Buying a Business Newsletter - 2021 Archive - Page 5

With the extension of the 2020 Cares Act, the SBA is offering excellent enhancements on specific loans including waiving fees and making the principal and interest payments for a set period of time (some exclusions apply). Now is a great time for business buyers to take advantage of these opportunities.

There are always excuses to not do something, but when you check the facts, you might find the opposite of what you thought is actually true. For instance, now might just be a great time for you to buy a business.

Buying a business, especially for the first time, can be daunting and a little complicated. Knowing what to be prepared for will help you feel at ease.

There are many reasons to buy an existing business versus starting one. Stepping into a known commodity may be especially advantageous during a pandemic.

When buying a business you will need an experienced Deal Team to help guide you through the important details and help you get the most from your investment. This team should include an attorney, accountant, business broker, financial advisor and lender.

While the pandemic changed a lot of things this past year, what it didn’t change is what you need to know to buy a business.

There are advantages and disadvantages to buying an existing business or starting a new one. Carefully weigh them against each business you consider in order to help you make the best decision.

Financing can be one of the most challenging aspects of buying a business. Make sure you research all available options including talking with the SBA about the extension of the 2020 Cares Act.

Buying a business can be high risk, but also high reward. Take the right steps to thoroughly examine each business to ensure you set yourself up for success.