When you purchase a new business, it will usually include an existing customer base, existing location, existing product(s), and existing physical assets.
An existing customer base is the number one reason to buy an existing business, but you need to make sure that this existing customer base will be loyal to the business, not to the old owners or old employees.
Often times, the loyalty of the customer base will be determined by the type of business you are buying. If you are buying a hair salon, for example, many of the customers are not loyal to the actual hair salon; they are loyal to the hair stylist who is used to them and knows how they want their hair cut. On the reverse side, if you are buying something like a restaurant, then the customer base should be pretty loyal unless you drastically change the menu items or other important aspects of the business.
The second thing that will come with buying an existing business in Florida is the location. This is an important thing to consider when purchasing a business because the location can either help or hurt you.
The business you are buying will also most likely have an existing product, whether it be recipes for a restaurant or clothing for a store. The business may also come with trademarks and certifications on the products that the previous owners obtained.
Lastly, the business will usually come with physical assets. In the case of a restaurant, these would include ovens, tables, kitchen equipment, and more. If the business you are buying is selling for a low price, then you may be able to get a great deal for these business assets.
If you are interested in buying an existing business in Florida, contact Boyer Law Firm’s business law attorneys today.
