Starbucks Cup

Reselling a Franchise? Follow These Steps

Franchise opportunities give you a chance to dip your feet into the business world using someone else’s name and business plan. Franchises give you a framework to do business, and resources you wouldn’t have if you struck out on your own. We love franchises, but we also know that a lot of entrepreneurs eventually want to leave the known entity for a chance to strike out on their own. If you’re looking to sell your franchise, here are the steps you need to follow.

Selling a Business

Selling Your Business? Here’s How You Can Prepare

Owning and operating a business is a tough task on its own. Between the constant need to keep up with the production and distribution of products, or scheduling and performance of services, those alone are enough to keep any owner busy all of the time. And that’s not to mention the dozens of other tasks that go along with the day to day business operations.

Some Tips for Buying a Business in Sarasota

You could start your career as an entrepreneur by starting your own business, or you could buy a business. Buying an existing business can be an easier way to step into the entrepreneurship industry. However, you must educate yourself before buying a business to make sure you are not getting in over your head. For tips for buying a business, continue on.

Buying a Restaurant? Avoid These Mistakes

The pandemic has been lethal on restaurants since March, with thousands of restaurants closing around the country. With all of the uncertainty, you might see a bit of good news and daylight. Your favorite restaurant in your favorite location might be on sale. However, before you jump into that amazing deal, there are a few things you need to think about first.

Mistakes to Avoid When Buying a Restaurant

The first thing you need to do when you are considering buying a restaurant is to check the lease. Many restaurants you might be looking at lease their buildings instead of buying them. You need to really read the lease so that you know the terms and qualifications upfront. If possible, meet with the landlord or the property management company to discuss the lease before you buy it.

Second, have the equipment in the kitchen inspected by a professional. If the restaurant has been running on outdated equipment, you don’t want to find that out after you’ve bought the business. If you get it inspected, you will know upfront what the kitchen can handle.

You need to check the reputation of the business as well. Are there lots of health code violations? What does their rating on Yelp and Google look like? You don’t want to buy a business with a horrible reputation that you then try and solve with the “Under New Management” banner, because that rarely works.

In short, if you do your homework ahead of time, you’ll be able to buy a restaurant that you can turn into something special.

When you’re ready to buy or sell a business, we hope you’ll give Hallmark Business Brokers a call at 941-445-4726, or come by and see us at 230 S Tamiami Trail, Suite 2, in Venice.

Think Like a Buyer When Selling Your Business

Selling a business is most times a fairly complicated and drawn-out process. Placing it on the market, wading through the numerous casual inquiries and dead-end negotiations, as well as just finding the right prospective buyer that is actually and interested and capable of purchasing it can seemingly take forever. In fact, several corporate studies have shown the average amount of time from listing to closing to be between two and three years!

Sarasota Business Broker

What Should You Evaluate When Buying a Business?

Buying or selling a business can be extremely difficult, and in all honesty, incredibly frustrating as well. There are so many legal stipulations, negotiations, and various other things that go along with such a monumental arrangement that many people end up costing themselves countless sums of money because they were either unaware of certain opportunities or they simply wanted the process to be over with.