BizQuest's Business for Sale Blog

Getting Investors To Finance A Business Purchase

Richard Parker — 2014-02-12T18:20:33-08:00

As financing markets have remained tight over the past several years, it has presented a difficult scenario for many prospective business buyers. I have talked about seller financed deals on many occasions over the past decade in this forum and the fact is that seller financed deals still today, and ALWAYS will represent the bulk of how smaller business sales get done.

For some buyers however, they are looking for outside sources to assist in the financing. While these situations do exist, one must recognize that the potential investor pool to find individuals for small business acquisitions is limited. Often times, buyers go to the immediate resource of friends and family. While this can be an effective source it also brings with it a whole set of considerations. Mainly, if the business goes south, so too can your relationship.

If you are going to look for third party investors, you will face the “chicken and egg” syndrome. Do you secure your investors before you find the business or do you find the business and then look for investors?

The answer is simple: you do both.

How is that possible?

Think about it – if you start with finding investors their first question (before they ask how much money you want) will be – what is the business?

At the same time, if you look for businesses first, sellers will want to know early on how are you going to pay for the purchase.

Therefore, you have to balance both – you look for businesses while you secure investors but never, ever mislead a seller into thinking you have the funding lined up unless you do. Be honest. Some sellers/brokers may balk or even refuse to go any further with you. That’s alright, you can always revisit the opportunity later.

I wish I could direct you to a pool of investors who are sitting by and eagerly awaiting deals to come their way. Sadly, that resource is not plentiful. Almost certainly, the investor will come from a known source and therefore you have to get the word out and tap into your network.

Investors are not going to be betting on the business – they will be betting on you! As such, it is paramount that you give them the confidence they need to bet on the jockey rather than the horse.

While you may not know the exact business early on, it is critical to get their commitment to at least seriously consider certain deals you bring to them. Keep in mind, it is very easy for people to say they will assist with the financing when they don’t have to actually reach into their pockets. What you want to avoid is finding the perfect deal only to hear a bunch of excuses from the investor why they can’t do it.

It is imperative that you assemble a list of fundamentals that you and the investor(s) agree are paramount to any financing. These criteria can be revenue, margins, net income levels, industry type, or numerous other data points. Rank their importance. Again, you and the investor have to agree but remember The Golden Rule:
"He with the money makes the rules”. In other words, their criteria out ranks yours

Once you have a business that meets their get their feedback. Generally, you will be able to tell early on after presenting a few opportunities whether or not they are serious. It’s a good way to take their temperature. If they do nothing but find faults in every business, they may not be the right source for you unless of course their criticism is constructive; they ask a lot of questions and express genuine interest.

Using outside lenders is not easy – the workload increases to get a deal completed. Nevertheless, it can be done however, making sure you align yourself with serious investors who can get a deal closed is infinitely more important than the loan terms compared to someone who offers a great deal but cannot get to the finish line.

To YOUR Success!

Richard Parker
diomo.com - The Business Buyer Resource Center

How To Treat Inventory When Buying A Business

Richard Parker — 2014-01-24T11:11:09-08:00

Inventory plays a major role in the analysis and valuation of a business. While one would think it would be a straight forward issue, the opposite holds true in many cases.

There are several factors to consider related to inventory including:

What Exactly Are You Getting?

Is the inventory good and saleable? How can you make this determination? As a buyer, you will want to be certain that at the very least, the inventory you are receiving is enough to sustain the current revenue levels of the business. In businesses where the inventory is not subject to seasonality or trends, the exercise is quite simple.

On the other hand, if you are dealing with a fashion retail store where the two prior factors play a major role, the inventory you first see may be completely different than at deal closing time.

In the latter case, you’ll need to analyze inventory levels against prior year sales to be sure you will have ample amounts on hand.

In businesses where the inventory does not become obsolete (or does so slowly), my general rule is calculate the inventory levels based upon historical sales data and inventory that is in excess of 6 months or more should be discounted. However, there can be exceptions depending upon the nature of the business so keep that in mind.

How Inventory Gets Valued

This can be a tricky one. In traditional retail businesses, the value of the inventory is generally carved out of the valuation so that a price is set for the business PLUS inventory at the day of closing. This is done more from a standpoint of industry habits than from a logical perspective. Nevertheless, as longa s the total valuation including inventory fits within the general valuation parameters, it is acceptable.

