How Do I Put a Price Tag on My Business?

by Mary Ramm

Here are three ways to understand your company’s true value.

Every business has a life cycle and, at some point, that cycle involves transitioning ownership to a new proprietor.

The wisest owners plan for their exit years before it happens. It typically takes nine months to sell a small business, depending on the economy, so preparation is critical.

One of the most common mistakes business owners make is not fully understanding the value of their company. Uninformed sellers often rely on anecdotal information, including what neighboring businesses or competitors recently sold for, or simply put their business on the market at the price they believe it’s worth.

Both of these strategies indicate a poor understanding of the valuation process and often result in disappointment or the realization that an exit is not possible at the desired time.

These are all reasons why it’s critically important to regularly value your business. Experts recommend having an independent valuation performed on your business prior to entering a sales process.

Because each market differs, there are no set-in-stone rules for determining the value of a business, but there are three key methodologies every business owner should utilize to determine an accurate value estimate for their company.

The Income Approach

Simplified, the income approach determines how much a buyer will pay based on the economic benefits of owning that business, which are determined by the cash flows it generates. These cash flows are defined as net operating income after tax, plus depreciation, less capital expenditures and working capital needs.

With this approach, the value of the business is determined by computing the present value of the forecasted future net cash flows over an appropriate period and the forecasted value of the business at the end of the period.

The Market Approach

The market approach determines the value of a business by comparing the company to similar businesses or securities of similar businesses that have sold (a stock buyout, for example). This approach will identify companies that participate in the same line of business and review what they recently sold for.

To use this approach, compare your company to others in the industries in which you operate. These companies should have a similar size, capital structure, profitability, growth prospects and risk factors.

With this approach, the most commonly used ratios are enterprise value to revenue and enterprise value to earnings before interest, taxes, depreciation and amortization.

The Asset Approach

The asset approach determines worth based on the value of the business’s individual assets and liabilities.

When using this approach, it’s important to understand each component of the business is valued separately. The values are totaled and reduced by outstanding liabilities to determine the net asset value of the company. Most commonly, the company’s balance sheet is adjusted to reflect differences between book value and known market values.

Whether you use the income, market or asset approach to valuate your business, remember there are several factors that can boost resulting value, including growth, profitability, size, lower volatility, synergies or interest rate environment.

Regardless of whether you plan to sell this year, in five years or somewhere further down the line, there is no better time than now to value your small business, create long-term strategy and ensure that when the time comes to exit, you will be financially stable.

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5 alternatives to relying on luck to sell your business

Patrick Ring, Contributing Writer

As a business owner, you can take the luck out of selling your company by planning ahead. It can take two to three years to prepare your business to be attractive to the market. Here’s why you should get started today.

In 2012, two brothers began discussing the sale of their business with a key employee. He was young, but claimed to have an equity backer. After a year of negotiations, he admitted that he had no cash and that his equity backer (if real) had withdrawn. The young employee left the company six months later – perhaps looking for another opportunity to buy.

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IMAGE PROVIDED BY GETTY IMAGES (WINTERLING)

In their 70s and running out of energy, where were the brothers to turn? They sought advice and soon discovered they were relying on finding (and closing) a needle in a haystack.

They had not planned ahead to create attractive options for themselves as owners of an investment. Their business had always been steady, and they never really tried to grow it. They didn’t reinvest the annual cash flow that their business generated. It became apparent that the lack of growth hurt the market value of their business.

Premium valuations are paid for businesses with a record of, and expectation of, growing cash flows. Finding a buyer on their own to pay an acceptable price and retain all (or even many) of the employees was improbable.

To structure a deal with key employees is a fine idea – one that typically allows the company to continue in operation. However, they can be hard to find. Many key employees don’t have the personal equity capital required to buy a business. Most often, they barely have enough to make a serious dent on a down payment. Sweat equity doesn’t fund an owner’s retirement. 100 percent seller financing is usually a last resort before liquidation.

Here are five alternatives to relying on luck-based planning to sell your business:

1. Get valuation and market input to understand where you stand and what your reasonable options are.

2. Negotiate with the “equity backer” directly and not just the key employee. Does the backer have the capacity to close a transaction? If not, then save your breath (and your confidential information). Finding multiple interested parties creates competition that will improve price and structure.

