• Reasonable Consumer Sales Tax
• No Personal Income Tax
• Road and highway infrastructure makes it easy to travel
• The state puts a lot of energy in attracting tourism
• Housing is extremely affordable
• Awesome night life for an Owner to relax
• Great Dining experiences from Sidewalk to Fine Dining
• ...and... Who doesn't love the beach?!

Of course, your business should be marketable.  If you are selling a business, make sure you've prepared your financial documents for the past 3 years, assembled some history on the business, it's founding and the strong points it enjoys in the market.  Buyers love it when the current owner expresses things they would have done differently.  This is due to your intimate knowledge about your business, it's weaknesses and market potentials.

You will need a reliable valuation for the business for sale, so buyers are confident in the asking price you are trying to sell the business for.  This is a point when a Broker, Consultant or Business Appraiser will come in handy.

Once complete, take some great photos and visit BizLocal.com to build your first advertisement of the business for sale.

Buy A Business
Sell A Business
Get Help! Call 1-800-785-2925

Business For Sale Listing Websites Mobile Friendly

The last quarter of 2013 revealed that mobile and tablet friendly website designs had crossed from Trends to Necessity.  Several of our sites saw over 30% traffic from mobile and tablets and was one of the reasons for developing the BizLocal.com Business For Sale marketplace.

When last checked, ZERO websites that offered Business For Sale Listings were Responsive to Mobile/Tablets and the varied devices between.
In fact, a couple had a 'Mobile Version' but Mobile Version and Mobile Responsive are different things.  A year ago, mobile devices were somewhat standard, but began to grow very different.  How many different sizes of phones, tables, even pc's and laptops are there now?

To test one.... grab the edge of your browser and reduce the width.
You will see the web page reorganize to adapt as the screen size reduces in width, or it will not reorganize and reduce, requiring you to scroll to the right to see the rest of the page.

The following info graphic speaks volumes!
It was prepared in the fall of the year, but the message is still important!

By the way, if you own a business or bought a business, is your website responsive?
If not, call BizLocal! 1-800-785-2925

How to Sell a Business - Business For Sale...

We've been through a challenging economy and are seeing tremendous indicators of a long-term upswing.  Business that have survive the last 4 years, did so by properly adjusting their business model and financial situation.  Prior to the collapse, many individuals were nearing retirement, however had to continue do to the turbulent changes that hit.

Does that sound like YOU?  Many people are in your shoes.  Proving stability through the tough times, a large number of businesses are ripe for qualified buyers.  An amazing number of business owners are considering sales, with an equally amazing number of potential buyers on the market.  Buyers see businesses, like yours, as great opportunities to step into a business that has already had the waste trimmed and budgets optimized.  By bring fresh energy and marketing efforts, they stand to do great things with your existing business.

How do I Sell my Business
One may ask "What is involved with selling my business?" The process of selling a business will vary from business to business.  Small businesses placed for sale may have limited, yet admirable financial documents.  Larger companies and manufacturers may have a series of complex records to sift and prepare.  To start with, all have a common need.  The need to determine how much to sell the business for.

Valuation of a Business For Sale
Valuation of a business often relies on the financials of the business, industry multipliers and some real insight into the business and industry conditions.  There are various services that offer cheap valuations, some for as low as $49.  These services often just give you an idea of what a similar business may have been recently listed for.  Listen, every business is unique!  Other services may run $500 or more.  Again, they may give you an idea, but you get what you pay for.  I have found that good business valuations often run $3000 to $5000 for a small business.  Some larger businesses often run $10k to $25k.  Again, every business is different, requiring greater or less research, resources, and/or experience from the individual or firm providing the valuation.

For basic do-it-your-self snap shots, checkout a previous article I posted that provides a formula for determining Seller Discretionary Earnings and a ruff method of picking a multiplier.
http://biz-local.blogspot.com/2014/01/how-to-sell-a-business-as-an-individual-seller.html

You should also get your CPA to generate 3 year report of Cash-Flow, as well as P&L Statements.  Be sure to include all disbursements to owner, family or for owner/family.  Things like an automotive lease, cell phones or draws.

