Things To Consider When Buying Business

Things to Consider when Buying a Business

Business Brokers

If you are planning to buy or sell a business, you want to make sure that the process goes as smoothly as possible. We help clients on both sides of the table – buying or selling – and we know how important it is that all aspects of the purchase or sale are managed appropriately. As a business broker we will discuss some important things to remember when buying or selling a business.

Buying a Business Through A Business Broker

Many people choose to buy an existing business, rather than starting one from the ground up. There are several benefits to buying an already established business, such as reputation, customer base, established inventory. There can also be complexities to buying an established business, especially if the business has fallen on hard times.

Here are some important things to remember as you contemplate buying a business and move into the purchase process:

  1. Why the business is for sale: The reason the current owner is selling is an important factor in your buying process. Is the owner retiring? Is the business underwater or facing bankruptcy? Find out before deciding to buy.
  2. Explore company history: Check public records or city and county offices for information about the business’s history, such as licenses, permits, previous owners, etc. This is important in making sure the business meets the legal requirements of the city, county, and state.
  3. Get financial records: Before buying a business, obtain financial records for at least the previous two years of operation. Make sure you obtain records for expenses, cash flow, assets, and liabilities or debts.
  4. Get an itemized list of sale contents: Before buying a business, get an itemized list of exactly what the sale includes. Take note of things like fixtures, inventory, the business name, trademarks, patents, or intellectual property.
  5. Price and financing: It is very important to make sure you and the seller have a set, agreed upon price for the business. You will need this bottom line when approaching investors or lenders if needed for financing.
  6. Smooth transfer: Many businesses find it helpful to work out a smooth transfer of ownership involving both the buyer and seller. This can help prevent a negative impact on the business, employees, or operations.  Depending on the type of business, having the input of the previous owner can also help as you learn the ropes of your new venture.

Getting A Business Brokers Help When Buying a Business

When buying a business, there is a lot of research, time, and paperwork involved. Get help with the buying process by contacting a Florida Business Broker today. We can help you get the information you need and manage the buying process so you can be certain your new business is ready to go.

 

Selling a Business With A Business Broker

A Business Brokers Selling Strategy

When selling a business, there is more involved than just deciding to sell and setting a price.  Businesses are more complicated, and there is more involved in the process of prepping your business for sale, and ensuring your sale goes smoothly.

Here are some important things to remember when selling a business with a business broker:

  1. Asset or entity sale: The first step in selling a business is deciding whether to sell it as an asset or entity sale. An asset sale means you are only selling the assets of the business.  An entity sale means you are selling the assets and liabilities of the business as a whole.
  2. Valuation: The next thing you need to do is get a broker, appraiser, or accountant to determine the value of your business. Understanding the value of the business is an important part of the selling process, and factors into many other steps along the way.
  3. Organize company documents: As a business owner, you likely have built relationships with vendors, distributors, customers, and other parties. Before selling, it is important to gather and organize all documents related to your business, and your relationships.
  4. Selling memorandum: This document provides potential buyers with a comprehensive overview of the business – it’s health, value, operations, products and services, etc. The selling memorandum should be available to any serious buyer who signs a confidentiality agreement.
  5. Terms of purchase: Brokers and potential buyers will often want to negotiate terms of purchase like the price, interest, warranties, or lease terms. You need to be prepared to negotiate and be able to support any counter-offers you make with documentation.
  6. Inspection period: Serious buyers may present you a letter of intent, and will often want to have the business inspected (documents and physical). This is one part of the process where the valuation and organized company documents is vital.
  7. The purchase agreement: Once you and a buyer have negotiated terms and are ready to seal the deal, you will need a purchase agreement. The purchase agreement should detail all terms of the transaction, including:
    1. Buyer and seller names
    2. Purchase price and form of payment
    3. Closing date
    4. Required actions to be completed prior to closing
    5. Warranties and representations of buyer and seller
    6. Confidentiality terms
    7. Legal provisions
    8. Any additional information or documents required, such as promissory note, stock transfer certificate, company resolutions, bill of sale, etc.

