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Posts Tagged ‘Sell a business’

Supermarket – Includes Real Estate

Meats


Supermarket incl. Real Estate – Great Cashflow and Books

Asking Price: $995,000
Cash Flow: $293,076
Gross Revenue: $1,775,770
FF&E: $40,000 included
Inventory: $30,000 included
Real Estate: $400,000 included

Business Description

Established grocery store and meat shop (Real Estate included!) with local clientele and a community presence for over 30 years. Well known for its meat selection and friendly customer service. 3,500 sq ft building and land included in price. Sits on almost 3/4 of acre with 390 ft of frontage on busy highway. Lots of room to expand. Highly profitable with good books. Price includes $30,000 of inventory. Limited hours – longer hours would present great opportunity for new active to grow business. Seller will train buyer for 30 days at no cost. Great cashflow and lots of potential so call today!
Listing is strictly confidential. NDA and financial statement required. Only serious buyers please.


Detailed Information
Location:Jacksonville, FL

Inventory:Included in asking price

Real Estate: Owned Included in asking price

Building SF:3,500

Employees:6Furniture,

Fixtures, & Equipment (FF&E):Included in asking price

Facilities:3500 square foot building. Located on almost 3/4 acre of land. Room to expand operation. 390 feet of frontage on a busy road.

Competition:Decades in business and still going strong proves that this business has really no cons.

Growth & Expansion: There is room to expand the business on adjacent lots (included in sale). Also only open limited hours. Increase hours, expand operation and watch more money flow in.

Support & Training:4 weeks at no cost. Learn from the best in the business

Reason for Selling: Retirement

 

Jacksonville Ice Cream Store

Asking Price: $59,950

 

FF&E: $75,000

Inventory: $5,000 included

Business Description

Ice Cream Store – Bring Offers

Fun business being sold for much less than startup cost. Serving the best freshly made gelato and deserts to grown-ups and children alike. Excellent online reviews and easy to run. Brand new equipment in place. Motivated sellers are relocating so you can gain from their loss. Tasteful build-out in shopping center anchored by major supermarket. Benefit from this bargain price and take the business to the next level. Have fun doing it. Call today.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
900
Lease Expiration:
6/1/2021
Employees:
6
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
900 sq ft. Tastefully built out and located in retail shopping center anchored by a major supermarket.
Competition:
This is the only business in the area specializing in this product.
Growth & Expansion:
Seller has quickly built up a solid reputation with excellent social media reviews. Continue with this one easy to run store or expand to additional locations.
Support & Training:
One week at no cost
Reason for Selling:
Relocation

Fast Food Franchise – 3 Locations Jacksonville

Fast Food

 

Asking Price: $315,000

Three for the price of one. The latest fast food concept from an experienced and successful franchisor. Get in on the ground floor. Three locations. One up and running and cashflowing. A second location opens at the beginning of 2019 and one more that can be opened in a North Florida location of your choosing. Simple and easy menu with excellent margins. Price includes franchise fees. You get all this for less than the cost of build out / FFE. Franchisor will give all the training you need.

Detailed Information

Employees:
5
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
2 x 1200 square foot locations in attractive strip retail centers with strong population growth in the area.
Competition:
The heavy lifting has been done by the franchisor. You can now reap the rewards.
Growth & Expansion:
This is a simple low cost concept which can perform well regardless of how the overall economy is doing.
Financing:
Negotiable
Support & Training:
2 weeks at no cost. Ongoing franchise support and assistance.
Reason for Selling:
Franchise development

Business Broker as Transaction Broker

Transaction Broker

Business Broker as Transaction Broker

In the State of Florida business brokers are required to have a real estate license in order to sell businesses. Unlicensed activity is considered a third-degree felony and punishable by up to five years in prison. However, while we share the same license with realtors there is a key difference in how we operate. Most realtors work as “single agents”. This means that they can only work with buyer or seller not both and that they have fiduciary duties as well as the duty of loyalty to their client. business brokers on the other hand rarely work as single agents. Instead we choose to work as “Transaction Brokers”

As a transaction broker we provide buyers and sellers with a limited form of representation. Unlike single agency transaction brokers do not have a fiduciary duty and to not owe the buyer or seller loyalty. Instead our job is to facilitate the transaction. In this way we can expedite a business transaction by representing both parties.

