Florida Business Sales

Why Use First Venture Associates?

• Easiest: place on the web to find a Florida business for sale.
• One Click: searches to find businesses on the Home Page.
• 5 day Updates: see listings that are new or changed in the last 5 days.
• Inventory: largest selection in the Tampa Bay area
  • (over 4,500 businesses statewide)
• Business Brokers of Florida Network: Statewide listing service.
• Consulting: We can explain all phases of the buying process.
• Showing: coordinate on site visits and meet with the owner.
• Negotiations: we work for a win-win solution for both Buyer and Seller.
• Financing: we assist with both outside and Seller financing.
• Escrow: we provide an appropriate agent to secure your earnest money.
• Follow-up: we provide everything necessary to conclude the sale from start to finish.
  
  

Step 1: Commitment

You must be prepared to look at many different businesses and be committed to purchasing a business at price and terms consistent with the marketplace.
 

Step 2: Confidentiality

You must sign an non-disclosure (NDA) with your broker promising not to disclose that the business is for sale to anyone not bound by the NDA. This is ultimately for your protection as well because you do not want information getting out to employees or customers might disrupt the business you might purchase. There is proper time place and method to disclose that the business is selling.
 

Step 3: Buyer Information

The more you share about yourself with your broker, the more likely he/she can find the business that's just right for you. Eighty percent of the time, buyers buy a business other than the original one they inquired about. This is because the broker knows the extremely confidential market, and if he is a good broker, many times based on what he knows about you he can suggest viable businesses that you may not have considered. The more information the seller has about you, the more likely he/she will offer more desirable terms. Any information about you, such as a resume, financial statement, and hobbies etc. is helpful or necessary.
 

Step 4: Business Review

Your broker will meet with you and discuss different types of businesses. You will then decide which ones appeal to you and your broker will set up a time to show you the businesses.
 

Step 5: Showing

Your broker will take or meet you at the businesses (never enter the business by your self unless it is as a customer), introduces you to the seller, and then facilitate the meeting. At this meeting you have the opportunity to ask detailed questions you may have about the business and to tell the seller a little about your qualifications. Only general financial questions are discussed at this meeting and price and terms of the business are discussed in Step 7.
 

Step 6: Offer Meeting

Once you have found the business you believe you would like to own, your broker will assist you in making an offer on the business. The broker will not tell you what you should offer on the business, but he will answer all of you questions and get the necessary information need to complete the document for your signature. The broker will have an Offer to Purchase document that is widely accepted with most attorneys in the area.
 

Step 7: Offer to Purchase

A deposit (or earnest money which is held by the escrow attorney) is required to demonstrate your seriousness to the seller. Most offers are subject to certain conditions being met such as approval of books and records, assignment of lease, equipment in good working condition, and obtaining acceptable financing, etc., all of which have a time sensitive date assigned to them. Until you remove all contingencies to your satisfaction, your earnest money will be returned should you be unhappy with something you discover while doing your investigation.
 

Step 8: Present Offer

Your broker presents your offer to the seller & assists with any negotiations.
 

Step 9: Buyer's Background

At this point, the broker gives the seller the buyer's background, financial information and experience. If the seller feels secure in the buyer's abilities and feels comfortable with him/her, the terms are much more likely to be considered seriously.
 

Step 10: Offer Explanation

Your broker will make sure the seller fully understands the terms and conditions of your offer along with your reasons for the offering price, terms and conditions.
 

Step 11: Acceptance

One of two things will happen at this point, the seller will either accept the offer as is, or he will write a counter offer. As part of acceptance of the offer additional earnest money may be required.
 

Step 12: Mutual Acceptance

When buyer and seller agree to all terms and conditions of the sale, the offer becomes a Purchase and Sale Agreement.
 

Step 13. Inspection Due-diligence

Buyer puts together a list of every thing he/she would like to examine about the business, including the financial records of the business. Any questions are resolved during this due-diligence period. (Due-diligence may reveal less earning that purported and you still may want to purchase the business at a re-negotiated price.)
 

Step 14: Contingency Removal

Once all of the buyer's contingencies have been met to their satisfaction, the offer becomes a Purchase and Sale Agreement.
 

Step 15: Lease Assignment

The broker and/or the seller will help the buyer work with the landlord to get an assignment of the current lease or a new lease for the buyer. The landlord will also require a financial statement and a credit verification.
 

Step 16: Closing document

The broker provides all necessary documents to the neutral escrow attorney so they can prepare the closing papers. Using an escrow attorney will help you keep closing costs to a minimum. You are still able to have your on attorney review the documents.
 

Step 17: Lien Search

If the buyer requests it, the escrow attorney performs a lien search on the business to identify any secured creditors.
 

Step 18: Note & Lease Assumptions

The broker helps to make arrangements to assign any notes or equipment leases.
 

Step 19: Inventory

Arrangements are made for the buyer and the seller to count and price the inventory (if required). If there is more inventory than stated, it is customary to add it to any note and if less it is subtracted from the down payment.
 

Step 20: Closing

Buyer, Seller, Broker and closing agent meet to sign the papers and disburse funds.