Where do I list my Business For Sale
The big question... Where is the best place to list your business for sale?  You are about to engage in Marketing your Business For Sale.  You seek potential Buyers as Contacts/Leads.  In many ways, you are about to go into the business of selling your business.

Marketing and Advertising require you to be Smart.  Reaching as many potential buyers as possible, but more specifically, qualified buyers.  Lot's of websites generate 'Leads'.  Cull through them, and you will notice the large number of bogus names, emails and phone numbers.  Your marketing and advertising efforts need to reach real people.  Now, there will probably be fewer contacts, but they should be richer in value.

About BizLocal.com
BizLocal.com was specifically built to use modern technology, in area of software, databases, page optimizations, mobile and tablet friendliness and search engine penetration.

You will want to prepare a few things to place a listing.
Try and include as much of the following information as you can;

• Length of time in business
• How many employees
• Is the location good for business
• Comparable's to businesses in the area
• Give some general information on the company
• Financial Information
• Let them know about any bonuses the business may have, i.e websites
• Always include a few phone numbers that you can be reached at

WAIT! This is important.
Many Businesses face turmoil in their employees or customer base when it becomes public knowledge, that you want to sell your business.
When placing your listing, consider using a County verses a City for location specific data, don't use the actual business name and consider details that may need to be broader in the public eye.
Once you qualify a potential buyer, you may be able to deliver greater details.
Not every business needs to worry about this, but do consider it as you prepare to market the business.
Contact info@bizlocal.com if you would like a generic email address, that no one else would recognize, at BizLocal, or other help on keeping it quiet!

Now, ready to Sell your Business?
Visit this page to list your Business For Sale NOW!
Or call: 1-800-785-2925

How to Sell a Business as an Individual Seller

Ok, so you want to sell your business. Would you rather sell it yourself, as opposed to contacting a Business Broker? Selling a business can be complex. Each business is different, as well as the markets they exist within. That said, if you choose to do it yourself, we are about to share the simple Steps on How to sell a Business by Individual Sellers.

To get started, we cannot sell a business without finding buyers. We cannot find buyers without marketing the business for sale. We cannot find buyers without determining a reasonable asking price. We cannot determine a proper valuation without getting a few pieces of financial data together. So, let's get started.

Determining Key Financial Numbers

We are going to determine the SDE (Seller's Discretionary Earnings). Depending on who you talk to, this number may be referred to by different titles. (e.g. True Free Cash Flow, Owner's Benefit).

To determine the SDE, we will need the following:

1. Pre-Tax Net Profit: The Net Profit you report after all expenses.
2. Depreciation: Any Property or Asset which you have purchased and are depreciating, on an annual basis. The total annual reported depreciation will be needed here.
3. Amortization & Interest: Amortization & Interest paid by the Business.
4. Owner Salary and Perks: Owner Draws, Incomes or Other Perks not required as a regular Expense for the Business, itself. Also any draws or perks paid to spouse or other family. In some cases, an annual country club membership or cell phone may be examples of 'Other Perks'.

This is a straight forward and simplified method. More complex and detailed analysis can be performed by a Certified Business Appraisers. So, here it is. The formula is pretty simple. By applying your Key Financial Numbers this formula, you will get a good estimate of the SDE (Seller Discretionary Earnings).

Pre-Tax Net Profit + Depreciation + Amortization & Interest + Owner Salary and Perks = SDE

Pre-Tax Net Profit	$_______________
Depreciation	$_______________
Amortization & Interest	$_______________
Owner Benefits & Perks	$_______________
SDE TOTAL	$_______________

Selecting an Appropriate Multiple

This is a judgement call and may be viewed differently by others.  Sometimes a business owner has high visions of his business and it's position, while another individual may see things a little more black and white.  Try to be honest here and select a number beside the closest description of your business.

