We can help you relocate and help you establish your own business.
We relocated to Florida 20+ years ago and have streamlined the process for you to achieve your goal of moving to Florida and becoming your own boss. Whether you’re moving across the U.S. or from overseas the way we did, our team is here to help you with our relocation services.
Below, you will find a brief explanation of how the process would work if you did purchase a business. If you have any further questions, please feel free to Contact Us and we will do our best to guide you to your dreams with our relocation services.
Be sure to think about what type of income you require to support your lifestyle, and then begin searching as step one of our relocation services. Remember, you mostly “pay for what you get” and smaller businesses will not support a larger family. Once you have found the businesses of interest, let me know which they are, by listing number, and I will send you a disclosure to sign. This disclosure will ensure the sellers that you are serious and will bind you to not discuss your findings with others.
- Search the Web. Using our Featured Business Listings and our Additional Business Search tools, you can enter your criteria and begin your search. Also, if you are using other databases, make a note of each listing number for any business you may find of interest. Be aware that as brokers, our listings will show up numerous times on different sites. You may also find that some sites have older listings displayed, that are no longer available.
- Allow us to search on your behalf. If you would like us to search for you, please provide me with an Contact Us and We will help you every step of the way.
- Narrow down your list to 5. After reviewing all of the listings, and discussing the options you have seen, we want to be able to narrow down the potential businesses to around 5. This will allow you a good comparison and choice, yet stop the process from becoming confusing. At this point we can submit questions to each of the sellers and await their responses, as well as obtain any financial information.
- Meeting the Seller. Now that we have had all of the questions answered, and reviewed the financials, we can set up appointments to meet with the owners. We do have the option of conference calls if need be, but meeting face to face is always a better option. You know the business and its finances by this point. Now you are really looking at whether you like what you see, and can work with the seller.
Now that you have made a decision as to which business you like, we are in a position to make an offer. This would be a written offer where you would sign a contract and we would present it to the seller. If the seller accepts the offer, or even counter offers and you agree, you will now be in a “binding contract” and will be expected to place at least a deposit into escrow. We recommend your deposit be held with an escrow agent/title company or attorney rather than a real estate brokerage. At this point, and once the deposit is in place, we can begin Due Diligence.
Now that we are in contract, the buyer has a right to request any and all information he and his accountant need in order to be sure that the business is what it says it is. From licenses and pay roll to financials, we will ask for it all. When a seller/company provides their financials, due diligence allows for up to a 5% discrepancy. If the discrepancy is over that percentage, the buyer shall choose whether to withdraw or renegotiate the purchase price.
Now that you are satisfied with Due Diligence, those of you applying for visas can submit your visa application. If you have applied for a visa, closing will not happen until such point that you have been both approved, and have received your passports with visas in hand. Generally you will need to close on the purchase within 14 days of receiving your visa, so be sure that you are ready and packed.
Those not needing a visa, you will move straight from Due Diligence to closing, as stated in the contract.
At closing, both the buyer and seller shall meet to sign the closing documents.These papers will have any and all documents needed to record the sale and ensure legality of said purchase. For protection to the buyer, the closing agent shall provide a record of any debts outstanding on and through said business and if such debts are found, the closing agent should withhold the amounts owed and make final payments on behalf of the seller, or have the seller pay and prove. Each party shall be given a copy of said documents to leave with. This shall also include any relative documentation required for the buyers to run the business and apply for licenses.
Finally, if required and dependent on the type of business, any monies that the seller may have in escrow will be handed over to the buyer/new owner. It will also be at this point that the seller will begin their training period with the buyer. We suggest a schedule be agreed whilst at closing so that all parties know their commitments and an easy transition can begin.
Good Luck and remember, just because you have closed on the transaction, our offices and staff are always available.
You will need to be sure that you fully understand the state laws and guidelines for the particular business you buy. In every business you will be required to have city, county and state licenses for your new venture and upon closing, a seller should guide you with this. An occupational license will be obtained from the respective city or county office that you wish to trade in. If you should work in several counties, then you should have licenses for each. Visit stateofflorida.com to find out more, then be sure to enlist the help of our relocation services.