Assignable Contracts



By Guest Contributor Gregory A. May, Esq. – www.kieselandmay.com

 

Is your contract assignable? That is, can you give or “assign” your place in a contract to a third party?

 

This issue comes up with regard to business sale transactions under two main scenarios. First, there is a question of whether or not the Purchase Agreement itself is assignable, and second, are the Seller’s third-party contracts assignable?

 

The answer is not always so clear; but in Florida, contract rights can be assigned unless forbidden by the terms of the contract itself, or unless the assignment would violate some rule of public policy or some statute, or the contract rights involve obligations of a personal nature.

 

Most contracts should have language that will state whether or not the contract is assignable. If they are assignable, you should read on to determine if consent is required.

 

Buyers often want a contract to be assignable so that they may transfer the property to a new LLC or Corporation that they have yet to establish. Other times, the buyer is acting as an agent for the “real” buyer, who is unwilling to disclose their identity.

 

With regard to third party contracts, including vendor and supply contracts, the buyer should be careful to check to see if the contract is assignable or if it can be terminated. The last thing a buyer needs is a business with burdensome long-term vendor contracts.

 

Check with business broker or a business attorney to discuss these issues, and good luck in your new business!

 

greg may

Gregory A. May, Esq.
Kiesel and May, Attorneys at Law
2121 McGregor Boulevard
Fort Myers, Florida 33901
T: (239) 334-1800
F: (239) 332-3927
www.kieselandmay.com

*This communication is for informational purposes only and shall not be deemed formal legal advice or the formation of an attorney-client relationship.

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com


Finding the Right Business for Your E-2 Investor Visa



By Guest Contributor Sabine Weyergraf – www.weyergrafimmigration.com

 

Are you are a foreign investor who has decided that it is time to invest in a U.S. business and pursue getting an E-2 Visa by purchasing an existing business? If so, there are some important guidelines to help make an appropriate choice.

 

Of course, it needs to be a business that you, as a foreign investor, can envision yourself successfully operating. If the business can benefit from your prior experience and knowledge, this is even better. There are many ingredients to growing a successful business, including offering a desired product or service, using efficient and effective marketing tools, establishing or expanding on a good reputation and pricing your product or service so that it is competitive.

 

When deciding on a business that will work, it is important to keep the following guidelines in mind. The business should have at least 3 years of Federal Income Tax Returns available for review. It should be generating a minimum of $100,000 in gross revenues. Ideally, it should be making a profit. If it is not, any loss should be explainable.

 

There are other important criteria that will help the US Embassy to favorably review a visa application. Look for a business that is somewhat unique in what it offers. The Embassies see the small property management and lawn or pool service companies every day.

 

The business should have some employees or sub-contractors and definitely have the potential to add more employees. A signed lease for the business premises is important, too, as it provides a targeted area for offering services and allows for more specific marketing details. It is important that the business has proof of existing customers or contracts to show its viability and professional marketing materials to show its ability to acquire new customers.

 

Businesses that help build the U.S. economy, bring jobs and contracting opportunities to a region and those that can realistically project increasing profits are viewed more favorably by the Embassies and have the most likelihood of receiving a visa extension in the future. These are guidelines that any foreign investor should use in making a decision on the exact business that will work.

 

 

Heandshot_Sabine_WeyergrafLogo_Weyergraf_page_001

Sabine Weyergraf is founding partner and New York licensed attorney practicing solely immigration law with Weyergraf Immigration, PA in Sarasota, Florida.

Contact: 941-706-4102, sabine@weyergrafimmigration.com

This article is provided for general informational purposes and does not constitute legal advice.

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com

 


What It Takes To Be A Great Entrepreneur



Whether you’re a business owner already or someone who is considering taking the entrepreneurial plunge, knowing what it takes to be great is essential to success. The essential ingredients to success come from knowing about the challenges you will face and having the will to persevere. The problems come from unrealistic expectations of what business ownership is really like.

 

Entrepreneurship wooden sign with a beach on background

 

Many budding entrepreneurs come to the business market looking for a business they can buy for a small amount of capital that is going to make them buckets and buckets of money. This is far, far from reality. Owning your own business does give you the flexibility of deciding your own fate while doing something you are passionate about, but it rarely makes you filthy rich. If you are in it to become the next Mark Zuckerberg, you might be in the wrong game.

 

One aspect of entrepreneurship most don’t consider is the mid-ownership crisis. Owning your own business is very tough, so late one night with a pile of work left to do before the sun comes up, you will likely ask yourself “What am I doing here?”. We regularly remark that it would be far easier to just go get a job and punch someone else’s clock. If you get to a mid-ownership crisis, don’t panic. If the issue is burn out, you can move to sell your current business and purchase another one in a different arena. If burn out isn’t the problem, then just hang in there. Great entrepreneurs know how to persevere and make the best of what they have to continually grow their business.

 

Another ingredient that separates the good from the great is leadership skills. If you own a business that isn’t a one-man show, then you not only have to motivate and manage your staff, you have to set a good example by being motivated all on your own. Many first-time business owners delegate anything and everything to their staff without lifting a finger – this can be a big mistake. The best leaders are those who would never ask their employees to do something they wouldn’t do themselves, and often demonstrate their leadership by rolling up their sleeves and working right alongside their staff. Regularly demonstrating to your staff that your heart is still in the game can be great for morale.

