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

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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






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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

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Why It’s Not Worth It To “Win”

Business deals don’t just have a lot of moving parts, they have a lot of people. People with a lot to lose and people with a lot to gain. People who do this kind of thing for a living and are therefore unbothered by potential issues and people who’ve never bought or sold a business who think every small issue is a disaster. People who have to write very big checks and the people who are counting on those checks.


In any situation where you combine a lot of people and relatively high monetary stakes – drama is inevitable. There has probably never been a business transaction where everything was smooth and no one got upset.



Here’s why we bring this up. People who are going to buy a business and people who already own one are a tough bunch. You could call it type-A personality. You have to be strong, resilient, willing to make decisions and willing to take risks to be a successful entrepreneur. This personality, however, can be a bit of an issue when a business is changing hands.


Why? No ONE person can “win” in a business transaction.


The contract used for the sale of a business will end up being a very carefully crafted and heavily negotiated document. Heavily negotiated because businesses are inherently complex, and as such there are a lot of things to discuss and then decide on. How much is the buyer going to pay? Will there be financing of some sort? How will the lease be transferred? How will the licenses be transferred? What are the time frame and responsibilities for both parties during the training period? How long will the seller let the buyer have for due diligence? This list goes on and on.


The reality that essentially everything needs to not only be discussed but agreed upon as well means that neither side is going to get everything they want, exactly as they want it. Everyone, EVERYONE in the deal is going to have to make a few compromises if they want to get a deal done.


What this means for you if you’re a buyer or a seller is you can’t die on your sword every time something isn’t going your way. You can’t be petty about small things because you’re frustrated about something that has happened in the weeks or months that it takes to put a deal together. It means you can’t be petulant and difficult just because you feel like it.


At this point you’re probably saying “I’d never do that” – right? You might.


When a business changes hands, so does a lot of money. It’s a business that is someone’s blood, sweat and tears – and is getting handed to a complete stranger. The entire process can be long and incredibly stressful. It will be very hard for both sides of the table to always remain objective and not feel personally challenged during many parts of the process. You have to go into this knowing that your buttons will be pushed, your stress might get the better of you and your feelings might get hurt.


When that inevitably happens, don’t do this. Don’t make everyone change the time and place for a meeting last minute just because you want to be difficult on purpose. Don’t drag your feet with documentation that the other side has requested just because you think their questions are annoying. Although mildly entertaining for you in the moment, petty nonsense like this only wastes your own time and puts your own deal in jeopardy.


Power plays to “win” will do nothing but aggravate everyone in the deal – a deal that’s hard enough already and doesn’t need the additional drama. Go into your deal knowing that this process will be challenging, but worth it if you can remain patient.


Have you been in a business transaction where emotions got the better of someone and have an experience to share? Would you like to know more about the challenging parts of a business transaction? Leave any questions or comments, we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

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When Is The Perfect Time To Buy A Business?

When will the time be right for you to take the entrepreneurial plunge and buy a business?


This is obviously a very big question. It’s also a bad question.


This question is based on the notion that there is such a thing as perfection in life. There isn’t. There will never be a perfect business. There will never be a perfect time. Perfection implies an absence of risk – and like many things in life that are worth doing becoming a business owner comes with a healthy dose of risk. You might not succeed.



Guess what? You might not fail either.


Entrepreneurs buy businesses every day. Most of them work hard and achieve the goals they have for business ownership. You could too.


That first step – deciding now is as good a time as any – can seem like an impossible step if you cling to the idea that the perfect time will eventually come. It won’t. Instead, you have to decide that the goals you have for your life – to be your own boss, to follow your passions, to make a better life for yourself and your family – those things are worth taking a bit of a risk.


So how do you start? Maybe you’ve had an idea of the type of business you’d like to own for a long time, maybe you aren’t sure what kind of business would work for you. Either way the first step is to have a conversation with an experienced and qualified business broker.


That first conversation should be about a couple of very important things. What are your goals for business ownership? How many hours do you want to work per day or week? Where do you want your business to be located? How much money do you need your business to make? Do you have a passion for a particular industry? In what areas/industries do you have practical experience that you could draw on as a business owner? How much capital do you have to invest in your new business venture? Would you need financing and what types of financing would you be comfortable with?


