In the Orlando and Central Florida area vacation property management is a huge industry. The business caters to mostly to out-of-town tourists looking to stay more in a house setting than a hotel setting when spending time in Orlando. Vacation property management handles what the real estate industry calls, short-term rentals, with most rentals lasting anywhere from a few days to a few months.

Vacation property management companies have two sets of clients they must work with. The first set of clients are the home owners. Many of these home owners use the homes themselves at certain times of the year, others have purchased these homes as an investment. These home owners typically hire property management companies to watch over their homes while they are not in the area. Many of them are located overseas. The property management company makes sure the lawns are mowed, pools are cleaned, and the homes are cleaned and well cared for. The property management company owner will either take on some of these tasks themselves or hires out subcontractors.

The second set of clients that a vacation property management company must cater to are the guests. The homes need to be well managed and well maintained. They also need to be cleaned before and after guests stay at the home.

The majority of these homes are located in the Polk, Osceola, and Lake County areas. Orange and Seminole Counties pretty much do not allow short-term rentals within county limits. Many of the homes managed have anywhere from 3 to 6 bedrooms and have swimming pools. Overall it is a pretty straightforward business to buy in the Orlando area with a lot of room for growth. Many people from overseas have been known to purchase them because they are easy to understand and they provide sustainable income year round. Because they are short-term rental companies, Florida allows people to rent out short-term rentals without the need for a real estate license whereas someone would need to be licensed to rent out a long-term rental.

If you have an interest in purchasing a short-term rental or vacation property management business or selling one, give Crowne Atlantic Business Brokers a call at 407-478-4101.
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Recently Crowne Atlantic Business Brokers sold a property management company for $250,000. This company focused primarily on vacation property management otherwise known as short-term rentals. Overall the company was a great deal for the Buyer. It will provide them with an above 6-figure income along with a potential to grow. The Seller was able to get $250,000 at closing which will allow them to pursue other business interests.

While most buyers for vacation property management companies are from other countries in pursuit of investment visas such as the E2 visa, L1 visa, or EB5 visa, this particular buyer was an American citizen. They did not purchase the property management business for a visa, it just happened to be a business formula that they liked.

If you have an interest in purchasing a vacation property management business whether it is for a visa or not…….we can help. At the same time if you are interested in selling a property management business, we have a lot of Buyer demand for them. Check out our website at www.crowneatlantic.com or call Crowne Atlantic Business Brokers at 407-478-4101.

Recently Crowne Atlantic Business Brokers sold an Italian Restaurant in the Central Florida area. The transaction was a great situation for both Buyer and Seller. The Seller felt that they simply were not succesful with the restaurant business and felt that they needed to move on. The buying party had experience in the restaurant industry and already owned another restaurant in town and was looking to expand.

At Crowne Atlantic Business Brokers, selling restaurants is a huge specialty for us. We even have a niche within the restaurant industry where we help sellers sell restaurants that are underperforming, struggling, or in some cases recently shut down. Why would someone purchase a poorly performing restaurant you ask? The answer is simple. There is a segment of buyers that are looking to purchase struggling and underperforming restaurants. These buyers in many case are experienced and in most cases are looking for a good deal.

Some of the benefits of purchasing an underperforming restaurant include:
1) A huge price reduction for the Buyer. Buying a profitable restaurant typically means that the price paid is more than the net profit of the business per year. When a restaurant makes little or no money, sometimes the price is based more on the equipment and asset value. Essentially it is the best way to acquire a cheap restaurant for sale in the Orlando area.

2) Cheaper buildout costs for the Buyer.
A Buyer that moves into an existing restaurant can save on permitting costs, impact fees, and rent when taking over an existing restaurant as opposed to building one out from scratch.

3) Time Savings for the Buyer.

There is a huge savings on time when a Buyer purchases an existing restaurant. If they plan to change the concept they have a huge head start when it comes to potential buildout costs that they can potentially avoid.

4) A Current Concept is Already in Place

In many cases, Buyers purchase a restaurant because they do like the current concept. They feel that the Seller may not be operating the restaurant correctly or they simply feel that they will work the restaurant different and add or subtract items and do a better job than the current owner. This also helps Buyers that have extensive restaurant management experience but are not as skilled at coming up with potential restaurant concepts and menus.

Whether you are looking to Buy or Sell a restaurant, contact Crowne Atlantic Business Brokers on our website at www.crowneatlantic.com or call us at 407-478-4101.