 

Great business owners also know the importance of the community’s perception. It can be difficult to keep from taking a bad review personally, especially if you are a company of one. Using any review (no matter how scathing or ridiculous it might initially seem to you) as constructive criticism can only help your business grow. Sure, there are those who live to complain and customers out there who no one could ever make happy, but responding politely to and implementing changes based on negative reviews will show your clientele that you are driven to be a part of the community for years to come.

 

Owning your own business can be really, really hard work – but the rewards of becoming a great entrepreneur are worth the effort.

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com


VIDEO: How To Prepare And Deliver A Speech



By Guest Contributor Ron Frost –  www.PostitiveMomentumCoach.com

 

Here are a few simple tips on preparing and giving speeches. For more in depth training and public speaking skill development, join a local Toastmasters club.

 

ron frost

Ron Frost
Motivational Speaker | Life Coach | Business Coach
www.PositiveMomentumCoach.com
239-265-4380

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com

 


Why Entrepreneurship is Nothing Like Shark Tank



little girl and shark

 

We all love a good rags to riches story, so shows like Shark Tank that glorify the coming-from-nothing and becoming wildly successful are exceedingly popular with most Americans who grew up hearing all about the “American dream”. While we all fancy ourselves capable of starting from scratch on main street and envy the thought of being our own boss, most who haven’t lived a day in an entrepreneur’s shoes have no real idea of what owning your own business is really like. We definitely don’t get much in the way of reality from popular media, so here it is, for the entrepreneurial-hopeful among you – what the “American dream” is really like.

 

The vast majority of entrepreneurs have failed – multiple times. To truly succeed in this game you need to have the tenacity to get back up, dust yourself off and try again. If you have that tenacity, then this is the life for you.

 

Start-ups are extremely risky. You are betting on an unproven model in an unproven location. Less than one in four start-ups make it to their 5th anniversary, so if you want to give business ownership a try (with a bit less risk), buy an existing business instead. Buying existing does not mean guaranteed success, it just means the model, location, operating procedures and staff have been tested. It’s simply a better starting point for the new entrepreneur.

 

New customers are not going to line up around the block or beat down your door because you tied a banner out front that reads “under new management”. A great entrepreneur is never satisfied with the status quo and is always looking for new ways to grow their business. What if you’re not a marketing guru? Become one. Learn how to take advantage of social media, join networking groups, make your business a part of local community events – the list goes on. Businesses that thrive find new and creative ways to grow, and the best business owners learned what works by trying (and trying again) until something sticks.

 

The hours are not fun. Business ownership is not going to mean that you only work from 9 to 5, Monday through Friday with four weeks of vacation throughout the year. If that free-time stability is what you want for your life, then stay at your current job. Entrepreneurship means that the buck stops with you and you alone. If something has to be done, if your entire staff comes down with the flu, if it’s peak season and the business will be packed – you have to work. The hours are long, but the trade off is knowing that you are in control of your own life and all of this work doesn’t benefit someone else – it benefits you.

 

You probably won’t make millions and millions. The Sharks on Shark Tank are like the NFL Hall of Fame-r’s of entrepreneurs, while the vast majority of business owners are like every kid who ever played football and aspired to make it to the “big time”. You can have a very successful and fulfilling life as a business owner without ever becoming a billionaire investor, so the quicker you set your sights on more realistic financial expectations, the better.


If you have the grit and determination to keep trying, to constantly learn new ways to grow and the drive to work the hours your business needs – then perhaps business ownership is for you. Start your search for an existing business by talking to an experienced and knowledgeable business broker about your past experience and what your goals for business ownership would be. They will be able to help match you with business opportunities that will get you where you want to go. And you won’t even have to survive a pitch to the Sharks.

 

Have you considered buying a business, but you aren’t sure that business ownership is for you? Do you have questions about what types of businesses are currently available? Ask us! Leave a comment or a question here.

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com

 

 


Great News For Entreprenuers: Three Of America’s Fastest Growing Cities – Right Here In Florida



Everyone who’s lived somewhere with miserably cold winters has likely daydreamed of throwing away the snow shovel and moving to sunny Florida. For many, it’s their retirement plan. Get out of the cold, spend your days at the beach or by the pool in the middle of December – who wouldn’t want vacation as regular life?

 

at the seaside

 

The great news for those who don’t want to wait until their golden years is Florida is fast becoming a fantastic place for entrepreneurs. Three of the fastest growing cities in the United States are right here in the sunshine state!

 

http://www.forbes.com/sites/erincarlyle/2015/01/27/americas-fastest-growing-cities-2015/

 

http://www.inc.com/graham-winfrey/the-fastest-growing-cities-have-affordable-housing.html

 

The growth in Florida cities means growth for Florida businesses. The population is continually increasing, creating new clientele. New construction is back on track after the economic meltdown and the small business market is booming as businesses owned by baby boomers are sold by those heading into retirement.

 

Ever considered making the move south? Click here to search for Florida businesses currently on the market, or contact us here to learn more about business opportunities in the area.

 

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

http://www.infinitybusinessbrokers.com

 

 



Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907




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