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Business for Sale
Entrepreneurs looking to get their foot in the door for their business empire have been advised to find a business opportunity that is easy to start and inexpensive to maintain. Vending Machine Business for sale may seem like a sound investment but is it really? Let’s find out more by reading the following tips on buying a vending machine business for sale.
https://thebizex.com/broker-listings/PeteHarrison
Tip 1 on Buying a Vending Machine Business for Sale: Do Your Homework
Although you don’t need “training” to get into the vending machine industry, you still want to commit to spending time researching the industry. With your research, you are bound to have an idea of how much time you’ll have to put into your company, the amount of money you’ll likely need to invest, and how long you’ll have to work before seeing a return on your investment.
Tip 2 on Buying a Vending Machine Business for Sale: Choose the right Vending Business
When starting a vending machine business, you can either open a new company or buy an existing business.
If you want to start from scratch, you would have more flexibility in controlling how many machines you want to operate and slowly increase the amount as you get better at operate the business and maintaining revenue.
If you choose to buy an existing company, you will save time on scouting locations and doing research. However, it’s more important to talk to the seller about their revenues and make sure you actually visit the vending machine location to ensure everything is running smoothly.
Tip 3 on Buying a Vending Machine Business for Sale: Choose the Right Locations
Choosing the best snack machine locations will make all the difference in the world on whether your business will be successful. Look for locations that have the following qualities:
Locations that have high traffic throughout the week such as airports, train stations, shopping malls, government buildings, event centers, and schools.
Office buildings with a high number of employees
Locations that have few to none competitions like restaurants and cafeterias
Tip 4 on Buying a Vending Machine Business for Sale: Know the Startup Costs
As with buying any kind of businesses, there are costs involved with buying a vending machine and they are:
Vending Machines– First and foremost, you have to purchase the vending machine. The amount to spend on the machine will vary based on where you purchase the machines and whether they are new or used.
Insurance and Taxes– Find out about tax licenses and liability insurance policies before starting.
Rent & Royalties – These costs will vary month to month
Maintenance – Sometimes machines break and malfunction, so make sure you factor that in your budget before investing in a vending machine business.
Hiring – Not everyone needs to hire staff for their vending machine business, this is a cost-effective strategy as you can manage the machine yourself and don’t need to hire anyone.
Tip 5 on Buying a Vending Machine Business for Sale: Choose Your Products
Most vending machines have common snacks such as chips, candy, and soft drinks but you might still want to scout out other vending machines and see if there is anything that’s popular that you should install for your own machine.
Tip 6 on Buying a Vending Machine Business for Sale: Invest in Your Business
Once you’ve decided that the vending machine business is for you, you should look into getting a small business loan from a bank or other financing options like:
Inventory Loans
Equipment Financing
SBA Loans
Merchant Cash Advances
Business Line of Credit
https://thebizex.com/
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Coin Laundry for Sale
Starting a laundromat business can be a great option for business owners looking to build a steady, profitable business that can be run for many years and passed onto future generations.
Compared to restaurants that often fail within the first five years of business, the longevity of laundromats has a significantly higher survival rate in which — 95% of stores are still open after five years. This is mainly because of the recession-proof nature of the laundromat business as people will always have to clean their clothes no matter what the economy is.
https://thebizex.com/broker-listings/jeffreybutzin
Benefits of Buying a Laundromat for Sale
Steady, recession-proof business
The high survival rate of 95%
20-35% ROI
Scalable Business Model
Different Types of Laundromats for Sale
Generally speaking, laundromats for sale generally come in two categories: full-service store and unattended laundromat for sale.
Fully-Service Laundromats For Sale
For this type of laundromat for sale, you will have to hire staff mending the business. The way this type of laundromat operates is by providing different sizes of the coin-operated washer, dryer and a wide range of special services.
Unattended Laundromats for Sale
On the other hand, owning and operating a self-service laundromat business is less stressful, cost-effective and hassle-free. So if you want a business where you don’t need to employ anyone and pretty much run it by yourself, unattended laundromats are for you!
How to Decide the Type of Laundromats for Sale to Buy
Time is a Deciding Factor
The number of hours you want to dedicate to running your coin laundry will be heavily decided on the type of laundromat for sale you want to open and the number of staff you plan on hiring.
Less Time On-Site: Own An Unattended Laundromat
You still need to manage an unattended laundromat, but the amount of hours required for you to be in the store is fewer than owning a full-service laundromat. Moreover, when you choose Tap and Go payments or no-coins operated laundry machines, then you don’t even need to worry about calculating revenue.
More Time And Employees: Own An Attended, Full-Service Laundromat
Running a Full-Service laundromat will take up more of your time, especially during rush hours and busy seasons. Most fully-staffed stores open as early as 6 AM and close around 10 PM. Hiring extra staff would be ideal too because of the most profitable full-service laundromats that offer wash & fold service and other miscellaneous services.
What Other Skills Do you Need?
Buying laundromats for sale is actually a wise decision because the laundromat industry has a very low barrier to entry. You practically don’t need any prior experience in the business industry, and laundromats are not franchises so there wouldn’t be any fees associated with buying one.
No Management Experience Necessary
Having a business background to run a laundromat business will certainly be helpful, but it doesn’t mean it’s necessary for it to be successful.
People Skills
A very good skill to have when running your full-service laundromat is people skills, if you are personable and bubbly, customers are going to want to talk to you, which makes the relationship stronger. If your customers like you, they will become a frequent customer and introduce your store to their neighbours as well.
https://thebizex.com/
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Franchises for sale
You want to start a franchise in your state, but uncertain about the rules for franchise registration and the associated filing fees. This article will detail the type of fees you need to pay and the process that is governed by each state.