The answers to these questions can help a good broker find businesses for you to consider. These questions can also help you figure out what you really want to get out of owning your own business. Knowing what your goals are will be instrumental in making an educated and thoroughly researched decision about which business you buy.


It can be scary to walk away from a steady paycheck that you get from someone else, but if you aren’t happy working for that someone else don’t wait for a perfect time that’s never going to come. Take a well-considered yet imperfect jump instead.


Have you always wanted to own your own business but were waiting for the perfect time? Do you have questions about what types of businesses would fit your goals? Ask us! Leave any questions or comments and we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242

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Why Feedback Matters: Helping Your Business Broker Help You


Are you just beginning your business search? Your first step should be talking to an experienced and qualified business broker about what you are hoping to get out of business ownership.


What do you want your life to look like? How much money would you like to spend and how much do you need your new business to earn? Where do you want your business to be located? A good broker will take your answers to these first and basic questions and put together a list of listings for you to consider.


Here’s an important point in the process that some buyers miss:


Once you have those initial listings take a good, hard look at them and then decide not only if you like or dislike a business – but WHY.


Was it the location? The net/gross earning? The number of employees? By giving very specific feedback your broker can fine-tune the search, giving you better choices as the search process progresses. If you are vague with your feedback or give none at all, you will more than likely just continue getting businesses you don’t like – a counterproductive waste of time.


A good business broker can point you in the right direction and help you find the right listings, but they can only be effective in that capacity if you give them feedback. Lots of feedback.


Why can’t I just look at everything? Why do I have to keep giving feedback?


Giving very specific feedback on why you did or didn’t like a business will make your business search more efficient – weeding out listings that you wouldn’t have liked well before you have to take a deep dive. It also helps show your business broker that you are a serious buyer who is willing to put in the work required to get a deal done. No one wants to work with someone that isn’t going to participate – and buying a business is a complicated process best traversed by someone who is willing to do what’s needed to see it through.


Another note here. Negative feedback about why you disliked or hated something about a business is important, as you don’t want to end up with a business that will make you unhappy – but feedback about why you liked something is also pivotal to success. Did you really like that a particular business had X number of employees or did you love the type of area where a business was located? Don’t just give your broker the negative feedback. Telling them what you liked about businesses will be just as important as what you didn’t.


Are you beginning your business search and want to know more about how feedback can help streamline the listings you see? Would you like to know what businesses are currently available that would meet your goals for business ownership? 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





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Buying A Business? Don’t Sign A Million NDAs (Do This Instead)

If you’re excited about buying a business it might be tempting to spend your days scouring the internet for business listings and then requesting information on everything that even slightly matches what you’re looking for.



Don’t do that. Here’s why:


Businesses are bought and sold under a veil of confidentiality. That confidentiality exists to protect the business while it is being sold (you can read more about why here). What this means for you as a buyer is you can’t just look up a listing and immediately get all of the information on a business for sale. There’s a layer of legal protection that you need to get past before you can gain access to the information you need. That layer involves signing a non-disclosure agreement (NDA).


Signing the NDA means you can’t disclose the name of a business, the location of a business, any proprietary information you will now have access to – even the for-sale status of a business. You will have to sign a NDA for each business listing individually. If the business brokers involved are doing their job, you shouldn’t be able to sign the NDA until you’ve had a conversation about why this business fits with your goals for business ownership and if you actually have the funds necessary to make a sale happen. The importance of keeping the for-sale status of a business under wraps means a broker should only be allowing NDAs to be signed by potential buyers who could actually be buyers – not hundreds of random tire-kickers.


The necessity of confidentiality might initially seem frustrating as a buyer, but it’s not just the business itself this process helps. As a buyer, you don’t need to be wasting your time signing dozens and dozens of NDAs for businesses that would never have suited you in the first place. It’s a colossal waste of your own time and energy.


Here’s what you should do instead. Call a few business brokers. Have conversations with them about what you hope to get out of business ownership. Talk to them honestly about the amount of funds you have available for your new venture. See if you think you and a broker would work well together.


This initial conversation will help a good broker find listings that will actually check all of your boxes. Then you can efficiently sign NDAs for businesses that may work for you.


