... but don't wait on him to clean things up if you're looking to buy a business.
Like I often preach, if you're looking to buy a small business, the banks are not your best source of funding. That means waiting until the banking mess is cleaned up is a bad idea and honestly doesn't even effect your ability to buy a business as long as you have a source of down payment funds.
If a business is on the market, the seller already knows that. They also know they have no choice but to hold a note. At this point, it will probably be a much bigger note than the traditional 30 to 50%. you may actually get away with only putting down 30 to 40% with a 60 to 70% note.
Good businesses with boomers looking to retire are out there for sale. Waiting a few years to buy a business is not going to make things better. When the credit issues are clearing up, sale prices will be on the rise.
Besides, the best way to control your own destiny in tough economic times is to get yourself into a business where the effects of the economy are minimal. People still have to buy things and things still need to be made.
Businesses still need to keep their doors open. And they will.
The question is... will you be one of those business owners?
To Your Business Buying Success-
The Business Buying Guru
Wednesday, November 5, 2008
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2 comments:
Those retiring boomers are exactly who we are looking for. We are a husband and wife wanting to spend some time with an owner, learn the business, and keep the "family business" going. We would then buy from the owner. What are the hints to getting right to those retiring owners?
There is no true way to know who is looking to retire. What I would suggest is to look at business for sale websites like bizquest.com and bizbuysell.com. Use a search criteria of retirement as the reason for selling.
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