To register a franchise, there are three types, but they are subject to change, therefore, please check each state’s current rules & regulations. The three primary types of franchise state registrations are:
Non-Registration States: these are states where you just need a Franchise Disclosure Document (FDD)
Filing States: these are the states that need to pay for a filing fee and will not need additional approval
Franchise Registration States: these are the states that require filing, fee, and approval by the state
https://thebizex.com/broker-listings/richardveale
Non-Registration States
The following states do not require franchise registration or filing fees. The state regulates that the franchisor follows the FDD guidelines and have an approved FDD. So it is quite easy to register a franchise in these states.
Alabama Alaska Arizona Arkansas Colorado Delaware District of Columbia Georgia Idaho Iowa Kansas Louisiana Massachusetts Mississippi Missouri Montana Nevada New Hampshire New Jersey New Mexico Ohio Oklahoma Oregon Pennsylvania Tennessee Vermont West Virginia Wyoming
To Register a Franchise: Filing States
To register a franchise in a particular state, it requires the franchisor to file and pay a fee but does not require the franchisor to submit documents and seek approval to sell franchises.
Connecticut has a franchise registration filing fee of $400.
Florida has a franchise registration filing fee of $100.
Kentucky has a franchise registration filing fee of $0.
Maine has a filing fee of $25.
Nebraska has a filing fee of $100.
North Carolina has a filing fee of $250.
South Carolina has a filing fee of $100.
Texas has a filing fee of $25.
Utah has a filing fee of $100.
States that Require Franchise Registration and Fees
To register a franchise, these are the states that require franchise registration and approval of FDD prior to selling in or from the state. These fees can and may change depending on the state regulators.
CALIFORNIA – Fee $675
HAWAII – Fee $125
ILLINOIS – Fee $500
INDIANA – Fee $500
MARYLAND – Fee $500
MICHIGAN – Fee $250
MINNESOTA – Fee $400
NORTH DAKOTA – Fee $250
NEW YORK – Fee $750
RHODE ISLAND – Registration Fee $500
SOUTH DAKOTA – Registration Fee $250
VIRGINIA – Registration Fee $500
WASHINGTON – Registration Fee $600
WISCONSIN – Registration Fee $400
About The Business Exchange
Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Franchise for Sale listings and Request a Quote!
https://thebizex.com/blog/
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Franchises for sale
When looking to buy a franchise, one of the key factors to consider during your decision-making process is what type of support you are going to receive. Franchisee support will differ from brand to brand, but the franchisor’s ultimate goal in terms of support is to ensure that they provide an adequate amount of support to ensure the franchisee is successful.
Franchise Training
Congratulations! You have been granted the right to own a franchise. One of the first things that you will be doing as a new franchisee is to begin the training process. The franchisor’s training program is the foundation of a successful operation and is usually mandatory for the franchisee. Successful franchising is all about consistency after all. The training should encompass all aspects of running the franchise. The type of training, duration of the training and many other factors will vary depending on the industry and brand.
Here are some typical examples of the type of training you should receive.
Initial site selection & buildout
Operating standards and procedures
Technical operations for providing the services or products
Sales and merchandising
Recruitment, training, management, and retention of employees
Marketing, advertising, and public relations
Managing and controlling finances
Business administration
working with approved suppliers
Operating the point-of-sale (POS) system
It’s important to consider that there will be ongoing training provided as well as the initial training. Ongoing training is very important, as business processes, products, expansion and other factors may occur when operating your franchise.
Franchise Operation Manuals
A franchise’s operation manuals define and provide all of the details of the proven business model to the franchisee. Depending on how big the franchise is, there may be a series of manuals.
Below are some typical examples of what an operation manual will cover
An overview of the company and its mission statement, vision, and values
Clear roles and expectations for the franchisee and franchisor
Service procedures – for example, recipes for restaurants
How to receive and rotate stock
Opening and closing procedures
Detailed job descriptions for staff
How to hire, train and lead staff
Detailed job descriptions
Administration, accounting and reporting requirements
Supplier contracts and purchasing procedures
Proper use of trademarks and branding procedures
List of contacts
Franchise Advisory Councils
A FAC (franchise advisory council) is a group of established franchisees who meet with the executives of the franchise. The purpose of having an FAC, is to communicate important concerns, opportunities and recommend ways to improve the whole franchise experience. Franchise Advisory Councils are important for the purpose of improving the system-wide franchise process.
https://thebizex.com/broker-listings/ravibahl
Other Support
As mentioned earlier, the type of support the franchisee receives will differ between industries and brands. The main goal when developing a support system for the franchisee is to ensure that the franchisee will operate their franchise as successful as possible.
Typical types of support include:
Annual reviews and audits
Conferences and regional meetings
Business planning sessions
Online discussion forums
Business coaching calls
Evolving customer relationship management software
Centralized call centre
Shared brand advertising management
Website development and maintenance
Research and development
Questions You Should Ask
Now that you have an overview of the type of support your franchisor should be providing you with, here are some questions to consider before officially starting your franchise.
What happens if the franchisor doesn’t provide any of the items listed above?
What happens if training is never completed or initiated?
Is there an adequate amount of support and training provided for me to run my business successfully?