Top 5 Tips for Selling and Transferring a Medical Business for Sale

In our office we work with all different types of businesses and every industry is different. In fact, each business we have ever sold has been unique. When we work with selling a medical based business, there are some major items that need to be dealt with at the time of a transaction. It is always important that the buyer, seller, and broker understand these items so they can handle them when the time comes. Otherwise, the deal could potentially fall through.

1. Transferring a Medicaid License:

One of the aspects business brokers deal with when selling a medical business in Florida is working with state licensing, including Medicaid licenses. These licenses are handled through AHCA (Agency for Health Care Administration). Working with AHCA http://ahca.myflorida.com , is always interesting. Typically, there is a 60 day transfer with this license. Keep in mind However, that it is 60 days from the time AHCA receives the application. When filling out this application, the Buyer must be absolutely precise and not miss anything on the transfer form. If the Buyer looking to transfer the license misses something on the form, AHCA can reject the form and the Buyer has to resubmit the application once the mistake has been corrected. This mistake could take up to an additional 6 weeks to be corrected. ACHA requires other items such as finger prints from the person looking to acquire the license. But sometimes the finger prints are too light and they get rejected. If that happens, you must get fingerprinted again and then that is another 6 weeks. At Crowne Atlantic Business Brokers, we suggest using FedEx with this agency so you always have a confirmation. In the past, we’ve advised our clients to send mail with return receipt, to fax, and to scan and email all communication to AHCA to ensure some form of delivery. If you the sale of your medical business requires a Medicaid License transfer, whether it is a Doctors office, home health agency, or another Medical business, plan on 90 days. Here is the link: http://www.fdhc.state.fl.us/MCHQ/Health_Facility_Regulation/HealthCareClinic/change_ownership.shtml.

2. Transferring a Medicare License:

As main street business brokers, we never promote using a stock sale to sell a business. However, if you want a business that has a license with Medicare and gets reimbursed by Medicare, this license is almost impossible to transfer. At the end of the day, many medical businesses use a stock sale purchase when they sell thus insuring that the Buyer continues to have access to the business’s Medicare License. To do a stock sale properly, both Buyer and Seller are recommended to obtain proper legal counsel and indemnifications on both the Buyer and Seller side. Obtaining a new Medicare license is not easy and often Medicare requires you to be operational for many months before reimbursing…and they don’t reimburse retroactively. You can see the 59-page CHOW (change of ownership) application here: http://www.cms.gov/Medicare/CMS-Forms/CMS-Forms/downloads/cms855a.pdf.

3. Transferring Insurance Contracts:

If you contact Blue Cross and Blue Shield, and United and Cigna and such, they will all give you the same answer. The business is tied to the Tax I.D. number. Tax I.D. numbers are only transferrable with a stock sale. However, if you want to avoid a stock sale, many insurance companies will agree to work with medical businesses long as they qualify with the company’s standards.

4. Transferring Clients/Patients

Depending on the type of medical business, this transition may go fast or it may take a year or two. When very personalized medical businesses sell such as Dental Practice or Family Physician practices for sale, Sellers will often take on the Buyer as a partner and the transition takes place over a time frame of one to five years. A great tip is to keep the management, receptionist, and any other important staff members in place to help make for a smooth transition. Often the staff knows the patients, their spouses, their kids, etc, so it is always helpful for a new owner to keep them on. When transferring a business such as an MRI Facility for sale or a Rehab Business for sale, the most important thing for the Buyer to keep is the contacts that feed patients to that facility. Buyers need to be aware how the seller will transfer those important contacts. Often these contacts are not given out until the closing. The Seller may share a few possibly, but generally not the entire referral list.

5. Bank Financing for Medical Business Purchases

Banks love to finance businesses for Doctors. Though an SBA Guaranteed loan is difficult for some industries, it is easier to get approved for a medical business if you are a doctor or own other medical businesses.
At Crowne Atlantic Business Brokers, we sell all types of medical businesses, dental practices, medical practices, MRI facilities, rehab facilities, home care agencies, assisted living facilities and alternative health facilities as well. For a 360 Business Valuation on your medical business or for more information on how to buyer or sell a business, please feel free to call us at 407-478-4101 or www.crowneatlantic.com.

When selling a business in the Orlando or the Central Florida area it is always a good idea to gather up as much information as possible when looking to sell the business to a buyer.  Whether you are working with a business broker or working to sell the business yourself, business buyers as a whole will be looking for the same key points of information.  The only difference between buyers is that different buyers weigh the level of importance of each point differently.

