Business boom forces broker to refocus

Joe Varner has made a good business for himself brokering the sales of Gulf Coast companies since 2010.

But there's one thing Varner, owner of SunBelt Business Brokers of Tampa Bay, hasn't done with his listings: He's never bought one of the businesses for himself.
Until now. Varner, with a territory that covers Hillsborough, Manatee, Sarasota and counties, bought Anna Maria Vacations last April. He saw the income potential at the rental properties firm and decided “it was too good an opportunity to pass up.”

Varner has been right, judging by the boom in business. He projects the firm will surpass $4 million in 2012 revenues, more than double what it did in 2011. Anna Maria Vacations specializes in leasing high-end properties on the island, many to European vacationers.

Even several price hikes haven't derailed the growth. “We've raised rental rates several times, by a fair amount,” Varner tells Coffee Talk. “The demand is so strong. It's unreal.”

Varner, moreover, expanded the size of the business. When he bought Anna Maria Vacations last year, it held 32 properties. Now it has 63, and Varner expects to add another 10 by May. “We're taking an aggressive approach,” says Varner. “But it's been easy to capitalize on the aggressiveness because of the opportunity.”

Part of Varner's success can be traced to timing and the real estate axiom about location trumping everything else. Indeed, Anna Maria Island is in the midst of a growth spurt, where a small group of developers continues to build homes, in spite of regional economic challenges.

The success with Anna Maria Vacations forced Varner to switch his focus. He now spends about 80% of his time on the vacation business, and the rest on SunBelt Business Brokers. “We have our eye on a lot more growth,” says Varner. “There is still a lot of business to be had.”