Is there ongoing support provided?
https://thebizex.com/
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Franchises for sale
5 Quick Facts about Canadian Franchises
About 35% of all sales in the restaurant sector come from the franchise business
About 45% of all sales in the retail sector come from franchise operations
The hospitality industry is the largest franchise sector in Canada, accounting for 40% of franchised brands
Annually, the franchise business represents over $100 billion in sales
Ontario leads the rest of the country in franchising with 56% of franchises headquartered in Ontario, and 65% of all franchise outlets operating in Ontario
https://thebizex.com/broker-listings/rajshah
5 Quick Facts about American Franchises
An estimated 3,000 different franchises operate in the USA
The franchise industry accounts for approximately 50% of all retail sales in the USA
It is estimated that a new franchise business opens every 8 minutes every day
About one out of every 12 businesses in the USA is a franchise business
The most popular franchise industry is Fast Food
Franchise Laws in Canada vs. Franchise laws in USA
The Difference between Canadian & American Franchise Laws
Unlike our neighbour down South, the Canadian federal government does not have laws for franchise business, as a result, this responsibility lies within the provincial government. The first province to adopt a law for practicing franchise operation was Alberta. Presently, Ontario, Manitoba, PEI, New Brunswick, British Columbia, and Alberta are the only provinces that legislate franchise laws.
Compared to Canada, the USA has a much longer history in the franchise business beginning in the 1950s. In the 50s, less than 100 companies employed franchising in their business operations. By the late 1960s, McDonald’s, Holiday Inn, and KFC surpassed 1000 stores. Between 1964 and 1969, an estimated 100,000 new franchises were established.
The Canadian franchise laws and legislature focus extensively on franchisor disclosure, fair dealing, the rights of franchisees to make informed decisions, and there are no registration requirements. In the United States, the franchise statute requires pre-contractual disclosure and regulates franchise relationships.
In regards to franchisees and franchisors disputes, the remedies available in Canada are less than those available in the USA. The solution for breaching provincial franchise laws in Canada is civil, with a private right of action. In contrast, franchisors who violate the laws may be subject to civil action, administrative duties, and sanctions with no private right of actions in the U.S.
Since Canada has a short franchise law history, there is very little, close to none judicial precedent to the provincial legislation. On the other hand, USA franchisors enjoy the benefit of official explanatory publications such as the FTC Compliance Guide, the Statement of Basis and Purpose, and FAQs regarding the FTC Rule, there are no official government statutes in Canada.
Key Things to Note Acquiring a USA Franchise in Canada and Vice Versa For a USA Franchise Brand entering the Canadian Market
Engage Canadian legal counsels for advice on Trademark availability and to apply for Trademark immediately
Understand Canadian consumer trends, culture and taste and adapt to their behaviour
Know the Canadian Franchise Laws and Regulations
Abide by the Canadian tax systems for Franchise Business
Pay special attention to Labour and Employment Laws in Canada as well
For a Canadian Franchise Brand entering the American Market
Find a U.S.-based master franchisee, an individual who will recruit and train franchisees
Set up a U.S. office to exert more control
Partner with a U.S. based company to get you started
Get informed & Seek Assistance from Experts
Know the Facts before entering the U.S.
In Conclusion, there are numerous benefits to franchise a business in both Canada and America. Each country offers its perks and advantages to business owners looking to be their own boss. Essentially, it is a win-win situation for either Canadians or Americans to start a franchise business.
About The Business Exchange The Business Exchange website Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. We have over 100s of listings featuring Franchises and Businesses for Sale in Canada and the USA. Visit our website to learn more, or call us today at 1-877-337-1188 to learn more and Request a Quote!
https://thebizex.com/
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Restaurants for Sale
Your dream of owning a restaurant has finally come true, your restaurant is now open to the world, but you keep hearing your friends and family say it’s hard to succeed in the restaurant industry… so why would you want to be in so much stress? What are the benefits of owning a restaurant anyway?
They say 9 out of 10 restaurants fail in the first year, but this is a myth! Only 17 percent of restaurants fail in the first year,so this is exciting news for owners because it provides a more positive outlook on the success of their business.
There are many benefits of owning a restaurant, some of these benefits outweigh the cons of running a restaurant. Let’s take a look at what they are.
https://thebizex.com/broker-listings/DiegoLeiva
Benefits and Pros of Owning a Restaurant 10 Benefits of Owning a Restaurant Pro 1 of Owning a Restaurant: You Get to be Creative! A person who wants to operate their restaurant must be someone who loves to cook and appreciates the taste and flavour of food. You get to be creative with your menu and decide what ingredients go into the food preparation process.
Pro 2 of Owning a Restaurant: You Will Never go Hungry! Probably the best benefit is having access to a limitless amount of food. You will always have food to feed yourself and your family. You will also spend less money on food as you can eat at your restaurant.
Pro 3 of Owning a Restaurant: You Get to Know your Community! A restaurant can be a haven for your local community and neighbours. Whenever they want to have a social gathering or an environment to relax after a long day, your restaurant is the place to go. Additionally, by providing excellent customer service to patrons, it will encourage them to come back and increase your brand exposure by word of mouth.
Pro 4 of Owning a Restaurant: Add Value to What You Believe in! If you believe in the value of vegan, vegetarian or gluten-free food, then owning a restaurant may be the best way to showcase your beliefs. A restaurant is a perfect opportunity to encourage people to choose their food that is consistent with your values.
Pro 5 of Owning a Restaurant: The Industry is High in Demand! Canadians eat out at least once a week, either by doing takeout or visiting a restaurant, so the restaurant industry is definitely booming.
Pro 6 of Owning a Restaurant: Never have a Dull Day in your Life! You tried the typical 9-5 office life and it’s not for you. The challenges you face by opening a restaurant vary day-to-day, which is exactly what running a restaurant is all about.
