COVID-19 has created quite the global crisis. There is no country, industry, or person left on the planet that can honestly say they are unaffected by this virus. Whether directly through the loss of a loved one or the loss of a job or indirectly through changes in daily life; not to mention, the economy has seen better days. That said, this does not need to stop your aspirations of buying a business.
Although it might be difficult to believe, now just might be the perfect time to buy a business - and here’s why:
- Baby Boomers may have been near retirement before this crisis. Chances are, they are going to need to retire now or as this crisis comes to an end.
- Although temporary, prices will be lower now than they have been for a long time making it an ideal time to put in an offer.
- Because of the state of the economy, sellers might be more flexible with providing financing options.
- Small Business Association (SBA) is currently waiving fees and payments for the first six payments through September 27, 2020.
- You can tap into your 401K right now without penalty.
- Interest rates are currently at an all-time low.
- Commercial real estate may be plentiful, but landlords might be more willing to negotiate – not only the listing price but also terms of long-term lease agreements.
- There will be reduced competition in the market, which means there is an opportunity to fill in the gap.
- Operating costs will be lower for your new business, especially employee costs.
- Acquisition of competitors might be an option – expanding your current business.
For over 40 years, Transworld Business Advisors Houston has supported business owners through many economic uncertainties following devastating global tragedies and natural disasters. So, if you are considering investing in a business, there is no need to put those dreams on hold.
Do not hesitate any further, contact your local business experts at Transworld Business Advisors Houston today! Although the global economy is suffering, Texas is ready to