The key to finding the ideal business broker or agent and selling a small business is asking the right questions and getting the right answers back! Peter Siegel, MBA with BizBen & several top business brokers and agents in California (ProIntermediaries) contribute to this topic to assist sellers.
In this month's Business Buyer survey for BizBen.com, we asked participants in our ProBuy Program and 250 other random business buyers what they look for and avoid when looking at a business for sale postings online. Of the 20 potential posting characteristics we asked about, 8 stood out.
The use of add backs & sellers discretionary cash is common among sellers of businesses when showing their financial information & explaining that the buyer will actually enjoy more profit than is shown. But buyers are cautioned to review documents closely. Peter Siegel, MBA with BizBen explains.
Peter Siegel, MBA - Lead Advisor with the BizBen.com ProSell Program discusses critical steps to prepare a small to mid-sized business including: which documents will be needed, key advisors to have involved, pricing the business, and how to attract the right business buyers to your listing.
Owners should keep the fact that they want to sell their small business confidential. Before releasing information to prospective buyers, buyers should commit to confidentiality in writing & should understand why it is important. Peter Siegel, MBA a ProBuy and ProSell Advisor with BizBen explains.
There are many myths associated with the process of selling a small business and some of them can actually cause deals to fall through. Don't let your sale be compromised, be aware of these common misconceptions related to the process of selling. Peter Siegel, MBA with BizBen explores this topic.
Peter Siegel, MBA - BizBen Founder & Director of the ProBuy/ProSell Programs explores why earnest money deposits when opening escrow (and bulk sale) serve several important purposes when buying or selling a small business in California. For Buyers not offering a realistic deposit may be a problem.
Successful sellers of small businesses need a game plan to sell their California small business for maximum price and for the best terms. Peter Siegel, MBA discusses these seller strategies with BizBen Blog readers based on his experience as the lead Advisor with the ProSell Program on BizBen.com.
Trying to purchase a business with no money down is usually a waste of time if you want a good business. But leveraging into a business with a relatively small cash down payment can often be accomplished using some of these suggested strategies in this article on buying a business with limited cash.
Avoiding the obvious mistakes when selling a small business is important if you want to sell your business. Peter Siegel, Director of BizBen and the BizBen ProSell Program discusses what fatal mistakes business owners should avoid when selling their small to mid-sized California business.
Only 30% of all small businesses for sale that are put on the market overall are sold! A surprising statistic to most business owners, agents, and brokers trying to sell a small business! If however you follow the strategies (BizBen Protocol Method) in this blog post you should see success!
As an Advisor On BizBen I talk to many California business owners, business buyers, brokers, and agents on a daily basis about valuing California small to mid-sized businesses. Many key factors go into this analysis including market demand, history of earnings, and even how the deal is structured.
One of the most difficult challenges when purchasing a small business is expressed by this prospective buyer of a liquor store who is told by the seller that there is more money being made than shows up on the books. Should the buyer accept that statement by the seller & go ahead with the purchase?
The economy has started to repair itself since the recession. While things may never be what they were in the past, the economy and small businesses have started to gain some form of momentum again. If you are considering buying a small to mid-size business consider these recession proof businesses.
Buyers search for an absentee business, wanting to collect profits generated by a successful enterprise without having to stand at the sales counter or cash register, without having to cook, operate equipment or talk to customers. Peter Siegel, MBA offers his intake on absentee run businesses.
Being an Entrepreneur has its perks, it can also be challenging. You need to make sure you're ready for the challenge. Here's a list of 10 important questions to get you started when buying a business. Peter Siegel, MBA (BizBen Founder) reviews this topic for business buyers of small businesses.
First, we must define, who are the Millennials? The exact years are up for debate, but Millennials were born during approximately between 1981-1986, which today would be between 22 and 37 years of age. Joe Ranieri looks at what these buyers are looking for and what qualities they seek in businesses.
Most business acquisition financing strategies involve borrowing money to meet the purchase price. But an entirely different approach, equity sharing, is sometimes pursued if borrowed money is not wanted, or is not available to complete the purchase. Peter Siegel, MBA - BizBen.com covers this topic.
With the multitude of factors that come into play when deciding the appropriate time to inform your employees that your business is for sale, I do not offer a standard or general answer. When sellers consult me as to my opinion on when it is the right time, I like to review the major issues that...
Recognizing that 70% of the California small and mid-market-sized businesses offered to buyers are never sold, and that some of the obvious reasons - over-pricing, inadequate records, insufficient lease - have been discussed in detail, it might be useful to point out lesser known problems.
First impressions are critical when selling a business - ask any potential business buyer. Peter Siegel, Founder Of BizBen explains why all potential small business sellers need to make sure that first impression is a good one.