Pro 7 of Owning a Restaurant: Technology Saves the Day! To speed up payment transactions, restaurateurs should employ reliable and efficient POS systems when customers pay the bill. Google also offers free tools to use, such as Google Drive that documents all materials and meeting notes, and the Google calendar for organizing staff events.
Pro 8 of Owning a Restaurant: You’re the Boss! This is the best part, you make the call from menu selection to restaurant decor.
Pro 9 of Owning a Restaurant: CSR Initiatives! Giving back is always easier when you operate a restaurant, you can sponsor local sports teams, donate food to food banks, host charity events onsite…etc.
Pro 10 of Owning a Restaurant: Buying a Restaurant can be Simple! Buying a restaurant can still be affordable and easy if you are looking into the right medium and for the right help. Take the Business Exchange, for example, we have over 200 listings of restaurants with different investment levels to choose from. We can definitely help you find the right broker to close the deal and the right restaurant listing for your needs!
Business Exchange About the Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Restaurant listings for Sale and Request a Quote!
https://thebizex.com/
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Restaurants for Sale
So you’re thinking about buying a restaurant? Some entrepreneurs want to open their own salon, some want to open a pet store. If you’re one of those people who want to open a restaurant, then this article is for you.
There are many factors that contribute to the success of buying a restaurant. Even though many people have dreams of owning their restaurant, in order to be successful it will require a lot of patience and strategy. At the end of the day, owning a restaurant and being able to operate it successfully may not be for everyone.
Questions to Ask Before Buying a Restaurant
Studies have shown that about 75% of restaurants fail in the first year, so why would this appeal to anyone who is thinking of buying a restaurant? People believe that a restaurant will give them the lifestyle they always dreamed of.
But before you take the leap of becoming a restaurateur, ask yourself the following questions:
Are you willing to work 7 days a week?
Can you live for a year without earning a salary?
Do you have the necessary funds to support yourself and your business for the first year?
Are you a people person?
Do you perform well under pressure?
Are you the sort of person who will roll up your sleeves and wash dishes if need be?
https://thebizex.com/broker-listings/leeossin
What to Look For Before Buying a Restaurant
Location, Location, Location
Like real estate, location extremely important. If your restaurant is located in an accessible and populated area, then the restaurant is likely to survive. The downside is that the competitors will run rampant in areas that are well-sought after. In contrast, if you buy a restaurant in a quiet neighborhood, it would be harder to survive.
Patience, patience, patience
Unless you are Gordon Ramsey or Jamie Oliver, your newly opened restaurant will likely not be packed and it will be hard to get a reservation for the first couple of months. Now is the time to learn how to persevere and believe in yourself and your business. It will most likely take more than a year for your restaurant to break even.
Detailed Business & Marketing Plans
A business plan will serve as a road map to guide your business and business decisions. Banks will want to see your business plan to obtain financing, and it will help you to govern your business when it comes to staff and inventory management. Remember a good business plan is fluid and can be changed as your business grows.
How to Buy a Restaurant in 5 Easy Steps
The procedures of buying a restaurant can be confusing and complicated, but it does not need to be, we’ve boiled down to 5 essential steps that will assist you with the process.
1. Check the Market for Restaurants for Sale
The first step in buying a restaurant is to see what restaurants are available. Restaurant listings will have a lot of useful information that will give you valuable insights into the choices you have.
Nevertheless, there is still important information you should look into when looking into buying a restaurant that you’re interested in.
Competitor Analysis: You conduct a competitor analysis to know what kind of restaurants are nearby. We recommend going in as a customer to scout out their décor, customer service, and of course the quality of their food. Needless to say, you only want to do a “competitor analysis” when it is a business that is similar to yours.
Cash Flow: If you’re buying a restaurant you will want to find financial data about the business and its profitability.
Platforms for Restaurant Listings: Another way you can dig more information about a restaurant is by looking at reliable and versatile platforms, that will showcase a list of restaurants for sale. Take the Business Exchange for example; we have 100s of restaurants for sale and restaurant franchises, to chose from.
2. Receive Funding from Banks or Third-party Lenders
Your credit will play a major role in receiving loans from banks. Obviously, if your credit rating is good, banks will be more likely to lend you money. If you fail to receive a loan from a bank because of your credit rating then, seek the help of third-party lenders.
3. Hire a Lawyer and Negotiate a Contract
After establishing your credit and have lined up your funds, you can negotiate with the owner to buy the restaurant. This is where you hire a lawyer that will prepare all the legal documents, help with negotiating a price, and inquire about all the assets and liabilities of the restaurants.
4. Create Transition Plans for the Restaurant
After you have officially acquired the restaurant, you can now brainstorm your transition plans. Usually, there are two types of transition plans a new restaurateur will implement:
Get to Know your Staff
Before your grand opening, now is a good time to get to know your new employees. Our advice is to be as transparent as you can because you want to have a good impression of your new staff. A staff that has been there for a while will be valuable to you because they can provide insights on clientele, foot traffic, and nearby competitors.
Transitioning Your New Restaurant
You will also need to create a transition plan for the business. This can include things like renovations, creating a new menu, or replacing old equipment.
5. The Grand Opening
The best time to promote your new restaurant is on the grand-opening day. This is the day where you will receive the most buzz, foot traffic, and awareness. A lot of experienced restaurant owners will give you the advice of extending special offers, promotions, and free food to patrons. What other day are you going to do this other than the grand opening of your restaurant? This is also a great opportunity to know your neighbours and for them to know you.