A very important note here. Once you have a broker you like – don’t go and sign NDAs on any listings without them. Once you’ve signed another broker’s NDA your broker can’t help you anymore. NDAs are tied to specific businesses, and are therefore tied to the listing and the listing broker. Your broker can request the NDA on your behalf for a listing that isn’t theirs and still maintain the buyer-broker relationship with you. If you go around your broker and sign a NDA they didn’t request they legally and ethically can’t even give you advice. The relationship has now shifted to whatever broker has the listing – a broker you don’t know and who doesn’t know you. 


The message here is although the process of searching for businesses has a few more steps than other big purchases like a house or car – those steps exist to make the process more efficient for everyone – including you. Find yourself a good broker, maintain that relationship by only having your broker request NDAs and be patient with the process.


Are you shopping for businesses and weren’t aware that signing NDAs tied you to listing brokers? Do you have questions about what businesses currently for sale you meet your goals for business ownership? Ask us! Leave any questions or comments and we would be happy to help you on your business search.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242


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3 Important Points Every Business Buyer Should Know

Businesses are inherently complicated. You are dealing with staff, vendors, clientele, a location or locations, possibly vehicles, inventory, computer systems and software, operating procedures, leases, licensing requirements, permitting requirements, inspections, certifications – the list goes on.


If you are considering becoming a business owner and entering the world of entrepreneurship by buying an existing business, then the complicated nature of businesses not only includes the business itself but also the process to buy it.


If this is your first time in the business for sale market, then there are a few things about the process you must understand in order to be successful.



This Will Be Nothing Like Buying A House

This one is the biggest misconception. It will cause major problems between you as a buyer and the sellers and business brokers involved if you don’t immediately banish this thought from your mind. You don’t search “businesses for sale” on the internet, see pictures and collect addresses, then drive around with a business broker for tours. That is what you would do if you were buying a house. Businesses for sale keep that fact completely confidential, and as such you can’t call up a business broker and ask him to “show you some businesses”. In the business sale process, there are many more steps. You will first be required to sign non-disclosure agreements, then you will likely have conference calls and/or meetings with the sellers and brokers off-premises long before you get a “tour” of the business. The non-disclosure agreements also mean that you will not be able to tell anyone outside of the transaction what business you are considering buying until after you get to the closing table.


Most “Buyers” Don’t Buy Anything

If you are really serious about buying a business, then you will need to be prepared for the reality that those who are already in the business market – think sellers and brokers – are unlikely to give you the time of day. Sure, you are poised to write a very big check to someone for their business, but the fact is only about 10% of buyers who initially look at businesses actually end up buying one – so the other players in the game will initially have a hard time taking you seriously. What’s important here is not to be offended. If you worked in an industry where only one in ten people who vied for your attention actually followed through, you would be a bit picky about who you chose to spend your time on too. You can pull away from the tire-kicking pack by staying motivated, being honest and upfront about the finances you are intending to invest in a business (particularly with your own business broker) and by making good offers on the businesses you like.


Patience, Patience, Patience

We have all become very accustomed to instant communication and instant gratification in our technological world, but the complexity of businesses means you can’t get or do everything you want immediately. You can’t show up on a Thursday and expect your broker to be able to line up three or four businesses for you to “see” on Friday. When you request information from sellers, you need to be aware that in addition to dealing with you they are also trying to run a business, so it may take them a few days to get things back to you. You are (one would hope) not your broker’s only client, so if they don’t answer the phone or immediately return your call it doesn’t mean that they are blowing you off. When you send financial records off to a CPA or contracts off to an attorney to be reviewed, you will have to give it some time to get those documents back. If you are dealing with licensing and permitting issues, you need to be aware that government agencies are not known for their speed. Just be patient with the process and everything should fall into place.


If you really want to buy a business know that with a good dose of patience, good offers and the understanding from the start that this process can be pretty complex, you have a great chance of finding the right business for you.


Are you a buyer who’s had trouble getting anyone to take you seriously? Do you feel like the process couldn’t be any slower? Do you have more questions about confidentiality or any other part of the process? Ask us! Please feel free to leave your comments or questions here and we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242


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Why All The Secrecy? Understanding The Confidential Nature Of Business Transactions


If it’s your first time navigating the business-for-sale marketplace you may have noticed something that sets it apart from almost every other situation where something is for sale. Everything is a carefully guarded secret.


Business listings are vague and don’t disclose the name or location of the business.


Listings are very basic and don’t give you much in the way of details about a specific business. 


When you call on a business, the broker will continue with the vague information unless you are willing to give up some information about yourself (like your name and permanent address) and sign a nondisclosure agreement (NDA).