3. If the employees are an option, find out if they are truly prepared to be owners and to take on responsibility and liability. If so, agree upon a price and a date to become effective. They’ll have to build up a fund for a down payment (i.e. through salary reduction, bonuses tied to achieving growth targets, etc.)

4. If the business is large enough, consider an Employee Stock Ownership Plan (ESOP) to purchase 30 percent or more of the stock. There are tax incentives for the seller, and it represents an attractive retirement plan for current and future employees. However, it demands rigorous formality (the Department of Labor is the interested party here) and some substantial costs.

5. Prepare the business (and the owners) for the transition. Retain an business broker to take the company to market. For the fees that the business broker may charge, the seller is more likely to end up with a 20+ percent better price and a deal that closes. Remember that growth will attract investors and a premium price.

In the end, these brothers beat the odds. They were introduced to a strategic buyer nearby who bought the assets in a cash deal. Their employees will stay in place. The deal was done quietly, quickly, and without substantial expense. Not everyone is as fortunate as they were.

As a business owner, transition will come, one way or another. Don’t leave your legacy to chance.  

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What is EBITDA: What does it say and not say?

by Carmen Sims

          

EBITDA is an acronym. It stands for “earnings before interest, taxes, depreciation, and amortization”. It facilitates financial comparison among companies in the same sector, and is widely used in valuing companies for a variety of purposes, especially in merger and acquisition activity.

Other measures of profitability are also considered by prospective buyers and investors. These include Net Income, and Operating Margin (also called “EBIT”- earnings before interest and taxes). EBITDA, however, is perhaps the most common profitability measure analysts use to initially evaluate a company’s financial performance. EBITDA has limitations.  It does not, for example, include important aspects of a company’s cash flow.

EBITDA began its rise to popularity in the mid-1980s, during the LBO (leveraged buyout) go-go years, when otherwise operationally healthy companies reported depressed or negative net income due to the high degrees of post-acquisition leverage. Although not recognized as a financial metric in US GAAP (generally accepted accounting principles), EBITDA has gained favor because it eliminates the effects of differing accounting, financing, fiscal, and investment policies between companies being analyzed.  While net income incorporates all financial aspects and effects of the company’s accounting policies and investment decisions, EBITDA focuses on the “core” or operating profitability of a company.  It thus measures what is left after “live” operating costs, such as cost of sales, and selling, general & administrative (SG&A) costs, are subtracted from revenue.

EBITDA is calculated as:

Normalized Net Income + Interest Expense + Taxes + Depreciation + Amortization

Interest

Interest expense reflects the cost incurred for financing (that is, borrowing) and is considered a non-operating expense on the income statement. It represents interest payable on any type of borrowings, whether they take the form of bonds, loans, convertible debt, or lines of credit.

Under accrual accounting, interest expense represents the interest accrued during the period covered by the financial statements, which is not necessarily the amount of interest actually paid over that period. The statement of cash flow reflects the actual amount of interest paid over the period.

An analysis of interest expense, along with debt outstanding, is critical in understanding the cash flow available to investors, after debt service.  EBITDA eliminates the effect of interest on the financial statements as it considers this not indicative of the operatingperformance or potential of a company. Analyzing the EBITDA of similar companies increases the comparability of operating performance by disregarding any burden from financial leverage.

Taxes, one of life’s few certainties, is as different for companies as individuals.  An entity’s tax obligation differs not only due to jurisdictional differences, but many other factors such as accounting, regulatory, and political policies. Comparison of taxes is difficult at best, especially for geographically diverse entities that have to comply with multiple taxing regimes. EBITDA allows for a comparison between entities without the complexity of specific tax implications.

Depreciation

Depreciation captures the economic and functional decline in the value of a tangible asset (such as property, plant and equipment (“PP&E”)) over the expected life of the asset. There are multiple methods that are used in US GAAP to capture the decline in the asset value. Further, there are differences in how the decrease in value is calculated for financial and tax reporting. Depreciation is considered a non-cash expense because, although the asset value is declining over time, there is no associated cash outflow: it is purely an economic cost.  Heavy machinery or equipment manufacturers would have high amounts of depreciation because of the relative capital intensity required to sustain their operations.  On the other hand, a typical service company has little need for fixed assets, beyond chairs, desks, computers, and leasehold improvements, so it would experience a lower amount of depreciation.

