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Please contact us today at 407-367-0100 to schedule an appointment.
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Kissimmee Pool Service Company for Sale – $165K
Kissimmee pool company for sale that also offers handiwork services to homeowners. Turn-key and home based with excellent records. Owner benefit of over $75K. Contact Jessica Hadler about this money-maker at 407-770-8373
Photography Business for Sale – ONLY $65K!
Want to buy an established portrait studio with a name?
33-year-old photography studio in great Central Florida location for sale. Original owners are ready to retire. All equipment included, excellent location with loyal customer base and good walk-in traffic.
If you are looking to start a photo studio in Florida, call today! All equipment included, over $150K in buildout. Turn-key business for only $65K!
Call Jessica Hadler, licensed real estate broker, at 407-367-0100 to schedule a showing. Non-disclosure agreement required.
ABG Blog Celebrates 3-Year Anniversary!
Latest news and updates from American Business Group:
- Pool Company for Sale, $170K
- Commercial Landscape Maintenance, $2.499M
- Engineering Practice, $975K (SBA Pre-qualified)
- Photography Studio, $125K
- Limo/Party Bus Company, price available upon request
- Long-term Property Management Company, price available upon request
- Upscale Wine & Tappas Bar, price available upon request
- CPA Franchise Start Up, price available upon request
Landscape Maintenance Company for Sale, $2.49MM
NEW PRICE and revenues are UP.
20-year-old commercial landscape maintenance company servicing large HOAs, resorts and strip centers. Lawn cutting, trimming, pest control, irrigation repair & installation. $1.6 MM in assets including Scag Tiger Club Mowers, DW Trenchers, JD Gator Utility Vehicle & fleet of over 30 Chevy trucks. 2010 annualized discretionary earnings pushing $1 million . ‘Other’ addbacks to Owner Benefit are owner’s personal auto and cc purchases.
Contact Jessica Hadler at 407-770-8373 for business info sheet with 3 years’ financials.
**NDA and financial statement required from qualified buyers prior to releasing Confidential Business Summary.**
New Listing – Pool Service Co, $170K
10-year-old pool service company in Kissimmee.
Gross revenues in 2009 were $172K with a seller’s adjusted net of $73K.
Current owners purchased 6 years ago and received an E-2 visa and subsequent renewal with this company. Home-based. Owners selling as they would like to retire back in England.
Contact Jessica at 407-770-8373 to schedule a showing.
CPA Firms Can Help Borrowers Avoid Excess Fees
Good article from the Orlando Business Journal
Friday, April 23rd, 2010.
CPA Firms Can Help Borrowers Avoid Unneeded Fees in Quest for Financing
KCI Auto Auction needed a loan to build a new facility to accommodate its growth.
“We didn’t know what it meant to have to audit our financial statements when we took out the financing because we had never done that before,” Assistant General Manager Steve Goettling said. “We did some digging on costs, and until then, we didn’t realize how much.”
The company soon discovered that an annual audit potentially could cost between $15,000 and $25,000 — the result of more strict financial reporting requirements from regulators’ heightened scrutiny of banks.
But KCI Auto Auction also found an alternative that can save companies money and leave lenders satisfied.
“We’re still a small business, so that amount for an undertaking like an audit is a huge amount to our expense line,” Goettling said. “Anything we could save on that would help our bottom line and would be the difference in our ability to improve our benefits to hire high-quality people or invest in new equipment.”
Company representatives visited with several accounting firms, but Goettling said Marks Nelson Vohland Campbell Radetic LLC was the only one to suggest a less costly option than an audit.
“If the bank is requiring an audit and the client has never had an audit before, we are talking to the bank about what are the real areas they are trying to focus on with the audit,” said Angie McElhaney, a CPA with Marks Nelson. “What are you trying to get out of the audit? Because we think you could probably settle on a review — with some extra agreed-upon procedures — to reduce the costs to the client.”
Marks Nelson interceded with the bank on KCI Auto Auction’s behalf, and the result was a 30 percent to 40 percent cost savings over performing an audit.
“Everybody won,” Goettling said. “Marks Nelson gained, hopefully, a long-term customer in us. The financial institution got what they needed as far as appeasing their loan requirements. We saved money. It’s a good example of getting together and finding common ground where everyone is helped out.”
