If you have been thinking about buying a business, you are probably questioning whether now is the right time to do so. As we all know, the coronavirus/covid-19 outbreak is affecting the economy. It’s understandable that people are concerned about what the future holds. As a country, we’ve been through many traumatic events. We survived 9/11 and the great recession. The United States is the strongest country in the world with tremendous resources in its people and economy. We will get through this and be as strong as ever.
Here is some information to consider.
It is safe to buy a business. You don’t need to meet with people or go to the business. We are conducting video calls between buyers and sellers. Views of the business can be done virtually.
Not all businesses are affected equally. Some businesses, such as commercial cleaning companies or liquor stores, are doing about the same as, or better than, before the current closings.
You are not buying the business today. With the time it takes to find a business, negotiate a deal, and do everything to close on the purchase, you are buying a business in 3 to 6 months. By then, business conditions will be better.
You are buying a local business. How it does financially is based on how this area does – not how the stock market does. New England has some of the strongest industries in the world: Life Sciences, Higher Education/Research, High Technology and Green Technology. They spin off billions of dollars of spending and wealth, which drives our local small businesses. We are pleased to see governments in our area taking strong action to slow down the spread of the virus. This will ultimately make us recover from the economic slowdown faster.
This is a good time to buy a business. Sellers are still motivated, interest rates are lower, and banks are looking to lend money. If you want to buy a business, please look at the businesses we have for sale and fill out a confidentiality agreement for the ones that interest you. If you would like to talk to a business broker, call us and we will schedule a time to talk.