Purchasing a business is a substantial and exciting step in the career of many professionals and entrepreneurs. For many, it may be the first time there's no more boss to report to. Prospective business owners have a strong desire to work for oneself and benefit directly from personal time, effort, creativity and innovation. Those benefits come from a shift in approach – from day-to-day work to big picture thinking, from working a job to owning a business. At least it should.
Prospective business owners should never purchase a business if they are afraid to get their hands dirty. However, the transition in roles from employee to owner means they shouldn't have to get their hands dirty every day. That's not the role of the business owner. Far too often a business valuation includes the day-to-day work of the owner. To capture an accurate assessment of a business, one needs to properly evaluate its value without day-to-day work from the owner. Otherwise a prospective business owner is not buying a business. They are buying a job.
Determining a fair price to pay for an established business is an important starting point for long-term success. Too often buyers make two mistakes: "
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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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