Article by Terry Monroe, published in Global Trade on December 10, 2020.
When is the right time to buy a business? It’s an important question many people ask themselves for a variety of reasons, and it becomes even more interesting when they’re considering purchasing a business after the COVID-19 pandemic ends.
That leads to a series of related questions. Such as, what types of businesses and locations will represent the best opportunities post-COVID? Which ones will pose the highest risk? Should potential new owners expect to get a decent deal, or would it be worth putting a bunch of their savings toward?
What kinds of companies have these potential owners been dreaming of during their working days? Shouldn’t it be the kind of business they could enjoy, rather than one that would run them into the ground, perhaps causing regrets and a lot of lost money?
Chances are, a lot of people will be ready to sell after the draining pandemic, and here are some tips to help you decide about buying:
1. Decide how much money you want to make
2. Pursue a business you would enjoy
3. Make a list of all your talents
4. Select where you want to work
5. Know who you are as a potential business owner
6. Know your comfort level - out front or behind the scenes
7. Don't get hung up on how and where you will get the money to get started
For more information, click here for a link to the full article.
Steve Niehaus, MBA, CBI, CM&AP