Buying A Business? What Needs To Happen BEFORE You Get On The Plane

Another holiday season and the rapid approach of a new year can cause someone to rethink their current life and consider other options. Maybe you’ve been curious about what life might be like as the owner of a business. Maybe you’re visiting from a northern climate and the beautiful winter weather of Florida has you seriously considering a move south.



There are amazing business ownership opportunities in the Sunshine State, and we would love to help you find the one that is right for you – but there is one very important element of the business buying process that buyers should know long before they set foot on a plane.


You can’t call about a business one day and see it the next.


This one is frustrating for both business brokers and buyers alike. If you call us today and tell us you are only in town for another 24 hours and you want to see one of our businesses – the answer is always no.


We would love to accommodate you, but it just isn’t possible, especially during this time of year.


In order to see a business, we would have to know that the business is right for you and that it is a business you could successfully afford. There is no sense in wasting your time looking at businesses you couldn’t or wouldn’t want to buy. Then you would have to sign the appropriate non-disclosure agreements. A showing would need to be coordinated between your schedule, the schedule of your broker, the schedule of the seller’s broker, the schedules of the sellers themselves and at a time when the business isn’t operating or when the employees won’t be around (for confidentiality reasons).


This complicated mix of conversations, paperwork and meshing of schedules is going to be extremely tough (especially during the holiday months because people are traveling or hosting family and won’t be available).  


It is possible, however, for all of the necessary background, non-disclosure agreements and schedule juggling to be done – with enough notice. Just realize that 24 hours or even a few days aren’t going to be enough.


If you are considering taking a trip south and looking at businesses, make contact with a broker and work on setting up these visits before you even buy your plane tickets.


We say this because we want your business search to be successful and we want you to find and see businesses that are right for you. The right business for you is going to depend on things we can’t know about you until we’ve had a chance to talk to you about your goals for business ownership and the amount of money you actually have available to buy a business. The right business for you will also be found by looking at many listings, reviewing financial statements and having conference calls with multiple sellers – all long before you set foot in an actual, physical business.


We also want you to be able to make the most out of your time here – so by researching and vetting the businesses that meet with your goals, by already talking to sellers via conference call – you can efficiently see the two or three businesses you are already serious about buying when you come for a visit.


Set yourself up for business buying success by starting your search BEFORE you buy your tickets to Florida!


Are you a buyer who has tried to see a business last-minute and would like to know more about why this isn’t possible? Are you curious about the business ownership opportunities available in Florida? Ask us! Leave any questions or comments here, and we would be happy to help you on your journey to business ownership.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

The One Broker Approach: Why Having Your Own Broker Is Key To A Successful Business Purchase


We’ll start this one by saying as a caveat that if you end up with a dreadful broker who never returns your phone calls, doesn’t show up to scheduled meetings on a regular basis and is all around just bad – by all means, find a new broker.


Caveat aside, many business buyers come to the business-for-sale marketplace and try to play the field, and this never ends up working in their favor.


What do we mean by playing the field? If you’ve emailed 30 brokers in a small local area to request information on potential businesses, then you are doing yourself and your prospects for business ownership a big disservice.




Your business search needs to be focused in order to be successful, and in order to have a focused business search you need to have a relationship with a good broker.


This relationship should start with a conversation about several very important things – things that won’t come across if all you are doing is shooting email requests to everyone in the area.


Your initial conversation with a broker might start out as an inquiry into one specific business, but it shouldn’t stay that way for long. A good broker is going to ask you questions that will let them know what direction you want business ownership to take and then help narrow your focus to just those businesses that would fit with your goals.


What should a broker be asking you?


They should ask about what your goals for business ownership are. If what you are hoping to achieve is a very flexible schedule so you can spend more time with your kids, then some businesses are definitely out of the question. If schedule isn’t a priority, but making as much money as possible is – then a very different business would be for you.


They should be asking what your passions are. Entrepreneurship is no picnic. It can be an enormous amount of work, so you need to be doing something that you can be driven and passionate about or you will end up miserable.


They should ask about your experience. If you’ve never worked so much as a single shift in the restaurant industry, then it would be a terrible idea to buy a bar or restaurant. Business ownership is tough, especially if you are brand new to entrepreneurship. You don’t want to add learning an entirely new industry on top of it – you will be setting yourself up for failure.