Due to the current state of the credit markets and bank financing, seller financing when selling a California small business is more important then ever in a business sale. Lee Petsas, Southern California business broker walks us through the nuances of owner carry notes - seller financing.
Most owners know that when choosing a broker to help sell your business, it's good to find out about his or her background and maybe get some references of people who've worked with the professional. Before signing a listing agreement, it helps to know these extra things about the business broker.
A properly prepared purchase agreement is of foremost importance in any business purchase. Lee Petsas, a Southern California business broker defines what should be in a purchase agreement when buying a business.
The first broker I ever worked for said, "Every deal you have will die at least 5 times before it closes. How you handle that, will determine whether you can survive doing this for a living." As I enter my 11th year doing this, I still smile at that memory because it is as true today as it was then.
With the economy in growth mode, many owners of small companies who are ready to retire or invest in another enterprise would be smart to offer their business for sale. But some insist on hanging on as owner just a little bit longer. And that might be a mistake. Three reasons people make this error.
Unlike a traditional brick and mortar business, selling a home business requires more finesse on the part of the seller. You really need to do your due diligence and prepare the business to be sold in order to make it attractive to a buyer. Here are my tips to achieving a successful sale.
Choosing a business broker to sell your business can be crucial to the success of it selling. A broker who you have an exclusive listing agreement with, which I recommend vs. open listing, will essentially be your partner during the listing term in getting your business sold. Joe Ranieri explains.
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
ServingSan Francisco Bay Area, North Bay, Central Valley
Cheryl's a restaurant business broker, over 25 years in the bar and restaurant industry coupled with a J.D. Cheryl works tirelessly to create successful strategies and effective negotiations for those who wish to purchase a new or sell an existing bar, restaurant, cafe, or night club. 415-309-2722
ServingCity Of San Francisco
If your business involves alcoholic beverage sales, we can help. Obtaining a liquor license transfer or selling a business with a license in California does not have to be a frustrating and overwhelming process. We have procured thousands of licenses for our clients.
ServingAll Of California
I am the Founder Of BizBen.com. I consult daily with intermediaries, business buyers, owner/sellers & advisors daily about buying and selling California small to mid-sized businesses. Contact me today about joining & utilizing BizBen, consultations, & advisory services.
ServingNationwide - All Areas
Laundry consulting, due diligence, buyer representation: We preview laundries for you and evaluate them. 28 years laundry industry experience: buying, selling, valuing, retooling, analyzing, consulting services for laundry buyers and entrepreneurs in California. Contact us today about our services.
ServingSouthern California
The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups.
ServingSouthern California
For over 25 years Peter Siegel, MBA has been providing niche business purchase financial advisory and loan placement services with SBA Loans, Non SBA Financing, Retirement Plan Conversions, Note Restructures, etc. Call me regarding business purchase financing and to get pre-qualified: 925-785-3118.
ServingNationwide - All Areas
I am an experienced entrepreneur, attorney, & business professor. I & my EvergreenGold® team offer business owners sound advice & expertise to build business value & achieve profitable sales. Call me today for a business evaluation & SWOT analysis for your business anywhere in the USA.
ServingNationwide
Financing a business purchase, or getting cash for a down payment can take many forms. Hopefully the options listed below will give you some ideas where you can find the money to buy a California business!
A potential small business owner/seller asks the question: I have a preschool and am thinking about selling it but my lease is ending soon. What would be the best thing to do? Do I renew the contract or do I act the landlord to sign a contract to the new buyer? and is it a good time to sell?
The likelihood of selling a business is often determined by external factors in the marketplace. Here are eight influences on how easy, or difficult it might be when selling a small business. Peter Siegel discusses these factors in a BizBen.com article.
One of the strategies for selling your business to a very cautious buyer is to relate the price to performance of the company in the months after the buyer takes over. Peter Siegel with BizBen.com explains this strategy.
Don't buy a laundry business before reading these 5 tips to maximize your investment. You'll soon be able to buy a laundry with confidence! Peter Siegel, MBA with BizBen.com discusses this topic.
The three most widely used sources of funds for financing business purchase assets are buyer's cash, seller financing, and SBA bank loans. Peter Siegel, MBA with BizBen.com and an SBA loan consultant & placement specialist explains the differences between them.
Before you buy a dry cleaners small business, read these critical tips about this industry. Discover why a dry cleaner needs to be "green" to be profitable. Peter Siegel, MBA (BizBen ProBuy, ProSell Program Advisor) explores this topic and other helpful strategies on buying a dry cleaning store.
Laundromats undeniably represent a fantastic business opportunity. They offer high returns and require minimal hours, making them an attractive investment. Even during severe economic downturns, laundromats prove resilient as they provide an essential life service, but why do laundromats fail?
For Laundromat investors looking to enter the industry, these are challenging times. This significant industry that is surging due to "smarter" equipment, cleaner spaces, more staff, & the larger payback for offering a better customer experience. But, brokers & sellers have unrealistic valuations.