About The Business Exchange
Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Restaurant listings for Sale and Request a Quote!
https://thebizex.com/
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Gas Stations for Sale
In today’s world, buying gasoline has become an integral part of our everyday lives. You might want to own a gas station because it is remunerative and easy to manage, however, like any other business, buying a gas station for sale has its positives and negatives. Furthermore, how should you manage your gas station business to ensure you have an attractive return on investment?
Let’s spend some time understanding the nature of the gas station business, some of the risks involved and solutions around it to enhance this purchasing opportunity.
Nature of the Gas Station Business
Most gas station owners will tell you that sales are only marginally profitable after credit card fees. With that said, gas stations make their money by opening convenience stores or add-on services like car washes.
Analyzing the Business Numbers
Supplying gasoline to consumers generate a lot of sales, but the profit is small, while items in the convenience stores produce more earnings. Meanwhile, it can be hard to analyze a station’s performance because there are too many cash transactions that can lead to inaccuracies in the financial records.
Risks of Buying a Gas Station for Sale
The future of your gas station is strongly determined by the traffic patterns of the major intersections. Any changes to the area can drastically change the outcome of the business. In addition, gas stations are exposed to environmental risks. Even though having a double-walled tank can go a long way to mitigating environmental issues, it’s still important to understand what you’re buying.
Gas Station Real Estate
There are two ways to buy a gas station for sale, one way is to buy the actual gas station for sale or buy the real estate underlying the gas station and become a landlord for this business.
You can either choose to run the gas station yourself or sell it to someone. Doing this would make the investment less of a burden since but you get to enjoy the benefit of receiving consistent rental fees.
https://thebizex.com/broker-listings/jeffreybutzin
Tips on Boosting Gas Station Sales
Here are some useful tips for gas station management that can help you boost your sales and retain the customer base.
Tip #1 Capitalize from your Convenience Store
The reason why many gas stations have convenience stores on the premise is that it brings in extra cash flow. As mentioned earlier, gasoline fees can only create so much value, but if you sell food items and quick pick-me-ups, you will see a significant difference in your bottom line.
Tip #2 Convenience of Paying for Gas
Nowadays, it’s all about the convenience, consumers are attracted to gas stations that provide credit card point-of-sale systems which allow them to simply pay at the pumps. This eliminates the hassle of walking into the convenience store to pay, but it also means fewer sales for the items in the store. So be mindful of what your strategy is for your business.
Tip #3 Stocking up on Inventory
Considering getting a gas station management software that keeps track of your convenience store and fuel inventory to avoid running low or running out of stock.
About the Business Exchange
Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Gas Stations for Sale opportunities and Request a Quote!
https://thebizex.com/
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Sell a Business
If you’re a successful business owner and thinking of starting your own franchise empire, congratulations! this article is for you. There are three unique ways in which a franchisor can be selling a franchise to a franchisee. A franchisor who has an existing franchise brand wanting to expand their territories would benefit from this article.
Selling a Franchise Selling a Franchise: Be Your Own Consultant You should be your own salesperson before hiring someone else to do the job for the following reasons:
It allows the franchisor to learn firsthand the ins and outs of selling a franchise and all the processes and procedures it takes for them to sell a franchise
It allows the franchisor to keep costs of hiring a consultant or agent to a minimum
The franchisor will be involved in choosing and working with potential franchisees, as a result, their relationship will be positive and strong
In adopting a DIY strategy, franchisors don’t need to spend time interviewing and hiring staff
https://thebizex.com/broker-listings/germaingarcia
Selling a Franchise: Hire a Franchise Salesperson
You tried to franchise your business and failed, the next logical step is to hire someone who has the experience to sell an existing franchise brand for you. Franchise salesperson is someone you can employ that will do most of the work for you. They have the knowledge and the expertise to connect franchisors with the right people.
Some of the primary benefits associated with hiring a franchise salesperson are:
They’re likely to be more productive than the DIY approach
You have total control of how you want to market your franchise and how you want to direct the procedures
Commissions paid to a salesperson is lower than commissions to an outsourced salesperson
Selling a Franchise: Outsourcing
Nowadays, many franchisors rely heavily on outsourcing an organization known as the Franchise Sales Outsourcing (FSO). The FSO will handle almost every aspect of the franchise sales process: marketing input, initial lead handling, database input, material distribution, and trade show management.
Many business owners hire FSO because of the following advantages:
FSOs can alleviate a franchisor’s time to focus on existing operations and the success of franchisees
Unlike a franchise salesperson, they don’t need training
They help franchisor to avoid all start-up costs, eliminating the necessity of starting an internal sales team
Allow for experienced sales professionals join their team, without having to quit their fulltime job
Low turnover rate
FSOs can scale franchise sales as they have the incremental staff to take on greater sales commitments
Lower fixed costs
Find an Experienced and Resourceful Company you can Trust
Entrust a company that has multiple platforms to list and promote your franchise listings. The Business Exchange publishes free publications on listing your franchises for sale, and we have an online platform that promotes your listing through various channels.
Checklist for Selling a Franchise A Checklist for Franchising your Business You have a successful business and now you’ve hit that point of ultimate scale and speed of growth through the existing franchise brand distribution model. This checklist will help you organize your thoughts, actions, and steps to be taken to ensure a well-planned and structured launch of your new franchise brand.
1. Confirm that your Brand is ready for Franchising
Have the appropriate branding for your business to best present your brand and help buyers understand why what you offer carries value.
2. Check your Training Model
Great franchises have fabulous training models. How can you find out if yours is up to par? Talk to your own employees, gauge your turnover rate and get a feeling for how you stack up against the rest of the market and your competitions.
