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Written by Roberta Murray
Credit crunch means the time to buy a business is now - new report.
Despite the credit crunch and a faltering economy, entrepreneurs are still finding the finance to buy businesses and are taking advantage of competitive prices.
This was announced today by businessforsale.com - which surveyed 1000 currently active business buyers.
The results of the survey reveal that:
48% of respondents saw the current economic conditions as an advantage when buying a business.
66% found banks to be accommodating to their needs, although 33% found their search for funding to be more difficult than expected.
28% viewed buying a business as a safer investment than equities or residential property.
36% of respondents believed that businesses for sale were more competitively priced as a result of the downturn.
60% of business buyers saw business ownership as a way of taking control of their life in difficult times.
"Interest rates are still historically low and asking prices can be lower as sellers look for an exit. It's a good time to buy your way into business ownership," says BusinessesForSale.com director Tony de Vizio.
"Lenders still need to lend and look favourably on those looking to buy a business with cash flow in place," he adds.
According to Dean Edwards, Chairman of the recently formed British Business Brokers Association it's a win-win situation for all. "There will always be reasons for selling a business - regardless of the economy - people retire or they want a change," he says.
"For buyers there is the real prospect of buying a good business at a competitive price and seeing the value of that business dramatically increase when the economy turns around," he adds.
Copyright 2008 Atalink Ltd.
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