Mark Radetic, a managing partner at Marks Nelson, said banks often are more willing to negotiate down from an audit with a CPA involved.
“Banks are trying to protect themselves, too, so they are going to ask for as much as possible,” Radetic said. “What happens when we’re not involved and a client speaks directly to the financial institution is sometimes there is almost a panic in terms of they need a line of credit and will do whatever they are being told in order to maintain the relationship. But everyone automatically feels more comfortable when a CPA is involved.”
Jack Sutherland, regional president of Equity Bank, said independent CPA firms place their reputation on the line. So bankers feel more comfortable about financial statements that involve CPAs, especially during a challenging economy filled with struggling companies.
“Accounting firms are professionals and not about to put their name on something they are not comfortable with,” Sutherland said. “So we work with accounting firms all the time and solicit their business to work with clients. It’s a way of getting around requiring an audit from everyone.”
Sutherland said banks still are going to require audits from some companies because the less costly review doesn’t fit every situation.
“Some businesses are also more complicated than others,” Sutherland said. “Some are very straightforward, and all they do is make a widget and sell it. Others are international companies with multiple subsidiaries, and it quickly gets complicated on how funds flow from one entity to another. The more difficult the business model, a simple rule of thumb is that it will require a more complex accounting statement.”
Bret Rolig, senior vice president of commercial lending at Enterprise Bank, said business owners shouldn’t view a third-party review as a benefit only for the bank.
“Having an outside review or audit can be helpful down the road when they are looking to sell the company,” Rolig said. “It also gives a potential buyer some comfort in the historical numbers you are providing as opposed to a company that just turned in internal numbers through the years.”
Radetic said a good CPA also should see an audit or a review as more than just paperwork to turn over before they shake hands and say see you next year.
“A good CPA will take this as a tool to help a client with some recommendations on where you could be more efficient or where you could increase your profitability,” Radetic said. “It becomes a consulting tool as opposed to just a compliance tool.”
WHAT THEY LOOK FOR
• Does the balance sheet actually balance?
“Believe it or not, we occasionally get a statement that doesn’t balance out, and then we don’t trust any of the numbers because something is out of sync,” said Jack Sutherland, regional president of Equity Bank.
• If a bank lends a business $1 million, is it properly accounted as a liability? If it’s accounted as a $500,000 liability, why doesn’t the business know its balance?
• A comparison of turnover for accounts receivable to turnover of inventory to see whether inventory is stale or customers are paying slower.
• How past due are receivables? Is it more than 90 days?
• Are accounts payable growing? Basically, does the business have enough cash flow to pay its bills on time, or is it relying heavily on vendors to pay them?
• Banks compare the current financial statement to previous statements to see whether the company is doing better, worse or the same.
Business Value Beyond the Financials
Business Value Beyond the Financials
Whether your business is currently on the market or you are evaluating your exit strategy for five or ten years down the line, being educated about the steps needed to enhance your company’s overall value is key to maximizing your proceeds at the closing table.
Though these facts may seem obvious to many, the truth is that most business owners lose perspective when looking at their own company. Time to take stock and discover additional ways to enchance value.
Fact No. 1
Many owners (and their brokers or advisors) take steps necessary to get their financial documentation in order.
Fact No. 2
Most owners (and often brokers or advisors) ignore all the other really important stuff that buyers consider when determining interest in and offering price for a business.
Some thoughts to consider when evaluating your business
Are your profit margins over-inflated because you work too much?
Some owners think value is solely down to profit margins, but we have to analyze the hours an owner works to reach those figures.
Buyers do not like to spend their life savings on a business that requires them to reduce their quality of life (working ridiculous hours).
Example: An owner may have a hard time selling if the company’s success is dependant on him or her working 80+ hours a week. He or she may make $180K net a year, but they have absolutely no life outside of the business.
A key to preparing for sale may be bringing on new assistant management or part-time personnel to reduce the owner’s workload. The owner will be reducing his current annual net, but this move could equal tens of thousands of Dollars, if not more at the closing table.
Summary: A buyer will be much happier working 40 hours a week and netting only $100K annually.