3. Is your Technology up to Par?
In order to duplicate your model, your franchisees will need technology to execute. Confirm that you have a scheduling system, staffing technology, web management, accounting, and other software platforms.
4. Know your Marketing Model
Good existing franchise brands have great Franchise Marketing Systems. Their marketing and business development model is defined, structured, and organized.
5. Be Ready to Sell your Pants Off
Franchising is a marketing and sales business. You need to be ready to present your value proposition and market your brand to potential franchise buyers. Talk with others who are doing the same and make sure you are up for the task.
6. Are your Financials Impressive enough to Franchise?
A good franchise system should be able to show a franchisee on how to earn $70k or more per year. Your business doesn’t have to make millionaires out of selling a franchise, it just needs to be validated enough to show them how they can make a good living and build a financial asset.
7. Do you have the tools in place to Support the Franchise Model?
As your franchisees expand into new markets, will they be able to leverage the relationships you have in place, pricing you’ve negotiated and overall strategic benefit you get at your corporate business?
8. Check your Legal Structure
Have you trademarked your brand and your logo and protected your intellectual property?
9. Do you Understand the Time, Effort, and Devotion that goes into Supporting Franchisees?
Franchisees are like newborns, they need time and attention beyond what you could fathom until you have one. Are you ready for this?
10. What is your Competitive Differentiator against the Rest of the Market?
How do you stack up against your competition and what makes your franchise better?
The Business Exchange About The Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 or ask us how to place your franchise listings.
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Sell a Business
2018 has been a busy, thrilling, and exciting year for the business landscape. We witnessed a record number of 10,312 businesses sold, which is an increase of 4% from 2017! However, even with these encouraging numbers, a business owner may still be wary of selling a business because he/she is unaware of the intricate steps taken to start the transaction. Therefore, we hope this guide will give some directions on selling a business.
At the Business Exchange, we know there will be many questions and concerns that one has when selling a business. With the competitive nature of the market, business owners must be smart and strategic in assessing potential deals, hiring the right broker, and negotiating an optimal price for their businesses. To alleviate the stress of selling a business, we developed this guide to provide answers to some of your burning questions.
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Steps to selling a business What are the Steps to Selling a Business? We recommend business owners to follow the following steps to selling a business effectively and successfully:
Step 1: Determine the Value of Your Business
A third-party evaluation can provide a realistic estimate of your business’ worth. The seller pays a set fee that will include a review of everything from sales to receivables, inventories, and outstanding debt.
Step 2: Back up your Value with Clean Financials
Work with an accountant to present clean financial statements and tax returns dating back to at least three years to your potential buyers. Keep personal purchases off the business books.
Step 3: Plan an Exit Strategy Early
In life, there can be a lot of unforeseeable events that can occur, and this can be true for the business world as well. For instance, a business owner can suddenly become sick, but no one can take over the business. So, selling a business is a logical move. Secondly, competition from other businesses nearby poses a threat. Therefore, a business owner needs to plan out his/her exit strategy. Experts believe the ideal situation is when an existing employee obtains the business. If you do sell to an outsider, you need to ensure you train and get them ready for takeover.
Step 4: Boost your Sales
Before selling a business, ask yourself, “What do I have to do to maximize my sales?” No potential purchaser will want to buy a failing business, in order to secure the success of your sale, you will need to do the following:
First, a smart seller will want to ensure the last three years of their sales numbers are up-to-date when presenting to buyers. Second, push out any unwanted and unnecessary inventories to create a fresh look for your business. Third, if you operate a retail store or restaurant, make sure your establishment looks modern and well-maintained. Lastly, invest your time and money on effective marketing and advertising efforts that will drive more sales.
Step 5: Pre-Qualify your Buyers
Most business transactions are paid either by bank loans or third-party loans. A major reason many deals fall through is that sellers enter transactions with buyers who are unable to secure financing. Therefore, it would be wise to pre-qualify your buyers.
Most banks require the seller to offer a portion of their own money in financing the purchase, to ensure that the seller has vested interest in the success of the business under new ownership. Selling a business would thus become easier for the owner.
Step 6: Get Business Contracts in Order
Once you found a buyer you like and want to proceed with closing the deal, there is a list of legal documents and considerations that you must obtain and sign. This includes the purchase agreement, the legal contract for the sale, and the purchase of selling a business asset.
Tips on selling a business 7 Tips for Selling a Business In this section, we offer the following tips on effectively selling a business and managing the aftermath of that sale.
Tip 1: Timing is Everything
Factors such as selling too early or too late, and not making sure the business is in great shape can drastically affect the outcome of the sale. A tip we suggest is to understand where you stand with your capitals before selling.
Tip 2: Hire a Broker
Hiring a professional who knows the ins and outs of the market, your business value and being able to sell the business are all good reasons to work with a broker. Business brokers’ job is to help their clients prepare and organize all the documents needed for the sale, to list the property, and market their businesses. Most importantly, they act as a mediator between the seller and the buyer. Hiring a broker saves time and energy because you can continue to run your business while they do the prequalification process for you.
Tip 3: Brokers’ Fees
Generally speaking, brokers take 10 percent commission of the sale, there are exceptions to the rule, however, and some brokers might receive more and some less depending on the agreement between the seller and the broker.
Tip 4: Create a Sales Package
Several documents go into the Sales Package, first, you will sign a nondisclosure agreement with the buyer, which protects you from critical information about your business being leaked to competitors. You also want to include an executive summary of your business, the selling-memo summary, and a more detailed profile describing the business.
