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 - Broker Advice
Posted by: Michael MacLachlan  on: 2011-09-01 12:00:00 AM             
Mike's Experience
A family paid $192,000.00 for a new Due to low income we sold the franchise 2 years after the purchase for $52,000.00, after transfer fee`s and commission the owner received $25,000. There is an advantage to buying an established business.
I showed a gentleman a couple of businesses. He went out on his own purchased a medical business paid $500,000 for the company it nets $35,000 per year and likely will not sell for $300,000.
I showed a fellow a couple of businesses. He went out on his own and purchased an automotive business for $180,000. A business with sales of $4,000 a month not even enough to pay the rent.
Quiznos Sub Owner paid $150,000 with no financial statements to review; he lost $45,000 in the first year. The business sold for $47,000. The owner had to pay for the transfer fee approx. $10,000 and had to spend $12,000 for renovations. Leaving him $22,000
Don`t let this happen to you, please call a experienced broker before you buy a business.