Adding Value by Strengthening Your Transition Plan
Buyers want to know what will happen after close. Are your employees going to leave, what about customer lists and contracts? What do you have to offer a buyer that competing businesses for sale don’t?
Examples to consider: Key members of staff. A key employee can agree to stay on for at least the first year of new management.
Flexibility. A buyer will be more encouraged to purchase a business if the owner offers some flexibility after the initial training period – agreeing to stay longer or act as a consultant at little or no cost for a predetermined amount of time may show an investor that the seller is confident in the business’s long-term success.
Operations Revisited
Before considering going to market, it’s time for a seller to have a good look at his business plan. Don’t have one, or haven’t looked back since drafting it 20 years ago? Time to dig in and have a look at your business. The plan helps bring to light strengths and weaknesses that need to be addressed prior to going to market.
“I think it´s a shame that people associate business plans with starting a business, more than with running a business. Every business needs planning, ongoing and existing businesses as much as start-up businesses” – Tim Berry for Dun & Bradstreet
A seller may also create added value by spending some time and money creating a complete operations manual (or revamping the one from 15 years ago). This can be of great importance for a buyer with executive experience who may be transitioning from a different industry.
Occupancy Costs – An obvious point in this market that has surprisingly been ignored by many
Customarily, most owners do not inform their landlords about their intent to sell until a buyer’s in place.
However, considering the current economy, business owners should be reviewing their current lease to see what new terms they can possibly negotiate with their landlord to reduce occupancy costs – prior to going to market.
An owner who has not tried to reduce this expense in this market can unknowingly kill a potential deal if a competing business for sale has better terms already in place. Buyers know this is a tenant’s market and often will completely pass up a good business opportunity if they feel that there will be drama with a landlord after due diligence and prior to close.
Spring Cleaning – From Retail to Office to Home-based Businesses
Sometimes it doesn’t matter if business has strong repeat clientele and cashflow is high – buyers will pass up a dump and WILL find a cleaner facility in this market that has comparable income to owner. Same goes for how owners organize and file their financials. Do you know how to use Quickbooks? Is it time for a bookkeeper? And is your accountant accurately itemizing your expenses? If you have to scramble to get information, it’s time for help.
CONSTRUCTION SITE CLEAN UP, $255K
15-year-old construction site cleanup company. Strong owner benefit with an annual profit margin of 31-38%, high for industry standards. Residential and Commercial services include light demolition, dumpster rentals, construction site cleanup, dumpster trash hauling & fire and smoke damage repair. Home based business can be relocated within Brevard County. Sellers received E2 visa and a 5-year renewal with this business and have tripled revenues since taking ownership. Contact agent and click here for details.
Business Value Beyond the Financials
Whether your business is currently on the market or you are evaluating your exit strategy for five or ten years down the line, being educated about the steps needed to enhance your company’s overall value is key to maximizing your proceeds at the closing table.
Though these facts may seem obvious to many, the truth is that most business owners lose perspective when looking at their own company. Time to take stock and discover additional ways to enchance value.
- Fact No. 1 Many owners (and their brokers or advisors) take steps necessary to get their financial documentation in order.
- Fact No. 2 Most owners (and their brokers or advisors) ignore all the other really important stuff that buyers consider when determining interest in and offering price for a business.
The truth is that most business owners lose perspective when looking at their own company.
Some thoughts to consider when evaluating your business
Are your profit margins over-inflated because you work too much?
Some owners think value is solely down to profit margins, but we have to analyze the hours an owner works to reach those figures.
Buyers do not like to spend their life savings on a business that requires them to reduce their quality of life (working ridiculous hours).
Example: An owner may have a hard time selling if the company’s success is dependant on him or her working 80+ hours a week. He or she may make $180K net a year, but they have absolutely no life outside of the business.
A key to preparing for sale may be bringing on new assistant management or part-time personnel to reduce the owner’s workload. The owner will be reducing his current annual net, but this move could equal tens of thousands of Dollars, if not more at the closing table.
Summary: A buyer will be much happier working 40 hours a week and netting only $100K annually.
Adding Value by Strengthening Your Transition Plan
Buyers want to know what will happen after close. Are your employees going to leave, what about customer lists and contracts? What do you have to offer a buyer that competing businesses for sale don’t?
Examples to consider: Key members of staff. A key employee can agree to stay on for at least the first year of new management.