What gives? How am I supposed to find a business if no one will tell me which businesses are actually for sale?


An existing business can’t be sold like most other things because an existing business exists in a world of powerful misconceptions. Those misconceptions are that a business for sale is a business on the brink of failure. When the average person sees a for-sale sign on a business door, they automatically assume that the business is in dire straits. Why would anyone sell a successful business, right? 


Well, there are a lot of reasons. Maybe the current owner is ready to retire or has their heart set on a new life adventure that will mean they can no longer run the business. Perhaps the current owner started or bought this business with a specific set of goals, and now that those goals have been achieved it’s time to move on to another project. Sometimes owners have something occur in their personal lives that will make it difficult to maintain the responsibilities of ownership and so they’d like to leave the business in good shape and go attend to what they need to. 


It’s actually relatively rare for a faltering, disaster of a business to be sold. In situations that dire most choose to lock the doors, cut their losses and walk away.


What does that mean for business buyers? Most businesses for sale are great business opportunities. 


To remain great opportunities, those businesses need to be protected. Those powerful misconceptions about a business for sale can cause massive problems for an existing business if they simply stick a for-sale sign on the door. The entire staff can panic and quit. Vendors can cancel contracts. Current and prospective customers can choose to do their business elsewhere.  


A business is protected throughout the sale process by keeping the for-sale status confidential. The only people who can know the business is for sale are the seller, the brokers involved, prospective buyers and their experts (think attorneys and CPAs) who have signed the appropriate nondisclosure agreement.


What does this means for you as a buyer? You will have to use vague business listings to do a cursory search. When a listing seems to fit with what you’re looking for you will have to give out a tiny bit of information about yourself (that helps to identify you as an individual) before you can be given potentially damaging information about a business on the market – namely it’s status as a business for sale. 


Here’s what you can’t do. You can’t change the industry standard NDA to suit your liking. You can’t disclose what businesses you’re looking at to your neighbor or the guy in line with you at the coffee shop. You have to play by the rules that everyone does so businesses can stay in good shape while they are being sold. 


Are you considering buying a business and want to know more about the confidentiality of the process? Do you have questions about what signing the NDA means for you? Ask us! Leave any questions or comments and we would be happy to help.




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242


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Ready To Take The Plunge? Buying An Existing Business

Have you always wanted to own your own business but aren’t sure how to take the plunge?




One path to entrepreneurship that many choose is to buy an existing business. This can be a good option for a number of reasons.


First and foremost, the business has already been set up for you, and the business model has been proven because the business is currently up and running. The location is equipped and a customer base has been established too.


What do you need to do to get started if this is the path for you?


The first step is deciding on a type of business to buy. More often than not, a budding entrepreneur will start the process by seeing what businesses are available. This is a mistake because it can cause you to fall in love with a business that wouldn’t meet the goals you have for business ownership.


When entering a new business venture, you should choose something where you have at least a bit of background or experience. The learning curve for a new business owner is a steep one, and that’s without having to learn an entirely new industry as well. Give yourself a great head start by deciding on an industry before you search, and be sure to pick an industry you know.


The second step is to begin your search. Now is a great time to employ the services of a business broker, as they will have access to more business listings than you will be able to find on your own, they will know about businesses that are not yet on the market, and they will be able to market you as a buyer to other business brokers and their sellers.


Talk to your broker about the goals you have as a business owner – like how many hours a week you want to work, what type of return you are looking for with your investment, where your experience will suit you best and how much capital you have to invest. Identifying your goals, experience and available capital are critical to finding you a business where you can be successful. If the broker you are working with hasn’t had this conversation with you, perhaps it is time to find someone else to work with.


Once you have your goals ironed out and know what industries would set you up for success, you can do a cursory search for businesses by visiting our Business Search page.


Once you find a business that fits your goals, you will likely decide to make an offer. This step is then followed by a period called due diligence where you will get a chance to review things like finances and contracts in depth. After this review you will decide if you would like to proceed with the sale or not.


Are you ready to take the entrepreneurial plunge? Do you have questions about the search process or are you unhappy with the help you are getting from your current broker? Leave us a comment or question; we look forward to assisting you with your business search!




Michael Monnot

5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242



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Michael Monnot


5111-E Ocean Blvd
Siesta Key, FL 34242


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