We are in effect a neutral party. However, we still owe both parties limited confidentiality. This means for example that we are not allowed to tell the seller that the buyer will offer more or tell the buyer that the seller will take less without permission from the party in question.

The transaction broker has the following duties to both buyers and sellers.

1.  Dealing honestly and fairly;

2.  Accounting for all funds;

3.  Using skill care and diligence in the transaction;

4.  Disclosing all known facts that materially affect the value of real property and are not readily observably to the buyer.

5.  Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing.

6.    Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, or the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information by a party to remain confidential; and

7.  Any additional duties that are entered into by separate written agreement.

 

Acting as transaction brokers allows us better assist both buyers and sellers of businesses which ultimately is to the advantage of all parties.

 

Anthony John Rigney is a Jacksonville based business broker and Board-Certified Intermediary (BCI). He is also the President of the North Florida district of the Business Brokers of Florida (BBF). If you are interested in buying or selling a business – contact Anthony today at www.904broker.com

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Understanding Lease Assignment

Understanding Assignment of Lease

Understanding Assignment of Lease



One of the most overlooked issues when selling or buying a business is the Lease Assignment. Since most businesses rent their real estate the Landlords consent is necessary before a change of ownership can proceed.

It is best to be well prepared for this process. Lease assignments can take anywhere from days to months. The bigger the Landlord typically the longer and more arduous the process. Be prepared to pay an assignment fee. This can run into the thousands of dollars and may or may not be negotiable.

The Landlord will typically require some or all of the following documentation
•Asset Purchase Agreement (buy sell agreement)
•Lease Application
•Buyers Resume
•Buyers detailed Financial Statement
•Buyers credit report or permission to obtain credit report
•Buyers Tax Returns (typically a three year history)
•Buyers proof of assets (Bank Statements, Brokerage Statements etc.)
•Detailed business plan covering first 2-3 years of operation
•Articles of Incorporation if the ownership will be held by a Corporation or LLC

It is best to begin collecting these documents immediately. Submitting a complete package to the Landlord not only avoids unnecessary delays but also provides a clear impression that you are organized and efficient. The old adage about “you only get one chance to make a first impression” is so true here.

During the bad years following the financial meltdown of 2008, it was not uncommon for Landlords to grant concessions to new tenants. However in recent years as the economy has improved this has become less common. Still if you do your research and determine that a rent reduction is justified it may not hurt to request one. If a Landlord is willing to be flexible they often prefer to offer a period of free rent rather than a rate reduction.

Another important concern for the assignee is the length of time remaining on the lease. If the location is important and you plan on remaining there you may want to insist on a longer lease or end of lease “options”. These options will give you the right to extend the lease after it expires.

Once the Landlord has reviewed your documentation they will typically request a sit down meeting. This is an opportunity for the Landlord to assess you in person. Treat it as a serious matter. Show up on time and in business dress.

The last step will be for the Landlord to approve the assignee and draft the new lease documents. You may choose to have your attorney review these to determine if they are acceptable. Finally do not forget costs associated with becoming a tenant. In addition to the lease assignment fee you may be required to pay lease deposits as well as first and last month rent. Other ancillary startup costs such as utility deposits, vendor deposits and fees could be required.

The best person to guide you through this entire process is a Professional Certified Business Broker. In Florida the best Business Brokers belong to the Business Brokers of Florida (BBF). Ask if you Broker is board certified.

Anthony John Rigney PA BCI (Board Certified Intermediary) is a Business Broker living and working in Jacksonville, Florida

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Buying or selling a business is a complex process. Make sure you have the right team on your side. Contact us today!