Today we are going to address a business’s financial information, a key issue for most buyers when looking to purchase a business.  As a business broker selling companies in the current Central Florida market we at Crowne Atlantic Business Brokers find that a business’s financial information is in most cases the most important factor when looking to purchase a busienss.  Buyers call us on a daily basis searching for every type of business imaginable from a lawn service to a pizza shop.  We get calls for manufacturing companies, gas stations, dry cleaners, medical businesses, and distribution businesses for sale.  In almost every instance, a buyer will ask if they can see the business’s financial information…………and it is typically one of the first questions asked.  Some buyers view the financial information as being so important and so hard to find that many times they do not even seem to care what type of business they purchase, as long as the business has solid books or good tax returns.

The irony is that the one factor that most business buyers search for is the one factor that most small business owners cannot provide or they can only provide them to an extent.  In fact, a significant majority of businesses for sale whether they are in Florida or elsewhere in the United States at first glance appear to have terrible financial record keeping practices.  Worse than that, some businesses have little or no financial record keeping whatsoever.   Many of these businesses have a great deal of cash in the business or personal deductions masked as business expenses.  Some document their most of their sales and expenses on their annual tax records but they refuse to declare any profit on their tax records in order to reduce the taxes they have to pay.   These type of actions make the business selling process much more difficult  because most buyers view a business’s records as their number one criteria throughout their search.  If a business cannot provide adequate record keeping, most buyers tend to walk away.

At Crowne Atlantic Business Brokers, we can help business sellers determine the best way to market their businesses for sale and help make sure that their financial records look the best that they can.  Buyers typically like to see financial records for the previous 3 years if possible and financial numbers that reflect the business’s year to date earnings.  Information on tax records is preferable according to most business buyers, followed by profit and loss statements on a program such as quickbooks or excel.   While it is not required for a business to have perfect financial information in order to sell it to a buyer, good books and records typically assure that business sellers can obtain a higher sale price when they sell their business.  Business Sellers that have good books and records will also find that fewer issues due to buyer fear and anxiety, or other factors arise simply because a buyer feels more comfortable that every aspect of the business they are looking to purchase is on the legit side of the business for sale spectrum.  The great news is that it is never too late to start keeping excellent books and records.  Business brokers can often assist in this process, especially if you are looking to sell your business in the near future.

If you would like more information on Selling your business in the Central Florida, Florida, or Orlando area please feel free to check out our website www.crowneatlantic.com or ask us about our Free 360 valuation at 407-478-4101.

When looking for a business broker to help sell your company in Orlando, you want to look for a broker that can identify with your needs.  Whether you are looking to buy a business or sell a business, it helps to have a business broker that knows what your goals are and the best way to go about achieving those goals.  At Crowne Atlantic Business Brokers we have different agents that have different talents, different likes, and multiple skill-sets, but there are some common traits that Sellers should look for when searching for a business broker in the Orlando and Central Florida area.

1) Broker Experience
Sellers first need to search for a business brokerage agent that has sold businesses before.  This is a critical background question that most business sellers forget to ask for when they meet a business broker.  This is important because a well-seasoned business broker that sells businesses on a regular basis not only is sure to have a past book of previous business buyers to advertise to, but they can also advise potential business sellers on the current business selling climate and what expectations current business buyers are searching for.   The average business seller would be amazed at how many Business Brokers look right, smell right, and have plenty of work and business ownership experience and yet they have never sold a business to another person before.  At Crowne Atlantic Business Brokers our agents have sold hundreds of businesses of every make, model, and size.  While it is impossible for any one business broker to have experience in selling every type of business, it is possible to have experience with selling businesses in all the major categories of industries.  This is how the business brokers at Crowne Atlantic can achieve great results with any type of business for sale.

2) Broker Locality
The other thing that business sellers need to consider when deciding on a business broker is what services they will require in order to show, advertise, and ultimately sell the business.  Does locality matter?  There are some great business brokers in the state of Florida, but due to location constraints they simply cannot service anyone in the state.  So if you have a restaurant or a factory that can only be shown in the evening or on weekends and the broker must be present, you should try and look for someone locally to represent you that can comply with those demands.  However, some Sellers prefer specialist brokers that specialize in specific types of industries and most of the business broker services can be handled from any location in Florida.   At Crowne Atlantic Business Brokers we act responsively and if a business seller is located in another part of the state and one of our associates is better equipped to service them we do refer potential sellers to our associates.  For increased confidentiality, sometimes sellers want to have a broker outside of their normal area because when the business is advertised, the broker’s phone number will be out of the area and then the buyers might not assume the business is located in a certain area.  Confidentiality is always on the mind of our Sellers.

