Selling a business in Fort Lauderdale is to capitalize on a mega population center of Florida and one of the major tourist attractions in the entire United States.
The city, 182,595 strong as of the 2018 figures, may make you think of spring break. You know, young college kids carousing in the beaches and mixing it up in the bars during their spring break.
Fort Lauderdale, 28 miles north of Miami, has evolved mightily since the 1980s barf-on-the-beach scene. The city features luxury destinations like the downtown Las Olas district featuring high-end shopping, restaurants and dense condo developments.
When selling a business here, you are likely unloading a service industry business catering to the dominant tourism industry in the area.
To note, Fort Lauderdale has 561 hotels and motels with 55,000 rooms. Greater Fort Lauderdale in Broward County, one of three counties comprising South Florida, has 4,000 restaurants. The area has 63 golf courses, 12 shopping malls, 16 museums, 132 nightclubs and 100 marinas holding 45,000 yachts.
So, you’re in a glittering coastal metropolis catering to hordes of tourists. When thinking of selling a business in Fort Lauderdale, what is your exit strategy?
Many businesses never sell because the owners do not have an exit plan.
Your business won’t sell if you have excellent revenue. Your business will sell if you are able to document excellent revenue.
If you are selling a business in Fort Lauderdale and have comprehensive books, records, financial statements and tax returns documenting solid revenue growth, you may sell your business at a premium and have the means to acquire a yacht in one of its tony marinas.
It will be difficult to sell your business if you’re a solo owner with no support team to help steer the ship once you’ve retired to shore. Get a competent team and you can eventually cash out to a buyer looking for continuity and support.
If you’re in a slump or recession, wait until economic conditions improve when selling a business in Fort Lauderdale. Timing is everything. Sell at the top of the wave, not when it has crashed on shore.
If you’re an entrepreneur in the economic and cultural powerhouse of South Florida and thinking of selling a business in Fort Lauderdale, it’s imperative that you consult with experts to navigate the complexities of the process.
Truforte Business Group has over 25 years of experience selling businesses in Florida and nationwide. These brokers have a branch office in Fort Lauderdale and can guide you through the daunting process and if you want to be on the West coast of Florida you might enjoy this article.
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