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I'm Confused... It's a Business Deal!!! (Not Real

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#1 #1investor_cream

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Posted 22 May 2012 - 03:10 PM

Hello Friends,

I have a Buddy that owns a Grocery Store. He wants to Sell his Business to me for $150k
it's a Long term Lease in a Shopping plaza. He has invested over 300k in the Store and has proof.
I have a few buyers in mind that would buy this business in a Heart beat.
Only problem is...... My Business partner is telling me we can't sell the Business because we are not brokers. In order for you to sell a Business in Florida you must be licensed.
I was thinking of doing a Option to Buy then Sell my Contract. I am wondering if anyone can help me here. I know it's not Real Estate but I thought it would be the same concept.
I'm not sure how to put this deal together. I know I can Sell this Business and make a Good profit.

Any Thoughts?

Erik Collazo

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collazoerik@gmail.com


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#2 MichaelC

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Posted 23 May 2012 - 04:14 PM

Erik, speaking strictly as someone who does not know the legalities of this particular situation, I can't imagine why you couldn't get a Pure Option on this business and then assign it. I know Miami is Spanish speaking, but it's still America, isn't it?? :P
Best advice: check with an attorney.

#3 Lynn (FL)

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Posted 25 May 2012 - 08:06 AM

As I understand it, you can "broker" the business, as long as no real estate is involved.

Lynn (FL)

#4 bwalston

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Posted 30 May 2012 - 10:49 AM

I agree 100% with Michael...You can assign any contract to which you are a party. You are NOT brokering/selling a business. You are simply assigning your rights to a contract which allows you to purchase the business. BIG difference :) The key point is that you must have a contract/option to buy the business BEFORE you look for a 'buyer.'

Also good advice to run it by your attorney...

#5 #1investor_cream

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Posted 31 May 2012 - 01:23 AM

Spoke to a Corp. Attorney and he is telling me he can do the assignment but I need to have a contract between the seller and I place a deposit in Escrow and then assign it to my end buyer.
Simple - Looks like I will do this deal and make around 20k+ in profit! I am paying all Fees for this deal so I can get it done quickly!
SWEET!

Erik Collazo

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collazoerik@gmail.com


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#6 MichaelC

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Posted 31 May 2012 - 05:02 AM

How much of a deposit is needed, and why is one necessary?

#7 #1investor_cream

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Posted 31 May 2012 - 12:41 PM

1,000 is Escrow - also 1,000 to pay the attorney to do the contracts and handle the paperwork
- it's pretty much I'm Flipping this Business to a Buyer who is hungry for a Income producing business in a great location.
The Lawyers is demanding these fees in order to close this deal for me.
Same lawyer doing my Real Estate transactions <_<
Seems like this guy (the lawyer) is making a fool out of me - listening to the guys on this forum, but I will do whatever it takes to make the deal happen. I mean, spend a thousand to make 50k on a Business deal. Not bad!
But if you can save me money then let me know.
I think we should get together MC
Start doing Live Real Estate Trainings :P So many people out here deserve to know they can do deals without any money down just like you guys on here

Erik Collazo

954.892.5931
collazoerik@gmail.com


"Helping Others Realize Dreams, if They Choose to Realize Them."

C.R.E.A.M


#8 MichaelC

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Posted 31 May 2012 - 12:59 PM

Erik, I don't find his fee unreasonable. But his insistence that you need to place money in escrow is wrong, in my opinion. As bwalston said in your other thread about this, you have an option to buy, not an obligation.
That said, if this is a done deal with your buyer and you're looking at $50K profit, meet the lawyer's terms, do the deal, then take the money and run out to find another lawyer for your next deal.
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