Buy A Business in JacksonvilleIf not now, when?
Are You an International Buyer?
One of the most effective ways of attaining an immigration visa in the United States is to purchase a qualifying business. We have experience in selling businesses to buyers seeking to obtain an investor visa and work with immigration attorneys to further assist you in this process. Did you know that you can become a US citizen, when you buy a business in the United States?
Business Buyer Resources
Once you have made the commitment to buy a business you will need to work on various items including licenses, merchant services, insurance, etc. Below are some links and pdf’s that may assist you with this process. We will also gladly provide you a list of vendors to review your service needs.
When You Buy An Existing Business
- You get immediate cash flow from the ongoing business activities.
- You will enjoy actual operating results, rather than projected results.
- You will have trained employees and suppliers in place.
- You will have established customers and referral business in place.
- You may be able to obtain existing licenses and permits.
- The seller will train you in operating the business and, many times, has a vested interest in your continued success.
Click the steps for my guide on how to buy a business in Jacksonville, or anywhere else, for that matter!
Buying a Business
Finding and buying a business can be an overwhelming endeavor, whether you’re a first time buyer or a seasoned entrepreneur. When you have a trained, professional business broker along side of you – every step of the way — you will be guided through the process. I guide Buyers to only a business that fits them. Together we work to make the right deal for you! Some businesses look enticing, but the daily tasks turn into a grind quickly if you don’t have realistic expectations. My goal is more than just a good deal for the Buyer, I want to see their business thrive just as much as
Grow By Acquisition
One of the best ways to grow your business is through acquisition. When you buy another business, you are buying more than just their book of business – their clients – you’re buying their experience, their systems and often their fixed assets. This can also be the fastest way to conquer the opposition – simply buying it!
Fulfill A Dream
What is your “some day I’ll…“?
Buying a business is the beginning of a new life journey, and the realization of a dream come true.
How do I find a Business To Buy?
If you are a first time buyer it is often helpful to narrow your focus by completing a profile which includes your interests and financial resources. You can conduct your own search for businesses for sale here. We can assist you with all of the businesses you find that may be of interest to you.
Schedule a free, no obligation appointment to find the right business for you.
Who pays the broker fees?
The fee generally comes from the Sellers’ proceeds at closing.
Why don’t Sellers show full financial statements before I make an offer?
Just as you would not want your personal financial documents made available to the public, business owners only want serious buyers to have access to such private information. Your Broker will provide you with summary information including gross sales, lease information, and cash flow. He/she will assist you in drafting an offer based on that information and protect you by making the offer contingent on your satisfaction with that data upon your full investigation. A business offer to purchase simply says, “If everything I assume about this practice proves true, this is what I am willing to do.” You, the purchaser, then have the right to proceed, withdraw your offer, or make a new offer based on your investigation. The seller, once he/she has accepted your offer, must stand by those terms unless you and you alone choose to alter them, see step 7. (in the 20 Steps To Successfully Buy A Business)
Common Documents Discoverable During Due Diligence
- Corporate Tax Returns for the past 3 years.
- Proof of Sales (POS Sales Log, Z Tape Credit Card and Cash Settlement statements
- Invoices (Expenses) by Vendor such as: COGS Bills, Utility Bills, Preventive Maintenance Records & Other Vendors Invoices that could help in the verification of expenses.
- Expenses by Vendor Summary for each year in question.
- Bank Account Monthly Reconciliation with Bank Statement, Check Journal and Reconciliation report.
- Merchant (Credit Card Payment)Monthly Statements.
- Payroll Forms F940, F941, UCT6, W-2, W3, 1099 and 1096 for each QTR/Year with proof of payment.
- Trail Balance and General Journal for each Year.
- Employee Time Record and Independent Contractor (1099 Employees) Settlement Sheet.
- General Ledger by Account Category for each year Separate.
- Profit and Loss for each Year/Month Separate.
- Balance Sheet for each Year/Moth Separate.
- Trail Balance for each Year Separate.
- 1120 S 1065 or 1040 C with all schedules such as ( K-1, SH Basis F4562, & WK Schedule).
- Tangible Personal Property Report for Each Year with the Property Appraiser where business is located.
- FLDOR Sales Tax E File Report by Month.
- Copies of all Leases and Contracts still in existence including lease for premises.
- Copies of all insurance policies and related invoices for the for past 2 years.
- Copies of owner’s W2’s and 1040 for past 2 years.
- Detailed list of all equipment and supplies including invoices where possible.
- Name and telephone number of your Accountant.
- Detailed schedule of owner benefits or Re-Casts including “add-backs” for personal expenses.
- Current Balance Sheet and Income Statement.
- Invoices and detailed list of Leasehold Improvements.
- List of all FF&E (Furnishings, Fixtures & Equipment) that will convey.
Disclaimer: John Geiwitz is not a Certified Public Accountant and does NOT, and can NOT, direct what the Due Diligence requirements are.