Buying a publishing or media business in South Florida

• An audience you can verify yourself: paid subscribers, an email list with real clicks and replies, and web analytics you can log into.
• Many advertisers, most of whom come back year after year, rather than a few large ones.
• A growing share of revenue from digital ads, subscriptions and events, not just print.
• Advertiser relationships that belong to the company, not only to the owner or one salesperson.
• Clear ownership of the content, photos, archive, domain, social accounts and trademarks.
• Printing, paper and postage costs that are known and under control.
• A clear identity that readers recognize and would miss.
• A publishing schedule the team keeps without the owner writing or selling every issue.

• Revenue by source and advertiser. How much comes from the biggest advertisers, how revenue has changed over time, and how much depends on legal notices.
• Audience claims. Compare the circulation and traffic the seller reports with audits, analytics and the email platform. Make sure the email list was built with subscribers' permission.
• Platform risk. A site that gets most of its traffic from search or social media can lose much of it after one algorithm change.
• Print costs. The printer contract, postage and distribution routes, and what happens if the printer closes.
• Rights and claims. Freelancer and photo agreements, any threatened defamation or copyright claims, and whether the company carries media liability insurance.
• Key people. The editor and top ad seller, and whether they'll stay.

• Who are your biggest advertisers, and how long have they been with you?
• How has revenue from print, digital, events and legal notices changed over the last few years?
• Could I log into the analytics and email platform myself?
• Who sells most of the ads, and would advertisers follow that person if they left?
• Does the company own all its content, photos and archives, including freelancers' work?
• Have you had any legal threats over something you published?
• How have printing and mailing costs changed, and what have you done about it?

South Florida covers Miami-Dade, Broward, Palm Beach and Monroe counties: Miami, Hialeah, Doral, Fort Lauderdale, Hollywood, Pompano Beach, West Palm Beach, Boca Raton, Jupiter, and the Florida Keys down to Key West. It's the state's largest metro area and its most international. PortMiami, Port Everglades and Miami International Airport tie the region to Latin America and the Caribbean, which supports a deep base of wholesalers, freight forwarders and logistics firms, many of them near the airport. Tourism and cruises, finance and wealth management, health care, real estate and construction carry much of the rest. Palm Beach County adds wealthy seasonal residents and, out west near Lake Okeechobee, sugarcane and vegetable farms. In the Keys, nearly everything turns on visitors, fishing and boating.

Companies that serve homes, condo buildings and other businesses do well here: the building trades, property services, insurance agencies, medical and dental practices, and professional firms.

Costs run high: commercial rent, wages and, above all, property and windstorm insurance. Price the insurance before you make an offer, not after. Miami-Dade and Broward make up the Florida Building Code's High-Velocity Hurricane Zone, with stricter rules for roofs, windows and structures. That raises building costs, and it also gives steady work to the contractors who know those rules well.

Much of the workforce and many customers speak Spanish as well as English, and a company that works well in both languages has an edge. The winter season matters more in Palm Beach County and the Keys than in Miami. In the Keys, the cost of housing makes hiring and keeping staff one of the hardest parts of running a company. Ask any seller there how they find workers and where those workers live.