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Buyers Still Buying Despite Credit Crunch

BuyNow

Entrepreneurs are still finding the finance to buy businesses and are taking advantage of competitive prices.

That is the conclusion of the recent BusinessesForSale.com survey of 1,000 potential business buyers.

  • 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 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.
  • 11% admitted they wish they had bought 6-12 months ago while an optimistic 19% think it will be better to buy a business in 6-12 months time.

The survey included responses from buyers at various stages of the buying process, over 50% of whom stated that they did not or will not start looking for finance until the time was right - i.e., when they've found a suitable business for sale, contacted the seller and requested all the necessary information.

Of those business buyers who have run into problems:

  • 46% said they were going to have to invest more than they hoped to secure funding.
  • 36% said the lender required more information on the business in question.
  • 18% said their preferred lender was unable to provide a competitive rate of interest or loan terms.

When asked specifically whether the credit crunch was adversely affecting them, business buyer views were mixed.

  • 30% No - I think there are more competitively priced businesses on the market.
  • 14% No - I have encountered no more problems than expected in securing my funding.
  • 25% Yes - There are fewer suitable businesses coming onto the market.
  • 16% Yes - I am finding it quite difficult to find the funding I need.
  • 15% Yes - I will have to personally invest more than I want to in order to get funding.

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