Many know that Walton County is the fastest growing county in Florida right now. What many people may not know is that the rural area of Freeport could become the hotspot of Walton County. State Rep. Brad Drake, state Senator George Gainer and Freeport Mayor Russ Barley have discussed the town’s future and believe that the area could nearly triple in size in 10 years from 6,000 to 15,000.
In the article “Officials Foresee Economic Boom in Freeport”, Rep. Drake says, “South Walton is a very attractive choice because of the beaches, and Freeport is equally as attractive with the pristine waterways, the Choctawhatchee Bay and all the special tributaries that we have that make our area uniquely beautiful.” Many South Walton visitors learn about the area when they travel through the gateway of Freeport on the newly expanded 4 lanes of Hwy. 331.
Freeport’s master-planned community of Hammock Bay continues to grow. They house almost 4,000 of Freeport’s 6,000 residents. The development of three new subdivisions and an apartment complex are also underway. Several national stores and restaurants have opened in Freeport in the last 2 years. Freeport’s infrastructure is also growing and improving. Freeport is upgrading its wastewater treatment plant with 14 million dollars in grant money. The future definitely looks bright for Freeport and Walton County.
For more information, read the article by Nathan Cobb.
If you are a business owner and you are considering selling your business, what are you looking for in a business intermediary? Interview your candidates and have them walk you through their process and approach. Ask about their experience in selling businesses, and about the businesses in your industry. How do they target the buyers for your business? Will you be comfortable working through the marketing and due diligence process with them?
When selling your business consider who will be answering the following questions that Brent Beshore asks in his article, “Should You Hire an M&A Advisor to Sell Your Business?”
- Who will source and vet potential buyers? (phone calls, buyer/seller meetings & site visits)
- Who will gather the history of my business including detailed financials, customer and vendor contracts, employment and real estate agreements and legal actions.
- Who will negotiate the deal? (the letter of intent, due diligence and final paperwork.)
- Who will keep me emotionally in check during this whole process?
- Who will be proactively pushing the deal forward on my side?
If you’ve never completed a transaction like this from the selling side, you might want to consider engaging an experienced and knowledgeable intermediary. Emerald Coast Business Intermediaries would like to sit down and discuss an exit strategy with you.
For more information, click on the following article:
Should You Hire an M&A Advisor to Sell Your Business?
Brian Mazar, from Louisville, Kentucky and a friend of our Manager/Broker, Jeff Moody, discusses the key points that business owners need to address before selling their business. In his article for Divestopedia titled “When is the Best Time to Sell My Business?”, Brian recommends how to prepare for the sale of your business by building market value and improving cash flow.
Even in a strong national economy, owners need to build market value by doing the following:
* Have clean and verifiable financial statements for the last 3 years
* Have SOPs (Standard Operating Procedures) documented and in place
* Resolve and eliminate liabilities or liens
* Make sure company equipment and the facility are maintained and in good operating
* Secure key employees with employment agreements
* Eliminate non-contributing employees
* Have a management team that can operate without the current owner
* Add more customers to your base if you are relying on 1-2 large customers
Improve cash flow:
* Reduce unnecessary inventory
* Collect outstanding receivables
* Renegotiate key supply contracts with more favorable terms
* Reduce personal adjustments on income statements
* Make sure financial controls are established
These recommendations are vital to allow potential buyers to see your business in the best possible light and help you to get the sale price you want.
For more information: https://www.divestopedia.com/2/4648/pre-sale/preparation/when-is-the-best-time-to-sell-my-business
Please view the video at the link below:
We wanted to let you know that all of our team is safe, and our offices were undamaged in the largest hurricane to ever make landfall in the Florida Panhandle. At the same time we are asking for your prayers and support of our friends to the East in Panama City, Mexico Beach, Apalachicola and inland up through the panhandle and into Alabama, Georgia, the Carolinas and beyond. Hurricane Michael was a tremendously powerful storm that caused massive destruction all along its track. Our area is strong, already helping with Hurricane Michael relief, and will come back stronger than ever. Please join us in helping the rebuilding efforts on the Northern Florida Gulf Coast and beyond.
