In the modern era of the 21st century, starting a business is becoming normal for some people. For Joy Randels, and Startup Grind, this is an everyday occurrence. Startup Grind is one of the largest independent startup community. With the Tampa Home Talk blog and radio show, we strive to teach new clients and viewers a wide array of tools to use. In this week’s real estate blog, Tampa Home Talk and Katrina Madewell take a look at how to buy, sell, and build a business in the Tampa, Florida area.
Buying A Business
If you are interested in buying a business that is already up and running, that is very possible. Most of the time you can find a “turn-key” business, which allows you to buy an up and running business, with employees, that could continue to run the same or improve once the current owner is bought out, and the new owner comes aboard. With this type of purchase, it is usually more expensive, as you are paying for someone’s years of hard work that have been going on inside the business. It is the same when buying a home. If you are wanting a “turn-key” home, it is usually more expensive than buying a fix-up home.
It is suggested when you are going in to buy a “turn-key” business, you should have the correct amount of money to purchase the business, and then about 20% in savings or a fund, to finance the further actions of the business in case there is complications when the current owner leaves that was presented before purchase. When buying a home, your mortgage will be more expensive, and it is highly suggested to have extra money set aside to help pay for the mortgage, in months that may not be as highly profitable as others.
Katrina Madewell recently hosted Joy Randels on Tampa Home Talk Radio Show. Joy is employed by Startup Grind, which helps when buying or starting a business with funding, design, structure, and other tools for an inspiring business owner.
Tampa Home Talk Live Every Friday At 9am On Money Talk AM 1010
You can listen to Katrina’s interview and conversation with Joy Randels on Tampa Home Talk Radio Show right now:
Katrina Madewell is live every Friday morning at 9am on Money Talk AM 1010 to bring listeners new and interesting topics of discussion and help you know how to buy, sell, and build a business.
Selling A Business
The next topic of conversation when it comes to how to buy, sell, and build a business is selling. Selling a business, a service, or a product is the way to financial stability and growth. Selling a business is similar to selling your home. You can do it yourself, and seek a buyer, or you can find a professional with experience, such as Joy at Startup Grind. They have entrepreneurs and firms looking to acquire different businesses.
You will need to have a valid reason for selling your business when buyers come around and begin to ask questions, just like you would need to have when selling your home. A few examples of valid reasons are retirement, partner disputes, illness or death, becoming overworked, and boredom. Those reasons for selling will not raise red flags.
On the other hand, there are reasons for selling a business that will decrease value, just as it would when selling your home. These reasons may be increasing profits, inconsistent income figures, a weak customer base, a net-loss contract spanning over multiple years. A smart buyer, will see if your business can be turned around, and low-ball your business. Other times, they may see that the business is not salvageable and will move on to another.
Tips & Knowledge On How To Buy, Sell, And Build A Business
When you or anyone is thinking about how to buy, sell, or build a business, it is always a good idea to talk to trustworthy friends, family, or potential business partners. If you feel as you are lacking on any of those members, reach out to Startup Grind and get connected to see how they can help. Katrina Madewell and the Tampa Home Talk team are constantly bringing new guests and speakers to the show to help expand the viewers knowledge and tool belt.
Tune in every Friday at 9am to listen to Katrina on Money Talk AM 1010 to listen to radio show contributors and speakers every week. Tampa Home Talk is also live on Thursday and Saturday at 5pm on AM 1340 Tank Talk Radio.
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