The coin-operated laundry business has undergone significant changes, evolving beyond its traditional model. Laundromats are now transforming into comprehensive "laundry businesses." This shift reflects a broader approach that goes beyond mere self-service coin-operated machines.
Chuck Post hosts these live FREE online webinars on Buying A Card or Coin Laundry. These webinars occur every Weds at Noon. Have your questions ready for an open and honest discussion about both the Pro & Cons of the Vended Laundry Business. RSVP or for more info phone Chuck at 619-227-5711 direct.
Chuck Post, a leading laundry expert with over 37 years of developing laundries, retooling, and rebranding hundreds of existing laundries, tells investors how to search, find, evaluate, and do good laundry due diligence laundries for acquisition. A must read for new investors & current operators.
Laundry buyers and investors should expect both challenging times and opportunities for success in 2022 and 2023. Chuck Post, Laundry Industry Advisor explores growth opportunities, equipment advances, industry challenges and trends all laundromat buyers and investors should know about.
Utility rates are on the rise. I am getting calls from laundry owners complaining of the costs, asking for ideas. So what is the answer? What is the best approach in combating these costs? Chuck Post, laundry consultant discusses strategies for keeping coin laundry utility costs under control.
The laundry business offers all of those rewards of business ownership, with much fewer headaches than with most other businesses. However buyer beware - Chuck Post, laundry broker and consultant covers several mistakes many first time laundry buyers commit when buying a California laundromat.
Many Californians want to buy a coin laundry because it's a business that doesn't require full time owner attention and because, as an all cash business, the owner is always paid before the service is provided. But there are a few misconceptions about the business and a buyer should have the facts.
When investing in a laundry business, there are two methods. One is preferred, but the other is far more common. If you are considering entering into a new industry, like most now entering the laundry industry, you want to have a good understanding of both opportunities. Chuck Post explores both.
Laundromats and coin operated Laundromats are popular choices among business buyers as they often can be successfully run as an absentee run business. You need to be strategic about when you sell your Laundromat so you don't get taken to the cleaners by a buyer and so that you maximize your profits.
Coin operated laundry for sale (also referred to as a laundromat), which typically can yield a 20% to 30% profit (before taxes, interest, depreciation and amortization) on gross revenues to the owner. Peter Siegel, MBA with BizBen.com discusses this topic on buying small to mid-sized laundromats.
Are you thinking of selling your California vending route? More business buyers than ever before are looking to buy such a business. Peter Siegel, MBA with BizBen.com discusses tips for selling your vending route.
Buying a professional service business, like a dental practice, is one of the most profitable ventures you can enter into if you are considering becoming a small business owner. In this blog, Peter Siegel, MBA discusses six things you need to know about buying a successful dental practice or office.
Entrepreneurs who think they want to buy a towing business need to have some idea of what to look for when examining businesses for sale in this industry. The assets, including tow trucks and perhaps the property where towed vehicles are stored, determine much of the value of this kind of company.
Buying a day care for sale is a dream for many people. Here, you'll learn how to successfully negotiate the purchase of a day care for sale to make that dream a reality. Peter Siegel with BizBen.com covers this topic.
There are several things to consider when placing a value on a preschool. Businesses that are regarded as leading preschools in their area can go for premium prices so know what you have so a potential buyer can't take advantage of your lack of knowledge. Peter Siegel with BizBen.com explains.
If you are open to exploring the franchise opportunities available the commercial cleaning industry is an area you should consider. Commercial cleaning franchises are quickly becoming a popular choice among business buyers and here are my 6 reasons why you should consider buying one.
Buyers interested in buying a janitorial cleaning business will find companies in this industry for sale that are quite profitable. Careful due diligence, including the six factors covered in this blog post, is advised before completing a deal. Peter Siegel, MBA with BizBen explores this industry.
One of the most important steps in buying a business is doing your due diligence. When buying a California winery, there are three major areas to focus your attention during this period of research. Learn about these three factors in this BizBen blog post on wine industry due diligence for buyers.
A business buyer in the BizBen ProBuy Program asks how to handle the inventory amount in the purchase price of a business. Other questions answered in this article: Do you add the inventory value to the business value? Should the owner be expected to take back a note for the value of the inventory?
How does the laundromat business look as we enter this changing environment? Is it still as easy to operate a laundry and be profitable? Is it still the American Dream Business that it has been known to be? Yes, but… Chuck Post, Laundry Advisor & Consultant initiates this BizBen Discussion post.
We are finding that many laundry buyers and investors are not being given true light to selected elements of value or there are inconsistencies in the interpretation of these elements of value. This common error needs to be addressed. In this BizBen Discussion we address many of those factors.
