Buying a Business Newsletter - Page 10

Having success in buying a business is less about timing than doing it right. But some times are better than others, and 2023 is a great time for buying.

When financing a business acquisition, you often need to get creative. Look into all your options and find the one that will deliver a win-win deal.

If you like a business, don't be afraid to make an offer with the appropriate contingencies. This will begin the process that will allow you to dig a little deeper.

One good reason to buy a business instead of starting one is that it is usually easier to borrow money to buy an existing business that has positive cash flow.

The SBA7a program was designed to enable financing on deals where there is insufficient collateral that a conventional bank loan would require. This is a very common way that business purchases are financed.

The opportunities for entrepreneurial expression are endless and are being fueled by the "silver tsunami."

Buying a business can be like adopting an adolescent, much of its personality has already been formed and you need to learn how to adapt to each other to make a successful relationship.

Banks have similar rules they all play by so when buying a business it is wise to spend some time learning the rules of the financing game.

It's important to have a good idea of what you want in a business, but keep an open mind along the way; opportunity can smack you in the head.

If you're thinking of buying a business, educate yourself on ownership and seek expert advice.