Monday, November 17, 2008
Purchasing a Business
In talking to one of my Board of Advisors the other day, he mentioned that this is an ideal time to buy a business. I agree with him in that there are going to be many businesses out there with good employees and a good product, but with an owner who just wants to get out from under the pressure of running it. Certainly many of these businesses aren’t worthy of being purchased at the number that the entrepreneur wants, but there are also many that are worth of that second look. This is a buyers market, and if you are looking to purchase a business, remember that while this may not be a great time to get a bank loan, this is a time when the seller will most certainly consider taking back financing. An article last week in the Wall Street Journal by Arden Dale and Simona Covel considers that issue with some examples.