Amortization

Similar to depreciation expense, amortization represents the decline in value of a long-lived intangible asset over its expected economic life. As with depreciation, there are many ways in which a company amortizes the use of these assets (capitalized software, or acquired intangible assets such as trade names, customer relationships, and technology). Amortization expense, like its sister depreciation, is recorded in the income statement.  An analysis of an entity’s amortization expenses and acquired assets may provide insight as to how the company has grown historically – either organically or through acquisitions. A large amount of intangible assets on the balance sheet may indicate historical growth primarily through acquisitions.  Adding amortization back to EBITDA helps the analyst in comparing companies by placing them on the same operational level, independent from their growth strategies. Since amortization, like depreciation, is not a cash cost, but an economic one, adding the cost back to the EBITDA calculation provides a proxy of a company’s operating cash flow potential.

The Statement of Cash Flow

While EBITDA is useful in analyzing a target, a buyer or investor’s financial due diligence will not end there. The Statement of Cash Flows is especially important.

The statement of cash flow reflects non-cash expenses such as depreciation and amortization in a manner similar to EBITDA, by adding it back to arrive at cash flow.  However, the statement of cash flow also includes the costs necessary to replace those assets declining in value (capital requirements) whereas EBITDA does not.  Thus, using EBITDA as a proxy for cash flow would potentially overstate the amount of cash flow available for debt and equity holders, as it does not account for the capital required to generate that cash flow.  In other words, unlike cash flow, EBITDA does not capture the capital requirements of the company. Additionally, the cash flows from operating activities will provide key information on your company’s uses and sources of working capital, for which EBITDA is ominously silent.

Conclusion

In summary, while EBITDA provides an efficient way to compare the operating performance of multiple entities, it ignores accounting policies and does not include operational needs such as working capital, fixed asset, investment or funding requirements. The use of EBITDA alone may skew an entity’s earnings or make asset heavy or highly leveraged companies look healthier. EBITDA alone will never be the sole determinant in any investment decision about your company. A proper analysis would include a careful review of all financial statements, quality of earnings, and multiple financial metrics.

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5 Numbers That Can Predict the Perfect Time to Sell Your Company

By John Warrillow Founder, The Value Builder System

There's a downside to timing the sale of your company on the basis of external factors. An alternative approach may leave you with a lot more money in your pocket. 

Do you feel a little richer this month? You should. The value of your business just went up.

Since 2012, my team at Sellability Score has been analyzing offers entrepreneurs have received to buy their businesses. Every quarter, we look at the average multiple offered, and it is now at its highest point since we started tracking offer multiples.

For the most recent quarter, ending June 30, 2014, the average offer received was four times pretax profit (offers were much higher in some industries and among businesses with certain attributes), or about 10 percent higher than the average multiple offered lifetime of 3.66 times pretax profit.

When the value of your largest asset jumps by 10 percent, it may be tempting to hurry and get your business on the market. After all, isn't it better to buy low and sell high?

The Downside of Selling at the Peak

The thing many of us forget is that when you sell your company--possibly your largest asset and the biggest wealth-creating event of a lifetime--you have to do something with the money you make.

These days, that means you'll have to turn around and invest your windfall into an asset class that is equally bubbly. The stock market has more than doubled since 2009. The price of residential real estate has been growing at a rate of 1 percent per month in many major centers. The same trend can be seen in many markets that offer exclusive beach houses or ski chalets.

Who Is Richer: Samantha or Scott?

Indulge me in a hypothetical example. Let's look at two imaginary business owners, each running a company generating a pretax profit of $500,000. Let's imagine that Samantha sold her business back in 2009 for three times her pretax profit. She would have walked with $1.5 million pretax to invest in the stock market.

Now let's imagine business owner Scott, who decides to try and time the market. Scott waited out the recession and sold his business last month for four times pretax profit, walking away with $2 million before deal costs. At first glance, Scott looks like the winner because he sold at the peak and got four times profit instead of Samantha's three times. But when we take a closer look, Samantha would probably be better off today. Assuming she had invested her $1.5 million in the stock market back in 2009, when the Dow was trading below 7,000 points, she would now have more than $3 million, or a third more than Scott, who waited and sold at the "peak."

Timing the sale of your business on the basis of external markets is often a zero-sum game, because unless you're going to hide the proceeds of a sale under your mattress, you're probably buying into the same market conditions from which you're selling out.

