Bad Economy? Now is the Time to Buy a Business
Bad Economy? Now is the Time to Buy a Business
This is the time when business savvy people don’t take cover but actually dig in. While other business owners are hiding from the possibly negative and money draining effects of a struggling economy, the go-getters are out there taking their customers and building market share. Some are doing it by buying out their cowering competition and getting an excellent price in the process.
So why can’t you do that? Well you can and you should. If you are in the position where you have been thinking of buying yourself a business, now is really the time to do it. You can find some excellent bargains out there in the right industries from Sellers thinking this economy is their sign to get out now.
Again the key is a solid business in a solid industry with weak and/or retirement ready owners. These companies would include those that work on long-term contracts, cater to the affluent, or provide products/services that are necessary to many regardless of the economy.
Believe it or not, even owners of businesses in these types of industries do not realize the goldmine they are sitting on. Much of their fears are self-imposed by reading the newspaper too much and not asking their customers how they can best continue to serve them. Some clients may cut back a bit on certain things in tight economy but they can’t cut back on everything or they will put themselves out of business. It just won’t happen.
Currently the only thing that may hold you back is where you plan on getting your funding. Even if the banking industry wasn’t in turmoil still from the housing market, you want to avoid going to a traditional bank anyway. It’s labor intensive, drawn out and full of unfavorable terms for the borrower. The best way to buy a small business is, and always will be, to get it Seller financed.
In Seller financing you will need to put up a bigger down payment, but in many cases this can be reduced. Especially when buying from a Seller that really wants no part of what he/she thinks is a bad economy. This is what makes the timing of buying now even better. The Seller does not want to deal with the drawn out bank funding process and their intense desire to get out while the getting is possible will open them up to a price tag below the value of the business.
So, before you tell yourself that this is not a good time to keep looking into businesses to buy, think about a little more. Check with a few local brokers and at the larger broker site like BizQuest.com and BizBuySell.com to see what owners are looking to get out of their unknown goldmine. This could be the opportunity to get an even better business that you couldn’t afford in a thriving economy.
Bad Economy Now is the Time to Buy a Business - To learn more about this author, visit George J Sierchio's Website.
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Well I guess we can all agree that the economy is not in the greatest shape right now. It has certainly been worse and like always, much of the hoopla of how bad it is really is driven by the media and the spin they like to out on it for a good story.
This is the time when business savvy people don’t take cover but actually dig in. While other business owners are hiding from the possibly negative and money draining effects of a struggling economy, the go-getters are out there taking their customers and building market share. Some are doing it by buying out their cowering competition and getting an excellent price in the process.
So why can’t you do that? Well you can and you should. If you are in the position where you have been thinking of buying yourself a business, now is really the time to do it. You can find some excellent bargains out there in the right industries from Sellers thinking this economy is their sign to get out now.
Again the key is a solid business in a solid industry with weak and/or retirement ready owners. These companies would include those that work on long-term contracts, cater to the affluent, or provide products/services that are necessary to many regardless of the economy.
Believe it or not, even owners of businesses in these types of industries do not realize the goldmine they are sitting on. Much of their fears are self-imposed by reading the newspaper too much and not asking their customers how they can best continue to serve them. Some clients may cut back a bit on certain things in tight economy but they can’t cut back on everything or they will put themselves out of business. It just won’t happen.
Currently the only thing that may hold you back is where you plan on getting your funding. Even if the banking industry wasn’t in turmoil still from the housing market, you want to avoid going to a traditional bank anyway. It’s labor intensive, drawn out and full of unfavorable terms for the borrower. The best way to buy a small business is, and always will be, to get it Seller financed.
In Seller financing you will need to put up a bigger down payment, but in many cases this can be reduced. Especially when buying from a Seller that really wants no part of what he/she thinks is a bad economy. This is what makes the timing of buying now even better. The Seller does not want to deal with the drawn out bank funding process and their intense desire to get out while the getting is possible will open them up to a price tag below the value of the business.
So, before you tell yourself that this is not a good time to keep looking into businesses to buy, think about a little more. Check with a few local brokers and at the larger broker site like BizQuest.com and BizBuySell.com to see what owners are looking to get out of their unknown goldmine. This could be the opportunity to get an even better business that you couldn’t afford in a thriving economy.
Bad Economy Now is the Time to Buy a Business - To learn more about this author, visit George J Sierchio's Website.
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George J Sierchio Video - George J Sierchio - There are a few reliable sources of finding businesses for sale. There are also some awful sources. Take a look at my tips on how to best find a business to buy.
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