They should be asking about your finances. You might think you have enough money to buy a particular business, but the reality of buying is that you need far more money than just enough to cover the listing price. You need enough to write the closing check, enough for the deposits for your utilities and lease, enough to buy new inventory, enough for licensing fees, enough for the first few rounds of payroll – the list goes on. A good broker doesn’t want to set you up for failure, so knowing your financial situation will allow them to find you businesses you can actually afford.


The point here is only by having a relationship with a single broker (who knows these very key things about you and about your business ownership goals) can you have any hope of finding the right business.


Approach you search for businesses by searching for a good broker first – then you can count on that relationship to bring you the businesses you should see.


Have you sent a ton of email requests but haven’t actually had a conversation with a broker yet? Do you want to know more about why a relationship with a good broker is so important for your success in purchasing a business? Ask us! Please feel free to leave any questions or comments, and we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

The 4 Big Secrets Of Entrepreneurial Success

Think of an entrepreneur.


Who do you picture? One of the big guns, like Bill Gates or Richard Branson? Or your grandfather who started his own small business when he first immigrated to the United States? No matter who you picture, there are some hard and fast qualities that any successful entrepreneur has – and if business ownership is your goal, you need to have them too.



What are the secrets to entrepreneurial success?


Understanding that failure isn’t failure, it’s a lesson.

Every famous and wildly successful entrepreneur has made mistakes – big ones. The difference between those who succeed and those who balk and run from a failure is the determination to see failure as a lesson you can learn from – and then move on.


Understanding that issues are a part of life.

There isn’t a business owner anywhere who goes to work everyday and has the perfect day. Issues, large and small, are a part of everyday business ownership life. A great entrepreneur sees the issues that arise not as issues, but as challenges that need to be overcome.


Understanding that “no” doesn’t mean stop, it means work harder.

Business owners hear the word “no” a lot. If an entrepreneur hears “no”, they don’t stop. An impossible challenge should ignite your passion and push you to find a way to turn that “no” into a “yes”.


Understanding that a calm attitude will get you much farther than freaking out.

If every time you hit a brick wall, you flip out – your negative attitude when faced with problems will absolutely undermine your ability to solve them. Keeping a realistic, calm head will help you fix problems that arise.


See a trend? Entrepreneurs need to have a generally positive attitude, continue striving even when the goal seems impossible and learn from their mistakes. If business ownership is in your future, remember that some of the most important secrets to success aren’t related to what you do – it’s how you do it that matters.


Have you thought about becoming a business owner but don’t know where to start? Would you like to know what kinds of businesses would meet your business ownership goals? Ask us! Please leave comments or questions here and we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242






Entrepreneurial Legacy: Why Selling Your Parents’ Business And Buying Your Own Is The Right Move

If you are the child of entrepreneurs, then you grew up inside a business. You did your homework in the back office, you helped out on your days off and you probably became an employee once you were old enough.


When your parents look toward the future, they probably assume that their retirement plan includes handing you the reins. Great, if that’s something you want.


What if it’s not?



It can be difficult to tell your folks that you don’t want the business they consider their legacy – but the reality of taking over a business you don’t have a passion for is you likely won’t be as successful as you could be. Entrepreneurs need an edge that only passion can give you. As the child of entrepreneurs you know this already. Guess what? Your parents know it too.


If you don’t want your parents’ business – you have to tell them how you feel. We know it’s a hard conversation to have, but it’s one you have to face.


The good news? You can still continue your parents’ entrepreneurial legacy. You can fulfil their dream for you to be an entrepreneur and still follow your own passions. How? You can sell their business and buy your own.


Selling your parents’ business can give them a return on their investment in cash – cash they can use for their retirement and also use to help you purchase a business where you can be successful.


For instance – if your parents own a flower shop, but you’ve always dreamed of owning a pizzeria they could cash out on their flower business and then help you with a decent down payment on an established pizzeria. You can then finance the rest of the purchase with your own cash, with seller financing or a loan. You can pay your parents back over time, or let them maintain a silent partner/investor position so they can still have income in their retirement years. 


The point here is you can still become the business owner your parents have always hoped you would be without giving up your own dreams and adopting theirs. Have the tough conversation, and then give them the sell/buy alternative for the continuation of their legacy.


Are you the child of entrepreneurs and have always dreaded taking over their business? Would you like to know more about the possible options for a sell/buy scenario? Please feel free to leave any questions or comments, we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

Michael Monnot


5111-E Ocean Blvd
Siesta Key, FL 34242

Michael Monnot


9040 Town Center Parkway
Lakewood Ranch, FL 34202


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