{"id":1176,"date":"2018-06-12T20:18:38","date_gmt":"2018-06-12T20:18:38","guid":{"rendered":"http:\/\/amerilawyer-blog.local\/?p=1176"},"modified":"2018-06-12T20:19:41","modified_gmt":"2018-06-12T20:19:41","slug":"what-to-consider-before-you-purchase-a-business","status":"publish","type":"post","link":"https:\/\/www.amerilawyer.com\/blog\/entrepreneur\/what-to-consider-before-you-purchase-a-business","title":{"rendered":"What To Consider Before You Purchase A Business"},"content":{"rendered":"<p><em>After years of personal training with Brian, he reveals to you that he wants to retire, and sell his personal training business.\u00a0 A bell goes off in your head.\u00a0 How hard would it be to purchase a business?\u00a0 What do you need to know?<\/em><\/p>\n<h1><em>You ask yourself the following questions:<\/em><\/h1>\n<ul>\n<li><em>How do I find out what the business is worth?<\/em><\/li>\n<li><em>How can I get a line of credit towards the business?<\/em><\/li>\n<li><em>If someone gets hurt, what is my liability to the client?<\/em><\/li>\n<li><em>If I take a client to lunch, can I simply eat? Do I have to be discussing training the whole time?<\/em><\/li>\n<\/ul>\n<p><em>We are going to explore all of the above questions, and hopefully get you into your business with a great deal of confidence and a very large profit.<\/em><\/p>\n<h2><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/iO8C6tw2Z9w\" width=\"480\" height=\"270\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/h2>\n<h2><\/h2>\n<h2>Purchase a Business<\/h2>\n<p>So, what is Brian\u2019s business worth?\u00a0 That question is only answerable by you.\u00a0 A business should be worth a year\u2019s worth of profit.\u00a0 Can you operate that business and make that income?\u00a0 What are your abilities to either sell the yearly estimated profit or perhaps more?\u00a0 You would actually have to do some investigating to find out how Brian has been selling his training sessions and operating his business. Does the business come with his client list?\u00a0 Is he selling his own equipment?\u00a0 What is it worth today?<\/p>\n<div id=\"attachment_1177\" style=\"width: 310px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/amerilawyer-blog.local\/wp-content\/uploads\/2018\/06\/personal-trainer.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1177\" class=\"wp-image-1177 size-medium\" src=\"http:\/\/amerilawyer-blog.local\/wp-content\/uploads\/2018\/06\/personal-trainer-300x169.jpg\" alt=\"Purchase a business\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/personal-trainer-300x169.jpg 300w, https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/personal-trainer-144x81.jpg 144w, https:\/\/www.amerilawyer.com\/blog\/wp-content\/uploads\/2018\/06\/personal-trainer.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1177\" class=\"wp-caption-text\">Purchase A Business<\/p><\/div>\n<h2>Acquiring Business Credit<\/h2>\n<p>Buying his business came with equipment and a short list of clients.\u00a0 Advertisement these days are expensive; or is it?\u00a0 With technology today, we have access to free advertisement in its rawest form.\u00a0 Social media is one of our biggest allies when it comes to advertisement.\u00a0 For the most part it is free. \u00a0The client list is a great idea, because you can reach out to each client and let them know what specials you are running.\u00a0 The equipment is a good asset, but it has to be usable.<\/p>\n<h4>What if you wanted to purchase new equipment?<\/h4>\n<p>It may be in your best interest to lease the new equipment and purchase your supplies on a credit card so that your business will build its credit.\u00a0 Once your credit is good, you could take a loan from an asset-based lender and invest more into your business.<\/p>\n<h4>Promoting Your Business<\/h4>\n<p>Since the business is mobile, you may choose to visit people at their house and continue their fitness goals from there.\u00a0 There is a way to also attract customers by offering a stationary place once or twice a week.\u00a0 Perhaps a workout at the park on Monday and Wednesday mornings.\u00a0 By giving a specific location as to where you will be, you will see more customers arrive to your stationary site.\u00a0 This also allows for referrals and customer inquiries.<\/p>\n<p>You could also accommodate your customers at a private gym in your own home.\u00a0 The only question left to ask is what happens if someone gets hurt in my home while training?\u00a0 Would my homeowner insurance cover it?\u00a0 Ultimately if you are conducting a business in your home it might be a better idea to just<strong> rent out a private room in the house to the business<\/strong>. You should then already have liability insurance on the business, and you can leave your own personal liability out of the loop.\u00a0 It is also advisable to have your clients sign a liability waiver as well prior to their workouts.<\/p>\n<h4>Legitimate Business Expenses<\/h4>\n<p>Finally, you and your client are going to a restaurant so that you can teach your client what they can choose when eating out.\u00a0 Must your entire meal be all about business to qualify for a business expense?\u00a0 In this case, the meal is about business.\u00a0 If your client can not figure out what he can eat when taking his wife to the restaurant, it is likely that he will fail on the fitness plan that you have prescribed for him.\u00a0 You don\u2019t have to talk about diet during the entire meal or lecture him about the greasy fats in the burger, but you have to have a business purpose.\u00a0 When counting this meal as an expense it is wise to write on the receipt what the meal was for and give it to the person who is doing the accounting for your business.<\/p>\n<h4>Visit our <a href=\"https:\/\/www.youtube.com\/channel\/UCBbWg0TlRsWsP1Ocsyf2Prg\">YouTube<\/a> for more information like this.<\/h4>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/iO8C6tw2Z9w\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>ARE YOU READY TO START YOUR BUSINESS?<br \/>\nINCORPORATE TODAY AT WWW.AMERILAWYER.COM<br \/>\nNot Ready? Have More Questions?<br \/>\nIf you are a member of Spiegel &amp; Utrera, P.A.\u2019s\u00a0General Counsel Club\u00a0and have business\u00a0related questions, call (800) 734-9900 or ClubAssist@AmeriLawyer.com\u00a0for assistance. Remember, as a member of the \u00a0General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.<\/p>\n<p>Spiegel &amp; Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We\u00a0will assist you with\u00a0Incorporation Service,\u00a0Trademarks,\u00a0Copyrights,\u00a0Estate Planning,\u00a0Legal Counsel,\u00a0Wills,Trusts,\u00a0Agreements &amp; Leases,\u00a0Corporate &amp; Company<\/p>\n","protected":false},"excerpt":{"rendered":null,"protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[],"class_list":["post-1176","post","type-post","status-publish","format-standard","hentry","category-entrepreneur"],"_links":{"self":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts\/1176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/comments?post=1176"}],"version-history":[{"count":0,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/posts\/1176\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=1176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=1176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amerilawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=1176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}