3) Broker Tactics
It is always a great idea to ask where business brokers advertise and how they get their buyer leads.  At Crowne Atlantic Business Brokers we have buyers come to us all the time seeking out business opportunities.  Some are referrals from friends, attorneys and accountants, and others have contacted us on businesses before.  We do a lot of advertising online, advertising to previous business buyers and inquirers, and we advertise and do a lot of deals with experienced cooperating business brokers.  Above all, it is most important to match the right buyer with the right business.  This is good business for both parties and our local economy.  The seller always wants to leave a good legacy.

4) Broker Valuations
Business Brokers have a challenging task when balancing the needs of the Seller and matching those with the conditions in the business market.  Some business sellers need a certain price or need a buyer to fulfill certain requirements before putting together a deal.  At Crowne Atlantic we can show what past deals in similar business categories have sold for in the past and we can also provide information on similar businesses currently advertised for sale on the market.   As a Seller, what you do not want is a business broker that takes a listing simply to get another listing.  Anyone can take a business and post it on the internet for sale.  However, as most seasoned sellers know, it takes a lot more than an internet posting to sell a business.  At Crowne Atlantic we work diligently with Sellers to understand the business they are in and we work hard to calculate what that type of business would sell for in the current market.  Because businesses come in all shapes and sizes, the business brokers at Crowne Atlantic combine several factors when determining the value of a business:
we take into consideration the income, the type of business, what similar businesses have previously sold for, current market conditions, current buyer demands, buyer experience required, and geographical area of the business.  This presents business sellers with the most accurate outlook of what they can expect when selling their business.  This is why our Sellers know what to expect when they put their business on the market.  Many buyers hear the word “multiple of earnings” thrown around and really don’t understand what that means.  It is a bit of an art to be honest.

5) Broker Compatibility
While this is not the most critical factor in a broker/seller relationship, it can be a huge plus when working with a business broker to market a business for sale.  Some Sellers want someone who thinks and acts like them and other Sellers want business brokers that have a completely different personality.  Sometimes it is a matter of finding a Business Broker that can deal with Buyers effectively and communicate the best attributes of the Seller’s business in some cases better than the seller can.

6) Confidentiality
Confidentiality is one of the biggest responsibilities of a Business Broker.  Often times it is what makes business brokerage a specialty.  Because the main legal requirement to work as a business broker in the state of Florida is a real estate license, many realtors and those with active real estate licenses attempt their hand at business brokerage.  One of the main reasons many of them cannot succeed is that business brokers specialize in the art of marketing a business for sale without disclosing what it is and who it is.  This is the complete reverse of what realtors and real estate agents do as their task is to be public about all the details of what they are selling.  To protect business sellers, business brokers do not have that luxury.  At Crowne Atlantic Business Brokers, we sell very well-known businesses without disclosing publicly that they are for sale, these include restaurants, bars, services, and many others.  Confidentiality is our number one concern.  We have the talent to make deals without disclosing details to the world.  It allows us to sell high end restaurants and businesses without our Sellers worried about their customers, employees, and competitors knowing.

If you have any questions or would like to speak to one of our agents about selling a business in Orlando or the state Florida, please call us at 407-478-4101.
You can find out more about Crowne Atlantic Business Brokers at www.crowneatlantic.com

As main street business brokers, one of the biggest requests we receive is for Pizza and Italian restaurants.   At Crowne Atlantic Business Brokers, we know that Buyers love these types of restaurants.  They are easily identifiable to most Americans and most Americans know how they like their Italian food and how they like their pizza.   This is one of the reasons why we, as business brokers get so many requests for Pizza and Italian Restaurants.

When a buyer looks at pizza and Italian restaurants for sale in the Orlando area, they will find these restaurants fall mostly into four categories.

1) The first category is the Take-out and Delivery Pizza category.  These shops are typically smaller and have very little to no seating at all.  Their sales are derived either from a high traffic area or from deliveries normally based on advertising.  Take-out and delivery pizza restaurants can be very profitable particularly by keeping low overhead.  There are no tables to wash, no servers to manage, and many times drivers are paid a nominal wage, use their own vehicles, and make their money off of customer tips.  They basically take the most profitable aspects of the pizza business and run with it.  Papa Johns, Dominoes, and other pizza franchises use this model.  It works for both franchises and independent restaurants.