In other businesses (non retail), the inventory is generally included in the valuation and thus the business and the inventory are combined into one valuation/asking price/offer price. For example, the business may be listed at x dollars including y amount of inventory. Regardless of it being included, it has to be saleable stock and the right levels to allow the buyer to sustain the revenues for a reasonable period.

Dealing With Obsolete or Higher or Lower Inventory Levels

Obsolete inventory is just that – so no need to acquire it and a buyer is much better off to get a reduction in the price rather than inheriting inventory they cannot sale.

In cases where the inventory is represented to be a certain amount but is either more or less at closing; there should be an adjustment in the purchase price and this adjustment must be taken off the deposit amount, not the seller note (if applicable). Why the deposit and not the note if inventory is less? If the inventory is less than what was represented since this will require the buyer to immediately stock up which can impact working capital. In these instances, negotiating a reduction in the deposit amount will provide the buyer with the necessary capital to purchase inventory whereas a reduction in the note will not provide the cash to do so.

Conversely, if the inventory is higher than agreed upon, add the difference to the note so you avoid having to come up with more money at closing. Or, better yet, negotiate to get the excess thrown into the deal. A buyer and seller can also agree that the inventory will be x amount at closing with a small percentage of leeway either way.

While inventory should be a simple aspect to buying a business, that is not really the case most of the time. Understanding the inventory and the particulars of the business will provide the buyer with some leverage to get the best deal possible on that component of the business for sale.

To learn more about inventory, business valuations and all other steps in the business buying process visit The Business Buyer Resource Center.

Richard Parker
Diomo.com

Can You Buy A Business With A Risk Free Guarantee?

Richard Parker — 2013-11-11T06:44:31-08:00

If I had a dollar for every time I have been asked “how can I buy a business that is guaranteed not to fail?” , I would be buried in dollar bills. Obviously, every prospective business buyer wants to acquire a business that is guaranteed to succeed.

Unfortunately, the only business where that can happen is the one type my late friend Jerry Efros says is fail proof – a toll booth - and personally, I have not seen any listed on this business for sale website.

The only way to be certain you will not fail is by not purchasing a business at all. While you won’t fail, neither will you succeed.

Further, success goes beyond the business and is deeply tied into the buyer themselves. A large part of the equation will come down to the buyer betting on their ability to take over and successfully run the business. It is a matter of confidence and something that should not be taken lightly.

Not everyone is cut out to be a business owner. I recall one situation a few years ago with a particular consulting client who managed to find fault with every business we reviewed. While many were in fact not worth buying, several were what I believed to be very solid companies. After one particular meeting with a business that had excellent fundamentals and solid historical financials, he asked me whether he could be guaranteed the business would succeed after a sale.

He went on to explain that before he purchased a business, he would need assurances it would never fail. He actually felt that if he were to make a mistake his wife would probably divorce him. Can you imagine trying to buy a business with that hanging over your head?

At that point I told him that I truly did not believe he had what it takes to ever get to the finish line in the business-buying process. I also explained that even if he somehow managed to close a deal, he did not have the mindset of a business owner because you cannot operate a company if you are in fear of ever making a key decision. That is something you do all day, every day as an owner. He said he was “shocked and highly offended” by my comments. Interestingly enough he decided instead to become a business broker.

The reality is that every business has warts. Perfect businesses do not exist (except for the toll booth). There is always a degree of risk involved with buying a business. The goal therefore is to mitigate the risk by diligently analyzing and business you consider purchasing and by paying a price and negotiating deal terms that make economic sense.

Above all, the business has to be right for you. There are plenty of good businesses, but if the wrong person buys it, it will quickly decline. Similarly, there are loads of good businesses currently run by the wrong people; these are the gems! The key of course is making certain that your skill set matches what the business needs in order to be successful in the long term.

Don’t look for guarantees; instead, seek out a solid business that can transition well to you as the new owner and one that can grow under your leadership.

To your success!
Richard Parker - The Business Buyer Resource Center™
diomo.com

Considering The Future When Valuing A Business

Richard Parker — 2013-08-09T08:11:53-07:00

I always find it interesting when a business seller includes future projections in their valuation and especially when they somehow predict significant growth in the business conveniently of course at the time when they are putting it up for sale. These figures are usually presented in an annualized format meaning, they take a defined period at the beginning of the year (i.e. 3 months) and then multiply the results by four times (in this case) to arrive at a projected annualized figure.

