#1investor_cream 5 Report post Posted May 22, 2012 Hello Friends, I have a Buddy that owns a Grocery Store. He wants to Sell his Business to me for $150kit'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? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 23, 2012 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?? Best advice: check with an attorney. Share this post Link to post Share on other sites
lhenley 8 Report post Posted May 25, 2012 As I understand it, you can "broker" the business, as long as no real estate is involved. Lynn (FL) Share this post Link to post Share on other sites
bwalston 1 Report post Posted May 30, 2012 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... Share this post Link to post Share on other sites
#1investor_cream 5 Report post Posted May 31, 2012 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! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 31, 2012 How much of a deposit is needed, and why is one necessary? Share this post Link to post Share on other sites
#1investor_cream 5 Report post Posted May 31, 2012 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 MCStart doing Live Real Estate Trainings So many people out here deserve to know they can do deals without any money down just like you guys on here Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 31, 2012 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. 1 Share this post Link to post Share on other sites