Monthly Archives: November 2008

FREE Seminar — Winning Competitive Bids

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“You can’t win the bid, if you never submit a winning proposal!”

Date: Thursday, December 11 2008

Time: 6-9 PM

Where:

Disney Entrepreneur Center

Landmark One Center

315 E. Robinson Street, Suite 100

Orlando, FL 32801

Join representatives from these three dynamic organizations to discover a practical approach for winning the competitive bid process. From locating bid opportunities and developing winning proposals, to building partnerships for bid success, this informative session will feature experienced business professionals, and successful bid winners, who can help you jump start your organization, and put you on the road to winning more bids!

What Do Business Brokers Do for Clients?

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Or, starting from the beginning, what is a business broker?

A business broker is a trained intermediary who assists sellers and buyers of businesses in the transfer of ownership. They help people buy and sell businesses.  Transactions generally involves small businesses ranging from “Mom & Pop” shops to franchises and chains, and service a variety of industries, including retail stores, bars & restaurants, automotive and manufacturing businesses.

The industry is relatively small to compared to other trades such as real estate. There are several thousand real estate agents in Central Florida, however only about 1,000 business brokers and intermediaries throughout the entire state.

And whilst most brokers are competent to mediate the sale of many types of businesses, several practioners have further developed niche markets. Some brokers concentrate on the sale of petrol stations, while others prefer to work with manufacturers, printing companies or restaurants, for example.

My particular area of expertise includes work with both Americans and foreign national buyers who are seeking business opportunities for not only investment purposes, but to also meet criteria established by the U.S. Embassy in applying for a visa to the US.

Common associations that brokers are members of include the International Business Brokers Association (IBBA), as well as state organizations. In the state of Florida, I am a member of both the Business Brokers of Florida (BBF)  and the IBBA.  In addition to business brokerage designations, I am also a Florida-licensed real estate broker, Arizona-licensed real estate associate, Florida Notary Public and member of both the Orlando Economic Development Commission and the British Chamber of Commerce.

Organize Your Business to Increase its Value

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There are a variety of factors about your business that will help determine its fair market value.  But the most important element that many business owners neglect is their organization.  

Your financial and asset records are the lifeline of your business.  If you do not have the following documents easily accessible, it could cost you.  

 

  • A short bio (a paragraph) explaining the nature of your business
  • Tax returns from the last three-five years
  • Profit & Loss statements from the last three-five years that you or your accountant prepare annually
  • List of any inventory with approximate values
  • Full list of all fixtures and equipment used in the business that would be included in the sale, plus a grand total value of the whole
  • Copy of current lease, if business premises are leasehold
  • Copy of latest appraisal(s) if business premises are freehold and/or additional real estate will be included in the sale

Your business broker or business appraiser collects data about your business to establish an opinion of value. Forgotten loan agreements, overlooked expenses, or an inaccurate inventory of your equipment can be a blow to determining value.

If the job has yet to be done, and the task at hand seems too daunting, then ask for help! Many owners forget that they are only human and cannot do it all.  Ask for referrals for professionals who can help you get back on track.  It’s worth the investment.

Immigration Advice – Where to Start

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Advice for International Clients Purchasing Businesses in America

American Business Group, LLC offers business brokerage and consultation services to entrepreneurs both domestically and internationally.  If you and your family are considering purchasing a business for visa purposes, ABG strongly recommends that you use a qualified and experienced immigration attorney to assist you.

What to Look for in a Qualified Immigration Attorney

·        Member of the American Bar Association

·        Member of the American Immigration Lawyers Association

·        Immigration-specific designations

Should I Use a Visa Consultant or Immigration Attorney?

Not all immigration professionals are attorneys. “Visa consultants” are not licensed to practice law nor give legal advice.  Though a client may feel that he or she is saving money up front, the long-term consequences could be disastrous. There is little legal recourse to fall back on should you have problems with your consultant and wish to seek damages in the future.  Hiring an attorney helps to better protect your interests.

Can American Business Group, LLC Recommend an Attorney?

American Business Group, LLC is happy to provide a list of attorneys in the area for you to interview.  Of course, this is only a sample of professionals available.  You can also search for attorneys in your area by contacting the American Immigration Lawyers Association at www.aila.org or +1 800 954 0254.

Local Board-Certified Immigration Counsel in Orlando:

Catherine Henin-Clark

Board Certified in Immigration & Naturalization Law 

228 Annie Street, Orlando, FL 32806

407 426 2095 Office  407 426 2098 fax

chenin92 @ bellsouth.net

The Process of Buying a Business

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Buying a business is a process that takes time. It can sometimes take years to find the right opportunity.

Unfortunately, many buyers want to look at all available options, thinking they’ll recognize what they’re looking for when they see it.  That approach is actually a waste valuable time and energy and can lead to frustration and an end to the search. Or the potential buyer may miss out on great opportunities because they weren’t found early enough or they weren’t ready to move forward with a purchase.

There are some key steps to follow in the business search process:

Start with a self assessment – Ask yourself why you want to buy a business. What types of work activities do you like and what kind of lifestyle do you want to pursue? It’s important to understand that there may be more work and longer hours for an owner in some industries.  Be sure to include your family in the assessment.

Establish financial expectations – Determine how much money you need and want to earn.  Make sure your expectations are in line with the types of businesses you are targeting and the return they can produce.

Put together a personal financial statement – Outline your assets and liabilities.   Identify what you can use for your initial investment. The personal financial statement serves as proof of your financial wherewithal, so be prepared to share this document with a seller’s intermediary.

Update your résumé – Sellers want to be sure that their business will continue to be a success. They’re looking for someone with the experience necessary to continue their legacy and take care of the staff.  Ultimately, you’re selling yourself to the current owner(s), the lender and the professionals representing them.   

Outline your acquisition criteria – Define the parameters of your search. Ideally it should include your targeted industries, geographic area and transaction size.  Your acquisition criteria will help you demonstrate your commitment to finding the right business for you.

Search multiple sources and enlist help – Let your professional advisors (e.g. attorney, accountant, financial planner) know you are looking for a business. Most importantly, contact business intermediaries who represent businesses within your targeted market. They will notify you of available companies that meet your criteria and qualifications.

Most business brokers or intermediaries work for the seller and are paid by the seller. That means you can enjoy the luxury of their services at no cost. The intermediary is looking out for the seller’s best interests, so you should have experienced council to represent you in any transaction.

When interested in a business, you want the business intermediary to be selling you to the seller. Prove to them that you are a qualified, motivated buyer by preparing for your search.

Your motivation, lifestyle, expectations, financial statement and résumé will help you develop your acquisition criteria. Identifying and communicating your acquisition criteria, qualifications and experience will save time and frustration and will place you far ahead of less focused buyers.

The International Business Brokers Association® is the largest international, non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of a business brokerage and mergers and acquisitions.  IBBA® has 1,950 members worldwide, with corporate headquarters in Chicago, Illinois. 

©2008 International Business Brokers Association® (IBBA®) all rights reserved

Permission to reuse any or all of this material should be directed to the IBBA at 888-686-4442 and is restricted to IBBA members.