Rarely does this exercise work unless the seller is ultra conservative, the business has a very stable history, and quantifiable metrics are used. For example, if the current period of one quarter of the year has $100,000 of Owner Benefits and the seller is projecting $400,000 for the year (the annualized number), it only makes sense IF in the prior years, each quarter had equal profit.

Ideally, the best way is to break down quarters or months of prior years, determine their percentages relative to the entire year, and then compile the projection.

But, and this is a big issue, you have to be extremely cautious about using any annualized figures when compiling a valuation for three important reasons. First, except for the most stable of businesses, you cannot predict the future performance with any guaranteed accuracy. Second, valuations should be done primarily on the past financial data since that is the only provable data. Third, it is very difficult to take a very small period in a business’ history and simply assume the balance of the formula.

This last point brings me to the main point. Annualizing a company’s financials and including them in a valuation should only be done once the year is three quarters completed or, in cases when the business has reached the point of the majority of its revenues and profits based upon past years. At that point, it is reasonably fair to assume what will transpire over remaining period. The only exception will be in highly season businesses. Regardless, one must always use prior periods as a percentage of that year’s totals and use the same factor.

For example, if a business generates an average of 18% of its Profits or Owner’s Benefits in the last quarter over the past three years then, you simply need to take the first three quarters of the actual financials in the current year and divide it by .82 (the inverse of the prior years factor). Let’s say year-to-date the business has $76,000 of Owner Benefits and the remaining period from past years is the 18%. Take $76,000, divide it by .82 = $92,682 will be the projected Owner Benefit for the year.

Although there is no precise scientific formula for compiling valuations, the key is being reasonable and to avoid making grand guesses; hard data is always the more effective methodology.

Richard Parker
Read more helpful articles about buying a business on my website at diomo.com

Summertime – Not The Time To Stop Looking To Buy A Business

Richard Parker — 2013-05-24T08:34:02-07:00

As we get into the summer months, a funny thing happens to many prospective business buyers: they slow down their search. Maybe it’s the weather, kids out of school, or vacations, I am not really certain. At the same time, I do not understand and definitely do not agree with this strategy.

In fact, to a large extent, this is the time to accelerate the process.

First, less active buyers in the market between now and Labor Day means less competition for you. This is really important because the market is always flooded with individuals who want to buy a business for sale, or at least “lookers”. It is easier to separate yourself from the crowd if there is less of a crowd altogether.

Next, as we get through the first half of the year, you can have a better perspective on what a company’s financial year will look like. I hate annualized numbers and I never pay any attention to them if less than six months. The only value they have is in comparison with prior years’ results over the same period but one cannot simply take two months of Revenues/Profits and multiply by six to suggest what a year will look like. Conversely, after six months, a business (except those with 4th quarter weighted sales) will have a good general idea where they will wind up..

Also, this is a good season to keep the petal to the metal because many owners who may have put their business on the market at the beginning of the year are now entering the second half and it is still for sale. Some get a bit antsy. Price drops are more common after 4-6 months on the market. And nothing beats a motivated seller.

Finally, the entire process of buying a business is a journey. It is easy to give up and especially if you haven’t made much progress. According to industry statistics, over ninety percent of the people who start looking for a business never complete a purchase (that is why I am also so thrilled that 82% of our clients buy a business in less than six months). In any event, the point being that if you get away from the process it is more difficult to get engaged again. If you have vacation time planned or other activities then obviously that is wonderful but do not put a complete halt to your business buying journey over the summer. There are simply too many good opportunities and reason to not adopt that strategy.

Richard Parker
diomo.com
The Business Buyer Resource Center™

How To Value A Business That Has One Very Good or Bad Year

Richard Parker — 2013-03-12T05:36:40-07:00

I generally like to use the first quarter as a bit of a glimpse of how I see the business for sale market unfolding. So far this year, I have been pleasantly surprised about a more common scenario I have seen when assisting a number of Diomo clients.

I have definitely seen more businesses on the upswing this quarter than in the same period in prior years. Are we finally heading in the right direction? It would be nice to think so although I am not yet convinced. However, I am incredibly optimistic and certainly hopeful, to see more businesses recording stronger numbers.

For the buyer, this positive situation can also be a dilemma. On the one hand, you want to acquire a business that is growing. Conversely, sellers will typically weigh their asking price heavily upon these recent better than average numbers. As such, the asking price, along with seller expectations, may be unrealistically inflated. Unfortunately, what a seller usually believes their business is worth rarely has must to do with the actual value.