Time Your Sale on Internal (Not External) Metrics

The alternative is to time the sale of your business on the basis of internal metrics, rather than external factors. Waiting until you have your business optimized according to the dimensions business buyers care about will ensure you get the highest price that businesses like yours are fetching at the time you are selling. Here is a partial list of metrics acquirers care about most:

1. Revenue Growth: The larger and faster-growing your business, the more attractive it will be to a buyer.

2. Gross Margin Growth: Maintaining and increasing your gross margin (the difference between the price of your product and the costs of acquiring the raw materials to make it) indicates to a buyer you have a differentiated value proposition that enables you to control your pricing.

3. Sales Per Employee: Illustrates how dependent you are on people to make a profit and how efficiently you translate talent into profit. This number will vary according to the industry but, like most numbers, bigger is better in the eyes of an acquirer.

4. Sale Per Square Foot: Illustrates how efficiently you use commercial space. Critical among retailers, it can also help an acquirer understand how efficiently a business in any industry uses real estate.

5. Customer Acquisition Cost: Take the total of your sales and marketing expenses in a given time period (e.g., a month) and divide it by the number of customers acquired in the same period. This helps an acquirer understand the capital required to scale your business.

Once you start optimizing your internal numbers, you can sell your business for whatever the market is paying at that time for businesses like yours. Then you can turn around and invest the proceeds into the same market conditions--whatever they may be.

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For Sale: Established Plumbing & Water Treatment Business (SW FL)

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Negotiation Tips for Buying a Business

Like many major purchases, buying a business relies upon some serious negotiation skills. Buyers and sellers must reach an agreement when it comes to various purchase aspects of the prospective deal, including price. While the negotiation process may differ depending upon the type of business in question, that process still requires excellent negotiating skills to obtain a desirable outcome. The following tips can help you ramp up your negotiating skills and support you in your quest to obtain a great purchase deal.

Get to Know the Market

Before entering into any business negotiations, it’s important to research the market for the type of business in question. Get to know the market fluctuations that have surrounded the business’s industry. You’ll need to rely upon these fluctuations when you nail down your price. Moreover, get to know what similar businesses have sold for and any other pertinent information you can find out about this type of business and current market valuations.

Work with a Broker

Sure you can go it alone, but why would you when you can have business-buying expertise at your side? Business brokers specialize in matching buyers and sellers. You want a phenomenal deal and brokers contribute by helping you find viable deals that are in your budget range and match your interests. Moreover, brokers have specialty expertise, as they are involved with a vast array of business sales. They can support you with advice and answer your questions as you navigate the buying process. For example, a broker will be able to use their “experience comparing prices across a specific industry in a specific region. Thus, they can determine if the asking price of a seller is a good one or if they’re attempting to take you for a ride.” (Source)

Learn What’s Driving the Seller

It definitely helps a buyer to understand why the seller is putting their business on the market. Does the buyer need to make a quick sale? If so, the buyer might be willing to accept a lower offer than if that buyer had all the time in the world to wait for the optimum offer. Providing background information about the nature of the sale is where the broker can help you as you plan your negotiation strategy. Your broker may know if the seller is looking to retire right away or just testing the market waters.

Follow a Due Diligence Checklist

Lets face it: buying a business is a huge gamble. The buyer must make a major financial commitment to purchase a business that has just as much a chance of failing as it does succeeding. That being said, buyers must do their extensive research before signing on the dotted line, making sure that they are fully aware of every aspect of the business. This is where the due diligence checklist becomes powerful tool. The due diligence checklist is a comprehensive guide for collecting every single pertinent document necessary, including everything from information of the structure of the company to leasing agreements regarding equipment. By acquiring all the necessary documents, the buyer will be in the best position to determine if the business is worth the financial risk. (Example)

*Note: The sample checklist referenced in the paragraph above is meant to act as a general example. All checklists should be specifically tailored to the business in question

The more you can find out about the business through your broker the better opportunity you’ll have to negotiate well. By brushing up on your negotiating skills and supporting them with these tips, you’ll enhance your chances of securing a great deal.

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by Tracy Watson

HOW-TO: SELL A BUSINESS

Exit Strategy: You need a solid blueprint 

Being a business valuation expert and consultant for the past 20 years has given me the opportunity to explore with various business owners in Central Texas the important elements of exit-planning strategies.

