With the current situation, many people have lost their jobs, or are disillusioned with their current situation. People have been furloughed, taken a salary cut, or decided to retire a little ahead of schedule. The coronavirus has created a new reality for millions of people around the world. And while there’s no guarantee of when life will normalize, or what work will look on the other side of COVID-19, it’s clear that some things will change forever.
So how will you adapt? How do you plan to rise to the occasion and put your best foot forward in this new way of life? If you’ve been looking for an opportunity to make a big change in your career, this could be your time to finally own your own business.
Here are a few insights on purchasing a small business that may help as you wrestle with the question on all of our minds: What’s next?!
Market Reality
You rarely see a buyers’ market in small business—but we’re in one now. This doesn’t mean bargain basement prices; it means you can find more owners who are highly motivated to sell. Some owners may not have the cash (or desire) to get through this rough patch, so you can score a proven successful business that just needs a little push back to full success.
A Good Deal
While you shouldn’t expect owners to take a huge loss on their sale, there are other ways to save. The U.S. Small Business Administration (SBA) has instituted relief efforts that will make a huge impact in your purchase. The SBA will automatically pay the principal, interest, and fees of new and current 7(a), 504, and microloans for a period of six months, if issued prior to September 27, 2020. With this relief, you can get into a new business while not having to worry about making loan payments - this is a unique chance to start your entreprenurial dream!
Golden Opportunity
Time is on your side, to a point. While life seems to have paused, having more free time provides the perfect opportunity to research your purchase options—and get real about what you’d like to do in the future. Transworld is fully available to guide you remotely, and a rich bank of online resources makes the process safe and easy.
If you’re ready to take charge of this once in a lifetime moment in history, and make it work in your favor, reach out. Email our team at utahcounty@tworld.com or call us directly at (801) 753-5655 to see how we can help.