So what is a buyer to do when a seller has established an asking price based upon one good year? First, forget the asking price. Second, understand how and what differed in the business to generate the increase. Was it a matter of more passer-by traffic, increased marketing, additional products/services, more salespeople, better pricing or maybe more online business through a greater Internet presence? The list can go on to infinitum, but one thing is certain, businesses do not increase without a reason.

Getting to the core reason of the increase (or decrease when applicable) is absolutely critical when buying a business simply because the buyer has to determine the immediate future and sustainability of the business and this is especially so when the business may be growing or declining.

Valuation-wise, do not be fooled. Disproportionately weighing one good, or one bad year skewers the numbers; it can cause a buyer to potentially walk from a good business when a mutually agreeable price cannot be reached. Or, it can cause a buyer to wrongly overpay for a business when the increased revenues and profits were a one-time event.

Generally speaking, I like to weigh the past three years in a 60/30/10 ratio if the years have been relatively consistent. When a business has experienced one strong year (being the most recent), I will lower the first year to around 40 to 50 percent weighted average. Alternatively, if the most recent year was down compared to prior ones, I will increase its contribution to the valuation. This is done in an effort to reenact what will potentially transpire after a sale in a very conservative approach.

Nevertheless, a buyer may find a compelling business for sale with one particularly good or bad recent year and a gap on the price with the seller that may seem too wide. In these cases, a buyer should always consider an earnout scenario so that the seller can potentially achieve their price if the business maintains its high performance or, if it returns to acceptable levels in cases where there may have been recent declines.

Either way, the goal is to get creative and look for ways to make the deal work for all parties. There should never be a fear about paying a bit of a premium for a growing business or, acquiring one that may have seen some recent declines but can, under new ownership, start to grow once again.

Have a great week.

Richard Parker
Diomo.com

Why Would Anyone Sell A Good Business?

Richard Parker — 2013-02-11T11:28:38-08:00

I have been involved in the business for sale arena for more than twenty years and despite some of the extraordinary changes the world has seen in these past two decades, I am still amazed how the issues related to buying and selling a business have remained consistent over that time.

There still is, and always will be, a shortage of good businesses for sale, challenges for buyers to arrange financing, knowing how to value a business, too many deals falling apart during due diligence, financials represented by sellers that cannot be proven, and too many unqualified buyers in the market.

While these issues likely will never change, the one regular comment I have heard from many prospective buyers over the years is why anyone would ever sell a good businesses. Moreover, it often times is presented in a non-believing, highly suspicious manner from a buyer. It is always a position I have found to be quite bizarre. On the one hand, throngs of buyers complain about the lack of good businesses, yet when one is found, they are highly suspicious that it is even available for sale.

Don’t get me wrong, I am the biggest promoter of buyers taking a highly conservative approach and adopting a philosophy of “listen to everything but believe nothing unless it can be proven”. However, that is simply a prudent strategy for the investigation and analysis of a business for sale.

The fact is there are many good businesses that are sold every day for many reasons: death, divorce, health, boredom. Further, as someone who has sold ten of my own companies, I have tried to implement the same strategy personally that I have advised seller clients to use which is to sell the business on its way up, not when it is declining. The key for a buyer in these situations of course is to effectively analyze it to be certain they can transition and sustain the business and ultimately grow it.

Business owners sell for many reasons as mentioned earlier. Sometimes, the reason can be as simple as being bored and looking for something new. A popular reason for sale you see on listings is “other business interests”. It would be easy for an apprehensive buyer to say: “If the business is so good, why would the seller pursue other interests” and that is a valid point, but it is not absolute. Business owners, and certainly entrepreneurs in general, get bored easily. They seek the next challenge. Most prospective business buyers have never bought a businesses or even owned one so for them, it is hard to understand that philosophy. If you haven’t bought or owned a business, you are not an entrepreneur…yet. You may be an “enterprising” individual seeking entrance to the world of entrepreneurship, but until you take the leap, you are not there yet and therefore it is hard to really understand the mindset of a true entrepreneur.

The guiding principal for buyers is to thoroughly investigate a business. Why the owner is selling is important of course, but it is rarely, if ever, on it’s own, the reason to step back from pursuing a potential opportunity.