Tip 5: Evaluate your Business
Your broker can evaluate the value of your business, but sometimes a professional appraiser might do the job better, in that, they offer a more accurate number and assess the market in which you’re selling in.
Tip 6: Minimize Taxes
There are a couple of ways a business owner can lower their tax accruement. For example, they can arrange for seller financing, which is simply a loan that is offered by the seller to the purchaser or by spreading payments over longer payout terms.
Tip 7: What Happens After the Sale
More often than not, the seller is willing to provide financing for the purchaser, whether in an earn-out format or loaning situation. In fact, banks want to see a note from the seller indicating that they are still part of the game if they agree to finance.
The Business Exchange About The Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Business for Sale listings and Request a Quote!
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Investment Properties for Sale
Whether you’re looking to expand, start a business, or invest in a lucrative commercial property for sale, the decision of investing in an ideal commercial property is a risky and time-consuming process. Do your due diligence and explore all potential commercial properties to ensure your investment is worthwhile.
Questions to Consider when Buying a Commercial Property Typical Questions to Consider:
First, you should ask yourself the following questions when looking to purchase a commercial property.
Can customers access your location easily?
Is the location you want to invest in, close to malls and heavily trafficked areas?
Are there any competitions?
What type of space are you thinking of?
What is your budget?
Does the facility you’re eyeing provide adequate services?
Is the area safe so customers and employees feel comfortable?
What You Need to do to Invest in a Commercial Property?
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Now that you know the types of questions you should be asking, let’s take a look at the steps you need to take, to ensure your investment will be beneficial to your business plan and goals.
1) Choose a Building & Location That Satisfy the Needs of Your Business
Essentially, the type of commercial real estate you should purchase depends on the type of business you want to operate, for example, if you want to open a retail business, the obvious choice would be a location with lots of foot traffic and at busy intersections.
For example, if you’re looking for office space, a location with a pleasant corporate setting would be beneficial. Pick a place where it is accessible to public transportation, restaurants for lunch breaks, and a common populace where people get to network and socialize. The Business Exchange has many commercial properties for sale to search from.
2) Does Building Need Renovations?
Now that you’ve picked the ideal location for the type of business you have, you need to see if this building will require more renovations or costs that will come out of your budget.
There are two scenarios: If you decide to rent, and the premise needs modifications, you can negotiate these terms with the landlord. As long as you detail and clearly state the types of renovations you want to do, you should be good. If you’re buying the property, make sure you employ an accredited inspection company to evaluate the premise and look for any defects related to safety, environmental risks…etc.
3) Examine Local Taxes & Utility Costs
Taxes and utility costs vary between different cities. Some cities cost more, some less. Make sure you consult professional help like your commercial real estate broker and get their advice on these costs.
4) Plan Room for Growth
It’s important to plan your future if your company is going to grow incrementally because you want to allocate extra space for it to grow. On the other hand, if you don’t plan on growing anytime soon, there is no need in paying extra for space when you don’t need it.
Pros and Cons of Buying a Commercial Real Estate What are the Pros and Cons of Buying a Commercial Real Estate Property? Pros Paying a Mortgage is better than Paying Rent
Lease payments will continue until your lease agreement is finished. Making payments towards a mortgage will eventually pay off your mortgage.
Your Property Value will Increase over Time
Over time, the value of your commercial property wills double or even triple in value. This increase in value along with the business you operate in your commercial property will provide you with more equity in your property. Therefore, when you want to sell your business and/or property, you can ask for a competitive price because your property has gained value, and so has your business.
You are your own Boss
When you actually own your property you don’t have to deal with a landlord or property manager.
Cons Competition on Prime Location
A lot of the prime locations may not be available for sale. So you might end up with a location that is not your first choice.
Unable to Purchase Current Property
You are currently occupying a commercial space with repeat customers, leasehold improvements, and consistent maintenance, but now you want to own this property, you may not be able to purchase it. The current owner may not be ready to sell this valuable property because it makes money, so when the time comes for you to purchase our own property, you will have to find another location.
Fewer Resources to Rely On
When you are renting, you can rely on your landlord or owner to remediate maintenance and property issues, which would ease up time for you to focus on your business. On the other hand, owning your commercial property and running your business at the same time, you will not only be responsible for operating your business but also looking after issues related to the property.
Lastly, many commercial real estate owners do not like to run their businesses in the same property, they prefer to lease their property to other business owners because they can make a profit out of the lease.
The Business Exchange About The Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Commercial Real Estate listings and Request a Quote!
https://thebizex.com/
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Business for sale in Florida
Florida is the third-largest state by population and is the fourth-largest economy in the USA. The economic growth for the Sunshine State was 3.5% compared to the national 2.9% in 2018. For this reason alone, business owners from other states should relocate to Florida to start a business, because they are very likely to succeed.
The geography of Florida and its state policies contribute to economic growth, let’s take a look at the reasons why businesses thrive and flourish in this state.
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Advantages of Starting a Business in Florida Low Tax Burden Florida is known as a state with an overall low tax burden. It is one of the seven states that do not have a personal income tax, making it easier for business owners to save money professionally and personally.
Access to Capital Funding Entrepreneurs in Florida have sufficient access to capital for starting and growing their businesses in Florida. Florida is home to over 150 banks, with lots of venture capitalists and angel investors.
Steps to starting a business in Florida How to Start a Business in Florida Like any other State, a business owner needs to abide by the rules and regulations governed by Florida state and franchise law. Here is a step-by-step guide for starting a business in Florida.
Step 1: Choose the Business Entity you want to Operate in Florida
You can choose three types of business entities: for-profit organization, limited liability company, and non-profit organization.