Let us know if we can help you find or sell a business in this wonderful area.
The value of a business is not solely based on the accumulation of its tangible assets that can include equipment, machinery or buildings (a physical property with value). Many times, more than 50% of the value of a business is attributed to intangible assets and goodwill (not physical by nature). A business is valued by its ability to produce cash flow steadily. The goodwill value reduces the risk that a business’ profitability will stumble if the ownership changes hands.
Some important contributors to goodwill are:
Reputation Brand name recognition
Websites & domain names Trade Secrets & recipes
Customer & supplier lists Copyrights, trademarks & patents
Licenses & permits Contracts
Production/Order Backlog Accreditations
Developed processes Proprietary designs & know-how
Customized software Step-by-step training systems
Customized databases Publishes articles
Employee skills & experience
All of these powerful assets of goodwill add to the revenue producing ability of a business. Sometimes buyers don’t understand the value of goodwill because it is not an asset that they can always put their hands on. It is important to define the goodwill of a business when determining its value.
For more detailed information on Goodwill, please read the following article:
The Kaishan Group will be building an air compressor plant with a capital investment of $11 million. It will open with 62 jobs in a 65,000 SF building. The Loxley plant will be a “beachhead for both North and South America,” according to Keith Schumacher, CEO of Kaishan Compressor USA. The company says it is China’s No. 1 air compressor company and the world’s 3rd largest manufacturer of air compressors.
Family owned Fabbro Marine Group Inc. has expanded to a new 78,000 SF facility in Santa Rosa County Industrial Park East. The 30-year-old company, which produces Cape Horn fishing boats, outgrew its old facilities and wanted to remain in Milton. VP Tyler Cesar credits their employees for their success.
Mossy Head, FL
Mossy Head Industrial Park, located between US 90 and I-10, has taken off in just the last couple of years. It is 75% developed with big-rig dealer Empire Truck Sales, Southern Tire Mart, 2 large distributors, a motel, 2 fast food enterprises and Love’s Travel Stop and Country Store. The initial building of Love’s spurred the development of the Industrial Park.
GKN Aerospace plans to open a parts manufacturing facility at VentureCrossings near the Northwest Florida Beaches International Airport. The company will have at least 170 full-time employees by the end of 2020.
American Elite Molding has been recognized as the Florida Manufacturer of the Year! American Elite Molding is the leading manufacturer of nylon cable ties that was established in 1998.
VT Mobile Aerospace Engineering, Inc.’s new $46 million aircraft maintenance, repair, and overhaul facility is open at Pensacola International Airport. The company performs these services for passenger and freight airlines. The business will be bringing 400 jobs to Pensacola.
Jim Turner, with News Service of Florida, reports the first installment of the BP settlement money will be distributed by Triumph Gulf Coast’s board of directors. More than $18 million will be given out once terms are negotiated between the local areas receiving funds and the state regarding performance requirements.
On June 12, Triumph Gulf Coast approved the final contract for $10 million to the Port of Panama City to help develop new terminal facilities. In April, it was reported that $1.5 million will go towards water and sewer lines in a new industrial site in North Okaloosa County. $6.75 million will go to career and technical education programs in Wakulla and Escambia counties.
The Port of Panama City, which is receiving additional funds from other programs, will eventually employ 140 additional jobs. This project will also bring another 250 manufacturing and distribution jobs.
This is just the start of an educational and economic boost for the 8 Panhandle counties that will be receiving funds over the next several years!
For more information read:
Emerald Coast Business Intermediaries was engaged to sell a business that had been listed with a specialty broker for a year. Two months after ECBI listed the business, the business was SOLD! Using our database of growing contacts, ECBI was able to bring the opportunity to a group of buyers who made an offer that was negotiated and agreed upon. With the help of Dewayne Youngblood, Market President with Progress Bank, the deal was able to be funded in record time. We appreciate the willingness and professionalism shown by Dewayne and Progress Bank. It is a pleasure dealing with a lender who worked with us in a timely manner to secure funding. We look forward to working with Dewayne and Progress Bank in the future. If you or anyone you know is looking to sell or buy along the Emerald Coast, remember the team at ECBI.