People sell good businesses - plain and simple. Do not make the reason for sale the top priority that guides your decision. It is a factor only. Focus on the fundamentals of a company, the ease of transition to a new owner, the sustainability of the revenues/profits, and the potential for growth with you as the boss.

Have a great week.

Richard Parker
Diomo.com

Business Sellers: Never Hide Anything from a Prospective Buyer

Richard Parker — 2013-01-14T06:50:08-08:00

When a business owner decides to put their business up for sale, or they get an unsolicited offer even if the company isn’t actively on the market, it is natural for the seller to “pretty up” the story about their company same as a homeowner does when selling their property.

While it is very important for a business seller to make a compelling case to a buyer, the worst thing they (the seller) can do is to try to hide any issues. During the buyer-seller interaction, building credibility on both sides is critically important. The seller needs to be assured that the buyer is financially qualified to execute the transaction, is serious about doing a deal, and has the ability to operate the business successfully especially when a seller note is part of the deal terms.

Similarly, a buyer needs to know that whatever the seller has represented about the business including the financials, overall stability, growth opportunities, potential problems, etc., are accurate, realistic and provable.

Sellers run into trouble when they attempt to conceal issues, whether large or small, for what one party deems to be minor, the other may consider massive. Rest assured that a competent buyer will uncover the problem and this alone can destroy all built up credibility that the seller has established in the eyes of a buyer. Once a buyer begins to question a seller’s honesty, it is rare to ever get the deal to the closing table. It’s like trying to put the toothpaste back into the tube.

While a seller may be inclined to hide certain issues believing they can kill a deal, it is infinitely more prudent to get the problem onto the table, properly explain them to the buyer, and address the potential risk and possible solutions. This strategy alone can be an enormous credibility builder in the eyes of a buyer.

When marketing a business for sale, a seller and their representative, should list out every single concern they can identify in the business. Sellers should ask themselves questions such as: What keeps them up at night? What are the looming threats? What would they do differently if they knew then what they know now? What past activities could come back to haunt the business in the future? For these questions, list out possible remedies to resolve them and describe them in a “Problem/Solution” format to the buyer.

Sellers who present their businesses in a transparent manner have infinitely more success closing the deal at much better prices and terms.

When a buyer uncovers something material the seller has not disclosed, it calls into question every single item the seller may have told the buyer.

Surprises undo deals, plain and simple.

Surprises are great for birthday parties but they have no place in a business transaction.

Have a great week.
Richard Parker
Diomo.com

If You Draw A Line In The Sand Be Prepared To Lose A Deal

Richard Parker — 2012-11-17T08:54:59-08:00

In every potential business sale, sellers and buyers always have an issue or two that for them is a “deal-breaker”. Sometimes, these issues are not that significant or even logical to the opposite party, yet, they can easily become deal killers.

However, most of the time, these are serious and understandable matters and critically important to one of the parties. The danger however; is when they are positioned as an “all or nothing” scenario. When one of the parties suggests it’s a deal-breaker, the problem is two-fold:

First, if the other party cannot make any accommodation, the deal will die. Second, if the initial party backs down from their position, they will set the stage to not be taken seriously on any other matter they deem to be imperative to the deal and open themselves up to negotiation on every point.

I firmly believe that every situation can be resolved unless there is a third-party preventing it (i.e. a landlord who no matter what will not assign the lease). If the matter at hand is controlled by the buyer or seller, there is always a solution. It is imperative if one side deems it to be important; the other side must make it important as well.

It is usually best to talk through these points and the most effective tactic to diffuse someone who takes a hard stance is to not immediately rebut it with an equally rigid and opposing position (i.e. “No way, not going to happen, I’ll never agree to that” etc.). Sometimes, it is best to set these matters aside and gain agreement on other deal points and then revisit it. When I am involved with a situation like this and I cannot agree to what the other party wants, I simply state: “I don’t think I can agree to it, but, I know it is important to you and it is therefore important to me for us to try and find a way to satisfy your core concern and keep our deal moving forward.”

Often there is an underlying reason for the problem and it is that below the surface issue which must be addressed.