Flexibility. A buyer will be more encouraged to purchase a business if the owner offers some flexibility after the initial training period – agreeing to stay longer or act as a consultant at little or no cost for a predetermined amount of time may show an investor that the seller is confident in the business’s long-term success.
Operations Revisited
Before considering going to market, it’s time for a seller to have a good look at his business plan. Don’t have one, or haven’t looked back since drafting it 20 years ago? Time to dig in and have a look at your business. The plan helps bring to light strengths and weaknesses that need to be addressed prior to going to market.
“I think it´s a shame that people associate business plans with starting a business, more than with running a business. Every business needs planning, ongoing and existing businesses as much as start-up businesses” – Tim Berry for Dun & Bradstreet
A seller may also create added value by spending some time and money creating a complete operations manual (or revamping the one from 15 years ago). This can be of great importance for a buyer with executive experience who may be transitioning from a different industry.
Occupancy Costs – An obvious point in this market that has surprisingly been ignored by many
Customarily, most owners do not inform their landlords about their intent to sell until a buyer’s in place.
However, considering the current economy, business owners should be reviewing their current lease to see what new terms they can possibly negotiate with their landlord to reduce occupancy costs – prior to going to market.
An owner who has not tried to reduce this expense in this market can unknowingly kill a potential deal if a competing business for sale has better terms already in place. Buyers know this is a tenant’s market and often will completely pass up a good business opportunity if they feel that there will be drama with a landlord after due diligence and prior to close.
Spring Cleaning – From Retail to Office to Home-based Businesses
Sometimes it doesn’t matter if business has strong repeat clientele and cashflow is high – buyers will pass up a dump and WILL find a cleaner facility in this market that has comparable income to owner. Same goes for how owners organize and file their financials. Do you know how to use Quickbooks? Is it time for a bookkeeper? And is your accountant accurately itemizing your expenses? If you have to scramble to get information, it’s time for help.
Get Involved in Nominating Your Community’s Leaders
It’s that time of year again – the Orlando Business Journal is accepting nominations for several awards, including the Best Places to Work, Women Who Mean Business and 40 under 40.
Have you placed your nomination yet? Do you have an employee that shines? Promote your company by supporting your best talent. Details at orlando.bizjournals.com
Promote your company by supporting your best talent.
BEST PLACES TO WORK
Calling all nominations!
Orlando Business Journal will recognize companies and nonprofits deemed by their employees to be the Best Places to Work in our community.
Only organizations with 10 or more employees in Orange, Seminole, Osceola and Lake counties are eligible to participate.
Human resource officers or other representatives of the company or nonprofit should complete and submit this online form by May 14 or go to our Web site at http://orlando.bizjournals.com/orlando/nomination/2391.
Employees of the nominated companies then will be asked to complete and submit an online employee survey. There will be four weeks allowed for the surveys to be completed.
Winners will be announced at an awards breakfast on July 30, and featured in the July 30 issue Orlando Business Journal.
Only online nominations will be accepted. Submissions must be received by 5 p.m. on May 14, 2010.
For more information, contact Managing Editor Susan Lundine at slundine@bizjournals.com or (407) 241-2892. Deadline: May 14, 2010
FORTY UNDER 40
Help Orlando Business Journal recognize those leaders in Central Florida who are under 40 years old.
Those people who are recognized for this award will be the men and women throughout the region who have already played a key role in shaping our community. They are not those with potential. They are people who have proven their potential by taking leadership roles in Orange, Seminole, Osceola and Lake counties.
We will recognize 40 of these individuals and name a man and woman of the year.
Last year, Richard McCree Jr., with McCree General Contractors and Architects, was recognized as the Man of the Year and Megan Costa DeVault, with Akerman Senterfitt, was named Woman of the Year.
We will recognize this group of leaders at an awards reception the evening of June 10.
Being recognized as a Forty under 40 honoree in the past does not prevent one from being named again.
All fields are mandatory for submission! Only online nominations will be accepted. The number of nominations has no bearing, so no ballot stuffing, please.
Nomination deadline Friday, March 19, 2010 at 5 p.m. For more information, contact Managing Editor Susan Lundine at slundine@bizjournals.com or (407)241-2892.