Not every business owner takes that important step to weigh all of the options to make a well-informed decision.

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(MARCUS LINDSTR)

According to the Center for Women’s Business Research, approximately 80 percent of small business owners start planning an exit strategy when they are considering retirement.

Yet it’s important to think of exit planning as a blueprint for getting to the point of the sale transaction: You wouldn’t start building a house without having a blueprint, nor would you base your business exit strategy on the day you want to retire.

In most cases, there are five ways to exit your business:

• A straight sale. Selling a business to a third party is the most common form.

• Employee purchase. Transfer of ownership to one or more members of the management team who you have developed over the years.

• Family ownership transfer. Ownership transfer to one or more family members or relatives.

• Sell directly to another business. Businesses often buy other businesses for a method of quick expansion.

• Liquidation. The owner closes the company and sells the fixed assets to the highest bidder. Generally, the company needs valuable equipment and/or land so that the creditors can be paid first.

Estimate value

One of the first things to do is estimate the value of your company. It should include setting the baseline as to how your company compares to similar companies in your industry. By speaking with professionals that do sell-side transactions, the owners will be able to get a sense of the market value of the company.

Depending on the size of your business, a formal valuation by the business valuation expert or business broker is needed when you get ready to sell your company. Many of the steps in developing a formal business valuation can boost your company’s worth by uncovering some hidden value not considered in an initial estimate.

Three common ways a valuation expert will value the business is by using one or a combination of the asset, income and market approaches. Taking into account income, the valuation expert analyzes the benefit stream of the company, or cash flow, and divides that by the capitalization rate to provide a net present value of the business. The market approach compares your company to the same or similar companies that are the same size, in similar geographical areas and industry.

The business owner should also seek out a team of experienced professionals such as a transactional lawyer, accountant/tax adviser, business broker and business appraiser who will work together to execute the exit. A smaller business sale is often advised only by a lawyer and accountant. Good advisers will bring professionalism to the transaction process and in all likelihood will have a positive effect on the deal.

Business owners want to get as much as possible from the sale. That is why pre-sale restructuring becomes an effective tool in maximizing the price. If you feel that you have maximized your profits, consider hiring an outside third party such as a business consultant or your CPA to review your books and make suggestions.

To boost the sale price, grow your revenue. Consistent growth will stimulate interest in the sale. If possible, structure your company so your top managers or employees are efficiently running the operation on a day-to-day basis.

Finally, be aware that timing your exit is everything in the sale of your business. In a multi-year business cycle there will be a few occasions where the company will be at its highest valuation. As a general rule it will be at the highest value when the equity markets are at their best — like right now.

So if your company’s life cycle is approaching maturity and your own personal objectives are in alignment, perhaps it’s time to gather your team and consider your exit strategy.

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By: Noel StoutPresident of Stout-Associates

Preparing Your Southwest Florida Business for Sale

Getting your business ready for sale can improve pricing and reduce the time to complete a transaction, but there are two other compelling reasons to begin grooming your business:

·         Most of the steps you will take are, in fact, good business practice.

·         You never know when the opportunity for a sale might arise, either because of ill health or injury, or because an offer comes along that is too good to pass up.

Preparing your business for sale can take time, which means that you need to get started well in advance. Your reward is a feeling of confidence that you can seize the interest of more qualified buyers quickly, and possibly get a better price. You will also know that you are passing on the business in the best possible condition.

 Could Your Business Be Sold Today?

To best determine whether this question can be answered right off the bat, the following steps and questions may help you assess certain factors buyers may consider when evaluating the worth of your business.

Assess the condition of your business as a sale prospect:

-          Do you have the past 3 years of sales and profit history organized and properly 

        documented?

-          Over the past 3 years, have sales and profits consistently increased?

-          Have costs and operating expenses increased only at a rate consistent with 

        revenue increases?

-          Do the assets of your business exceed the liabilities of your business?

-          Is your business able to consistently cover its costs and expenses from the 

        sales revenue?

-          If your business success is reliant on its location, is it covered by a long-term 

        and transferable

        lease?

-          Does your business have modern facilities and equipment?

-          Other than yourself, does your business have a staff that customers or clients 

        know and trust, 

        which can provide continuity after your departure?

-          Do you have key staff members in place and secured to ensure a smooth 

        transition? 

What is Your Business Worth?