Multiple	Select Multiple That Best Fits
1 - 2	New or Small Business. Personal Services Business. The Owner is the only or one of the only Service Providers in the Company.
3 - 4	Established Small Business. No significant advantages. Little hard assets. Stiff competition. Heavy dependency on proper management for profitability.
5 - 7	Established Small/Medium Business. Admirable market position. Mild competition. Swings in revenue. Requires continual good management.
8 - 10	Well Established Business. Solid market position. Revenue will reliably continue without regard of strong management.

As you can see, this is not an extremely deep view or determiner of a company's multiple.  It does give a fairly close estimate, for those who are honest about their business.  For a more specific multiple, you will need to know how the multiples run on various industries and business sectors.  Often times a good Business Appraiser will work from your SIC code and select the best industry/business sector and it's multiples.  In every case, it is a judgement call, so being honest to yourself or a Business Appraiser is key.  Be aware that a potential buyer may also consider his/her view of your business situation and multiplier.

All Purpose, Simple, not Perfect but Good Business Valuation

SDE Total  X  Multiple = Potential Asking Price

How to List the Business

Now that you've determined a possible Asking Price, it's time to assemble a Business For Sale Listing and post your listing online.  Listen, if you want to find buyers, then you need to get your business in front of as many as you can.  Now, there you do need to consider being discrete, while reaching as many people as you can.

Discretion, Keeping it Quiet

Employees and existing customers get a little nervous when word hits the street of a business for sale.  Sometimes the competition fuels the message in order to take a bit of your market-share.  First, it is seldom a good idea to give your actual business name and address in a public Business For Sale Listing.  Save that for your Potential Buyer Packet, which you do not let out until you've qualified the potential buyer and secured an NDA.  Often a seller will list the county and state of a business for sale, holding the city and street address out for serious inquiries.  That said, you can be very creative and informative, as to the business title, description and financial data.  Also, it's a good idea to use a Contact Name, Phone and Email different from your own.  Listings of Businesses for Sale often contain contact information or provide a form to reach you.  Any personal identifiable information could be an issue.  Often an account for selling a business will need your true name and address, but that should be completely separate from the Contact Name, Phone and Email associated with the listing, if you wish to remain Discrete!

Where do you go? Go to BizLocal.com to Sell Your Business.

Visit BizLocal.com and Click "SELL" or Sell as "Individual Seller" to begin.

1. Create a Seller Account with only a Name, Email and Phone.
2. Enter your Listing Details & Upload an Image
3. Select your Package and Checkout

While creating your listing, you will notice a couple key items.  Select relevant Categories.  Give it a strong title that attracts buyers.  Give it a Sub-Title/Quick Sales Pitch.  Enter as much detail as you can. Keyword suggestions are in a box, but you can add more keywords that relate to your business or product.  Keywords are important as they aid internal and external search engines.  Enter your financial information and other questions, including Reasons for Selling.

After completion, you will notice a Back Office link in the upper right header, giving you access to an easy Back Office suite to manage your listing.  You can manage your Account, Listings and Contacts.  An important feature is the ability to edit your listing, at any time.  You can even put it into Draft Mode, moving it from public access, if you feel you need to put more attention in the detail of it.  Also, each time your listing Card is viewed, we track it.  When it is clicked on... well that is tracked as well.  If the visitor is logged in or has an account with us, their email/username will be seen in your analytics.  The system also tracks referring url's.  This enables you to determine where your visitors are coming from.  In some cases, they may have found your business for sale from Facebook, Twitter, Google+, or a Blog.

Do some Self Promotion

That's right!  Now that your listing is live, you should promote it a bit.  From BizLocal's BackOffice, you can select your listing and push to Facebook, Twitter, Google+ or Pinterest.  Visit the public side of BizLocal.com and go to Buy a Business to find your business.  View it and copy the link from your browser.  You will notice a 'Search Engine Friendly' url.  Now drop that in the signature live of your email account and include in various email correspondences, or simply use it in the body of an email to someone you would like to share it with.

Happy Selling!

DISCLAIMER: The author does not provide legal, taxation or investment advise. The author provides business services, in areas of marketing, advertising, web-presence and business consulting.