This can be a very daunting task. I cannot emphasis enough how important a good business broker can be. Florida is different.
The four prerequisites of buying a business:
Company can pay its expenses
Company is making a profit
Company can pay you a salary
Company will give you an adequate return on investment
Factors a good broker will explore with you:
Your motive for buying eg. visa, return on investment, bored, challenge, fun, for children etc.
Your past experience and interests
What you can afford to pay and how much working capital you will need
Considerations while looking at a business to buy:
These are some very simple but very important factors in your final decision. The location of the business must be considered. In Orlando if you have bought a home in The Disney area you do not want to buy a business in the North end of Orlando unless you enjoy bumper to bumper traffic for several hours per day. Is the staff happy and will they stay. Is there a member of the crew that can fill the current owner's duties. Some of the things that have to be looked at and considered are:
The lease has a minimum of 5 years available to you
The business has potential foe growth and/or expansion
The business is financible. Even if you are a cash buyer it is great to get a bankers assurance that they like it.
FAQ: What is the key ingredient in your success in any business.
Answer: P A S S I O N
In my 20 + years of business brokerage I have yet to see an individual fail if they were passionate about their business.
BUYING YOUR BUSINESS
FLORIDA BUSINESS INTERNATIONAL, INC.
Call : +1.407-903-0090