Whether you have determined that your business can be sold today or are in the exit planning stage, it may prove beneficial to discover what your business could potentially be worth by starting with a business valuation and analysis. 

A business valuation involves many variables (and many of them are subjective) that often means various “experts” looking at the same company can formulate different recommendations. However, many small to medium- sized companies are sold for prices expressed as a multiple of cash flow or earnings. Each industry has a “rule of thumb” and an expected multiple that buyers expect to pay. If the business’s current financial picture doesn’t match a buyer’s expectations, one or the other has to be adjusted. 

Today’s combination of low interest rates, capital market liquidity and significant pools of private equity and debt are driving a high level of business sales and B2B acquisition activity. This can be a great opportunity for business owners. The competition for quality deals is intense, putting upward pressure on business valuations. 

Define Your Motivation and Objective

One of the first questions a buyer will ask is about motivation to sell. You need to be able to articulate your motivation; red flags are raised if the answer seems ambiguous and unsure. This is why it’s better to sell when times are good rather than the alternative.

·      Your Motivation:

-          You’re bored

-          You feel burned out

-          You want or need to move to a different geographic area

-          Personal changes in your life

-          Your business would benefit from increased investment and energy

-          Partner disputes

-          Divestiture

-          Retirement

-          Other interests

Your values can help guide you in setting your objectives. Take some time to think these through, perhaps discuss with your professional advisors, and come up with reasonable expectations. 

·         Your Objectives:

                                                                                                                                

 -          Maximizing the total value received for your business

 -          Maximizing the cash received on closing of the transaction

 -          Immediately transfer ownership and walk away from the business

 -          Transition ownership over a specified period of time (usually 3 to 12 months)

 -          Define your after-sale interests to help design a sale approach

 -          Preserving the well-being of existing employees, customers and supplier

 -          Remain with the company at the managerial helm post-closing

Get Your Books in Order

Prospective buyers will want to see at least three years of financial statements, including balance sheets and income statements. You will need to be able to document your business’s true profitability by identifying nonoperational expenses. Sellers need to quantify and substantiate these items because buyers purchasing a business are really buying its profitability. Ideally, business records should be separate from personal records. If your expenses are a bit tangled, it will be greatly beneficial to separate and create a financial profile history for just the business.

Be Sure All Legal Commitments are in Order

Understanding permits, leases, licenses, client and vendor contracts and how each impacts your business is essential in the selling process. For example, if the business location is key to its performance, a long-term lease with options at or below fair market value would be appealing to a buyer. 

Understand Tax Implications

You will be taxed on the profit you make from selling the business. You may be able to control the timing through the terms of the deal, but the IRS will take its share at some point. The amount of tax you will ultimately have to pay depends upon whether the money you make from the sale is taxed as ordinary income or capital gains. Allocation of Sales Price Governs Tax Consequences. There are a number of qualifications to the rules, and issues that present planning opportunities for sellers of businesses.

·         Here are some that frequently come up:

-          Ordinary income vs. capital gains

-          Installment sales

-          Double taxation of corporations
-       Tax-free reorganizations 

Can Your Business Be Operated by Someone Else? Some businesses cannot survive without the owners trying to do everything themselves; and they have NO key employees to help manage the operations. Even though you may have a stable of loyal customers and great reputation in your specialty, buyers may be concerned whether they themselves can replace the skills and experience of the owner. If you are absolutely vital to the business, efforts should be made to gradually delegate key responsibilities to various staff members. While not every business can be successfully operated by “any buyer”, buyers want a business that can thrive whether you’re at the helm or they are.

Polish Your Business with the Prospective Buyer in Mind: When grooming your business for sale, consider it through the eyes of a prospective purchaser. This will help you show your business in the best light possible. The decision to sell your business will be driven by your personal and financial objectives. However, it’s good business sense to recognize that life and business are unpredictable and that events and opportunities may mean you find yourself pursuing a sale earlier than you had planned. The investment you make in planning will be well worthwhile and give you the peace of mind of knowing that you are able to respond to events quickly and from a position of strength.

For more information on selling a Southwest Florida business, businesses for sale, acquisition 

opportunities and business valuations; contact Florida Business Broker Dan Smith at dan@sellbusinessfl.com or 239.207.1632 for a free consultation. Visit our Corporate Investment Business Brokers website at www.floridabusinessbrokers.com or my personal website atwww.swflbiz4sale.com.