For example, many sellers will tell buyers: “You cannot meet any of the employees before you buy the business” The issue here of course is the seller is worried that his employees will panic and sellers usually state: “They will think they will lose their jobs so they will all start to look for another position. If the deal doesn’t go through, I’m screwed. And, if the sale doesn’t go through, they will all be nervous thinking the business can be sold any time.” (By the way, the complete opposite is usually the case. Employees jobs are often safest after a sale because the new owner needs them to help in the transition and the buyer will usually put more value on the employee who they don’t know than the seller who already knows their shortcomings).

The buyer truly needs to determine whether meeting the employees pre-sale is even necessary. Obviously, if we are talking about low-level employees who can easily be replaced, it is generally not necessary. But, if there are truly key employees critical to the business, then a buyer has to meet them before they invest their money and future.

The most common work around to this is for a buyer to that they will satisfy every other condition of the deal first and once they confirm to the seller that they are 100% going through with the deal based upon all other conditions, only then will they need to meet with the employees as a final contingency. A buyer should also be prepared to tell the seller what he plans to discuss with the employees which can further extinguish the seller’s concerns.

The bottom line here is to remain focused on getting to the finish line. Think very hard about ever drawing a line in the sand because it is very hard to undo that position. Buyers and sellers must both understand that there a many key issues that arise during the business sale process where the parties will have completely opposite positions. Adopt the philosophy that every problem has a solution and instead of focusing on deal-breakers, work towards being a deal-maker.

Richard Parker
www.diomo.com - The Business Buyer Resource Center™

Why It’s a Good Time of The Year to Buy a Business

Richard Parker — 2012-10-08T08:45:16-07:00

The fourth quarter of the year typically sees a slowdown in the business sale sector and it is something I never quite understood. In fact, this is actually an excellent time to make an acquisition and so too is it a good time for a seller to exit for several reasons:

Less Buyers:

Regardless of the economy, the market is always flooded with people looking to buy a business. I say “looking” simply because most people will never complete a transaction however; that is immaterial. In the four quarter, many prospective buyers adopt the mindset that they will “wait until next year”. As such, the numbers of prospective buyers that are actively looking declines, and therefore sellers/brokers generally receive fewer inquiries. Less buyers equals less competition and so it is easier to get the attention of sellers over the next few months.

Additionally, most people set mental calendars and use these dates quite frequently in my opinion not as goals, but rather to procrastinate over certain decisions. It is very easy to use the fourth quarter holidays as a reason to defer buying a business. Or, now, many people want to wait until the U.S. election is completed, or the new government takes over in the New Year. Again, merely excuses in my mind. I don’t want to be political but I am quite certain that the world will not fall apart regardless of who forms the next government so why wait?

On this note, for anyone so inclined to submit highly charged comments pontificating about your political beliefs and trashing the other people running for office as is the case when even the mere mention of anything quasi-governmental or political appears on this blog , don’t waste your time – this is a business blog not a political forum – thank you.

The Year is Almost Done:

Many listings indicate annualized numbers when financials for a part of the year are presented. Annualized numbers are when the financials for a limited period (i.e. the first months of a fiscal period) are simply extrapolated out to present a 12-month picture). This can result in very misleading figures as most businesses do not see straight line activity every month of the year. And so, if you just take the activity in a limited period it is nearly impossible to predict what will the end of the year look like.

However, we have now completed 75 percent of the year. Unless a business derives the bulk of its revenues in the last quarter (i.e. businesses who cater to the holiday season), a buyer can, at this point in the year, predict with reasonable accuracy how the remainder of the year will turn out. The key is to measure the current year’s three quarters versus the same periods in prior years to see how the business is trending. Then, take the fourth quarter activity from prior years as a percentage of those entire years and use that factor with this year’s to date activity to date to get a projection for the remaining months.

A New Year Is A Perfect Time for a Fresh Start:

For business owners who have put their companies up for sale, it is fairly common for them to have a targeted exit date and year-end is a highly desirable date for those whose businesses have been on the market from early on in a year. This is especially true for the more motivated sellers who want to avoid starting a whole new year of running their businesses. As such, with only ninety days remaining until the New Year, it is a very opportune time for them to hand over the reins to a new owner. Similarly, a new year is a perfect starting point for a new career, hence serious buyers can see it as a perfect launch date although I believe that ANYTIME is a good time to buy a good business.

Go Forth:

If you are serious about buying a business, take advantage of these factors and set a goal of getting a deal done by the end of the year. It is realistic and achievable and one thing is certain: you will start the New year with an incredible level of energy and enthusiasm which is a very exciting though don’t you think?

Have a great week.

Richard