Getting Help From A Business Broker When Selling Your Business

Selling a business can be a challenging process, but when managed properly, is rewarding.  Get help prepping your business for sale, drafting documents, or ensuring that your purchase agreement is legal by contacting a business broker today.

Spotting Mold

Spotting Hidden Mold In Your Home

Spotting mold on the walls and floors throughout the house is typically rather easy, but hidden mold is much harder to find, ultimately making mold removal even harder. There are many signs to look for when you think mold may be hidden in places such as behind wallpaper or on the top side of ceiling tiles hidden from view, but no matter the location all mold begins with moisture and warmth.

One of the first signs of mold and the need for mold removal services is what may seem like a typical “basement” smell – a musty or moldy smell. When thismold inspections smell is present, it is a sign of conditions that are prime for mold growth and development, since mold spores thrive in warm, moist, dark areas – such as basements, attics, closets and along baseboards throughout the house.

Hidden mold also may be found inside the walls of your home, especially around pipes since moisture is common in these areas. Any surface that is subject to moisture – either natural or accidental – is subject to becoming a bedding ground for mold spores, and these hidden areas can make mold removal and mold remediation projects quite difficult to handle appropriately.

One of the biggest problems of mold removal and mold remediation projects is the potential for the spread of the hazardous mold spores throughout the home. For example, if mold is present on the backside of wallpaper – obviously hidden from sight – when it is torn away from the wall, any mold on the backside can be released into the air and continue to spread. If you suspect mold may be present on the wallpaper – either because of the smell in the room without the visible presence of mold or through mold stains showing through on the front of the wallpaper – the EPA recommends hiring professional mold removal experts.

For more information on spotting hidden mold in your home, contact our team of mold experts. Our professionals specialize in Mold Inspections Orlando, mold remediation, mold inspection and mold testing throughout Central Florida.

Pressure Cleaning Concrete

Almost every home has a certain amount of cement areas needing pressure washing. Your driveway, walkways and patio take a lot of abuse from your cars driving on them, kids playing around them and environmental factors such as dirt, pollution, salt grease oil and mildew. Thankfully, a good pressure washing can go a long way towards keeping your driveway looking presentable. Follow these steps for to keep the concrete areas around your home looking great!

Closely follow all safety procedures outlined in your owners manual. NEVER pressure washing winter springspoint the pressure washer gun at anyone! Please keep all children away from the project you are about to clean- pressure washers are powerful tools than can cut into the skin as easily as they remove dirt from stubborn job. Wear all safety equipment outlined in your owner’s manual, including eye and hearing protection. As always Pressure Washing Winter Springs does not assume any liability for the use of any pressure washers.

As with any project, first get a feel for your pressure washer, learning how it works and getting a feel for working with the force of pressure against you. It may seem like many of the instructions tell you not to do this or that when using your pressure washer, but knowing what not to do is as important as knowing what to do. Quite frankly, it can mean the difference between quickly and easily finish your project and a ruined, driveway patio or walkway and even a trip to the hospital. The power of pressure washers should be respected and used correctly. Always have both hands on the gun-its safer and you have much better control.

First Steps to Concrete Pressure Washing

Before you begin cleaning you’ll want to remove any items from the area that you’ll be pressure washing. Park vehicles as FAR AWAY as possible (across or down the street or even in the garage).

You’ll probably notice areas that need attention- oil spots, grease or other stains and spills. It may help to pre-treat these areas. How? You may use sawdust or cat litter to soak up oil and grease spill. You may also want to use a heavy duty degreaser. If applied through your pressure washer, it must be made to work with pressure washers. Different type of pressure washing with friendly degreasers can be located at you local home improvement warehouse. Follow the manufacturer’s directions for how long the degreaser should remain on the surface before pressure washing.

Pressure Cleaning Concrete Areas

Follow up your first steps by pressure cleaning the entire area with high pressure spray. Keep the tip of your pressure washer an even distance from the concrete area you’re cleaning and use smooth, overlapping strokes to clean the concrete.

You’re driveway, walkway and patio will soon be looking nice and clean!