2) The second category is the small pizza/ Italian restaurant.  Normally these restaurants have anywhere from 10 to 70 seats.  They focus on pizza, but also on Italian dishes both simple and complicated.  Chicken Parmesan, Rigatoni, Pasta and Meatballs, and Stromboli in addition to pizza are typically found on the menu.  Customers like the small Italian atmosphere when it comes to dine-in and business buyers like them for the same reason.  Typically these restaurants do a form of take-out or delivery business unless they are in an extremely high walking traffic area or they are more of a fine-dining Italian restaurant.  In most cases their extra profit is made from the delivery and take-out business, however the dine-in business is more coveted by both Business Buyers and Sellers.

3) The third category is your large pizza and Italian restaurants.  Many of these restaurants profit from both their pizza and their Italian food.  These restaurants typically have close to 100 seats or more.  In the Orlando and Central Florida area, these restaurants typically sell more wine and beer and have a good amount of dine-in business.  If they have more than 150 seats, they typically sell full liquor and many times customers have the option of sitting at a bar if they want.  Some of these larger restaurants have delivery and some of them do not, however most of them still offer take-out and some will offer delivery through another delivery service.  These restaurants for sale typically make the most money out of the four categoriespizza restaurant for sale Florida, but they also have the highest overhead and require the most amount of capital. The benefit of these investments is that when Crowne Atlantic Business Brokers sells a restaurant of this proportion to a Buyer, we know that they will be earning close to a 6-figure income or even more.

4) The fourth category is the one least talked about, but one that we as business brokers get constantly.  At Crowne Atlantic Business Brokers we get requests on a weekly basis for Italian and Pizza restaurants that have fallen into trouble.  Buyers go crazy for pizza and Italian restaurants that are not making it or are only making a small profit as they hope they can pick up these restaurants for a smaller price.  The reality is however that most buyers are not up for the challenge and it is really only those that have restaurant experience that should look at these opportunities.  Over the years, Crowne Atlantic Business Brokers has sold hundreds of Italian and pizza restaurants in these struggling positions, but they typically take the most amount of effort on the Buyer’s part out of the four categories.

If you’re a buyer and you’re looking for a pizza or an Italian restaurant for sale in the Orlando or Central Florida area.  Call Crowne Atlantic Business Brokers at 407-478-4101 or check out Italian and Pizza Restaurants for sale on our website at www.crowneatlantic.com

 

 

 

 

Be on the lookout for new trends hitting bars and restaurants in 2014.  Because the Orlando and Central Florida area always has a ton of restaurants and bars it is very likely that you will see more and more menu items following these trends below:

1) More Mexican inspired items
Mexican food is becoming more trendy and more dynamic.  No longer are Mexican restaurants subject to out of the way stops on the side of the road or stereotyped as Taco Bell type restaurants.  With the rise in popularity of restaurants such as Moe’s Southwest Grill and Chipotle, more Mexican menu items can be found and more formal Mexican concepts can also be found.  Many believe that Chicken Tortilla Soup (Mexican inspired menu item) is now one of the most heavily order soups in the country.

2) Asian cuisine
Cuisine that features things such as Ramen and Sriracha sauce are becoming big.  Plus you can see that finding Teriyaki sauces and ginger dressings for salads are also more common in restaurants now such as Teriyaki flavored chicken wings.

3) Pickled Items
Pickled food items such as Kimchi are becoming popular.  Pickling is huge in Asia including places like Russia and Korea.

4) Craft soda
You’ve heard of craft beer!  Its the same concept except now they are doing it with soda.  These are many times found more in bars and Gastropubs.

5) Healthier Food Items
Many new restaurants, bars, and gastropubs are featuring menu items that are made from local produce and locally sourced meats.  These restaurants often highlight these healthier items as major attributes to eating in their restaurants.

6) Alternative foods catering to diets and allergies
More and more restaurants are featuring items that cater to those with allergies or those sticking to a particular diet such as gluten-free items, items that have under a certain amount of calories, and items not made with diary or nuts.  Just to show how far this trend has come, try ordering your pasta dish with gluten-free pasta and you will see that many major Italian restaurants will have that available.