Chuck Post a laundry consultant, specialty broker, buyer representative & due diligence advisor starts this discussion on why it's important to have an exit strategy in mind while buying a laundromat! He & others explain why this concept is so important for buyers especially in the laundry business.
However all the laundry listings are asking 4X to 5X multiple for an asking price! Is this reasonable, standard? We are are looking buy either a coin or a card laundry and want to pay a "fair" price. What factors go into valuing a laundry business these days? Multiple Advisors answer this question.
When buying an Elderly Care Home what should potential buyers always ask the broker or owner before proceeding? Find out in this Discussion on BizBen. Items buyers of elderly care homes will want to know more about why the seller is moving on, average length of stay, placement fees paid, etc.
A business buyer asks about the viability and purchase of a home health care service and about the future of this industry - Peter Siegel, MBA takes on this question with other ProIntermediaries & Advisors on BizBen regarding the home health care industry and it's future for potential buyers.
I would like to start this discussion and see what other BizBen Users feel about (and possible contribute to this list via a comment and replies below) what items/questions/information buyers should be thinking about during the due diligence and buying process of manufacturing related businesses.
Is a dog grooming business for you? Business broker Joe Ranieri ponders this question with BizBen viewers and answers this question along with other intermediaries and advisors. Some replies cover: brick and mortar vs. mobile, licenses & certifications, maintaining and growing a clientel, etc.
The only time to get an exact and accurate inventory count, and valuation, is at the time the business is being transferred. To do so beforehand, would mean that any merchandise sold after inventory is taken, but before close of escrow - Peter Siegel, MBA with BizBen & others discuss this topic.
Buying a liquor store can present some major challenges to business buyers - a recent client on the BizBen ProBuy Program relates to Peter Siegel, MBA what the major challenges may be when searching for and buying a Californa liquor store business. I welcome other Advisors to weigh in on this topic.
Buying a gas station can be a profitable business. From my experience, here are the pros & cons of buying a gas station that I share with BizBen ProBuy Buyers when they come to me to to get pre-qualified for financing to buy a gas station (with or without real estate). I discuss all these factors.
How much money should you expect to make when buying an automatic car wash? Peter Siegel, MBA (BizBen ProBuy Program Director and Business Purchase Financing Expert) explains with other brokers, intermediaries, and advisors info on this topic.
This is a hard question to answer specifically without any knowledge of the business. What kind of car wash it is (auto, self-serve, or full service)?, How many bays does the car wash have? Is there any other streams of revenue? We discuss this topic regarding car washes on this BizBen Discussion.
Before purchasing a car wash (quick serve or full serve) you must understand that the industry as a whole will provide you with plenty of competition. More importantly, depending on what your interests are, you will identify what type of car wash you want. We discuss this all in this Discussion.
Doing due diligence when buying any type of business is extremely important. Regardless of what type of business you are buying there are certain things you will always look at such as, financials, equipment, legal issues etc. We take a look at several angles for optimal gas station due diligence.
In this Discussion, we define financing options available to potential restaurant buyers when purchasing a small to mid-sized restaurant business (with or without real estate). When it comes to financing a restaurant purchase, potential restaurant buyers have several options to choose from.
Buying a small to mid-sized restaurant can have many pitfalls, and potential restaurant buyers should know how to avoid getting burned! Several restaurant advisors weigh in with (Peter Siegel, MBA at BizBen) and discuss tips for buying a restaurant in California.
Was chatting with a potential buyer of a restaurant in our BizBen ProBuy Program and he asked me what he should look for in due diligence when he finally did find a restaurant he was interested in. Peter Siegel, MBA with BizBen and others on BizBen explore this topic.
Ice cream shops are a favorite with buyers of small businesses, but many times don't know what to look for when seeking a purchase of a shop. Joe Ranieri and other intermediaries and advisors share their experience and expertise to potential ice cream shop owners. Explore these tips to learn more.
For those who don't know, a non-compete agreement is a contract between a buyer and seller of a business, which after the sale, prohibits the seller from engaging in direct competition with the business they previously sold. Joe Ranieri (Business Broker) adds this topic to a BizBen Discussion Post.
In our BizBen.com June 2021 Monthly Report the top ProIntermediaries and ProAdvisors on BizBen offer their thoughts about the current status of the business for sale marketplace with trends and predictions for Business Buyers, Owner/Sellers, Business Brokers, Agents, Advisors in the near future.
Sometimes business brokers just can't win with their clients, because if an offer comes in too fast & too early then they must have lowballed the price & the seller is suspicious, and if not enough offers come in after putting the business on the market - they may look unproductive to their clients.
As the year winds down, it's tempting for business brokers to go through their old files and throw them out to make room for new client's folders, but that would be foolish. Joe Ranieri (Orange County Business broker) discusses strategies for saving files - a key annual strategy for brokers/agents.