Step 2: Register your Business
The fees for filing a for-profit or not-for-profit corporation are $35, and another $35 for a registered agent designation. If you operate as an LLC, it is $100 for filing fees and $25 for a registered agent designation.
Step 3: Register your DBA
You only need to do this if you want to use another name for your business other than the official name. Therefore, it is optional.
Step 4: Pay Taxes
The types of taxes a business owner has to pay, vary within the federal, state, local and city government.
Step 5: Get a Business License
You can obtain a business license at The Department of Business and Professional Regulation (DBPR) and The Department of Agriculture and Consumer Services (DACS).
Step 6: Open a Bank Account for your Business
If your business is incorporated, it is required that you open a separate business account. Furthermore, you will receive great business perks when you open a business account.
Step 7: Pick a Location
A strategic and convenient location is a powerful indicator of the success and longevity of your business, so definitely do your homework before deciding on a location. If you believe a home-based business is a viable option, then make sure you find out what the benefits are of a home-based business.
Step 8: Get Funding for your Business
You can receive funding by getting it from the bank or third-party loans.
Business Exchange About the Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about Business for Sale listings and Request a Quote!
https://thebizex.com/
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Business for sale in Florida
The countdown for the Top 5 franchises to own in Florida has begun! Here is our pick for the top franchises that are thriving and flourishing in Florida.
Top Franchises to Own in Florida Franchise to Own in Florida #5: Jimmy John’s Gourmet Sandwiches The biggest selling point for this franchise brand is the quick delivery service that the business offer. The ingredients used in the preparation process are always fresh and made in-house daily.
Franchise to Own in Florida #4: UPS The UPS Shipping company has become THE most popular and high-in-demand messenger company in the States. Currently, UPS is a global company as one of the most recognized and admired brands in the world. Therefore, acquiring a UPS is a sure win for business owners who want to start their business journey in Florida.
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Franchise to Own in Florida #3: Dunkin’ Donuts America’s favorite doughnut shop witnessed an increase of 5.3 % year-to-year to $227.1 million in the last quarter of 2017. If you’re a donut lover, Dunkin’ Donuts is the one for you!
Franchise to Own in Florida #2: McDonald’s The most expensive on this list to own, but rightfully so as McDonald’s is one of the most recognizable brands in the world. If you have the capital, McDonald’s a worthwhile brand to invest in because it’s a guaranteed profitable business.
Franchise to Own in Florida #1: 7-Eleven Considered an owner-friendly franchise, the 7-Eleven convenience store is not only affordable but also has many purchasing options for veterans. Its easy application process and lucrative business model are defining factors why so many business owners want to own a 7-Eleven convenience store.
Business Exchange About the Business Exchange Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about Franchises for Sale listings and Request a Quote!
https://thebizex.com/
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Business for sale in Florida
Jim is a successful executive from a high-profile firm in Florida who is tired of the stressful life he leads and is looking for an exit strategy. Jim plans to retire from his job and purchase an existing business or own a franchise so he seeks out a reputable business broker to start his next venture.
Imagine you were in Jim’s shoes and you’re looking to partner with a business broker that’s not only good at his/her job but also be immense help during your transition from a buyer to owner.
Tips on Finding a Good Business Broker in Florida
First and foremost, Florida is a great state to start a franchise business or buy an existing business for its good weather, low filing fees, and seasonal travellers. According to Enterprise Florida, “Florida consistently ranks among the best states for business, thanks to its pro-business state tax policies, competitive cost of doing business and streamlined regulatory environment.”
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7 Tips for Business Buyers working with a Business Broker in Florida
Tip 1. The Buyer doesn’t Pay the Business Broker, the Seller does.
Tip 2. Make sure you work with a business broker that works well with your lifestyle and aspirations. Since you don’t want someone who will find you listings that aren’t the right fit for you.
Tip 3. Ensure that your broker communicates that with you and not make promises of income potential because the successful brokers are the ones that keep in touch with you long after the sale is completed.
Tip 4. Make sure you’re clear on what fees if any, are involved.
Tip 5. Always try to work with notable and licensed business brokerages.
Tip 6. Before pulling the trigger, make sure you seek the books and ask your CPA to help you review the businesses’ financial information.
Tip 7. Be honest about your financial comfort zones and investment capabilities. There is nothing more frustrating to a broker than to find out that you don’t have any means to invest.
7 Tips for Business Sellers working with a Business Broker in Florida
On the flip side, if you’re a business owner wanting to sell your business to the right person, we offer the following 7 tips on finding a good business broker in Florida that you can hire.
Tip 1. What Are the Broker’s Qualifications? Find out before you decide on hiring a broker whether they are certified
Tip 2. Does the Broker Have Good Web Presence? Visit their website to see what listings they have, how user-friendly is it, and the kinds of businesses it offers for sale
Tip 3. What’s the Broker’s Recent Track Record? How many businesses like yours and the sizes of business has this person sold? How long were the listings on the market before they ended in closed sales?
Tip 4. How Does the Broker Market Listings? Besides posting your ad on their website, how else your business will be advertised.
Tip 5: If your broker has a website, check out what his other customers are saying. Does he/she have a testimonial page? What about their Google and Facebook reviews?
Tip 6. What Does the Broker Charge? Do they have a high commission fee?
Tip 7. Ask yourself questions such as: How did the broker establish the asking price for a business like yours? What’s the average asking price received by the broker’s closed listings?
About the Business Exchange
For a limited time only, we are offering a 30 day Free Trial for Business Brokers in Florida to post their business listings on our website. In the meantime check out our website for all the business listings we have in Florida.
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