Coronavirus. Yep, we’re jumping on the bandwagon. Why on earth are we, business brokers, talking about Coronavirus?! It has nothing to do with buying or selling business, right? Hang with us for a minute…
On March 3rd, the Federal Reserve cut interest rates by 50 basis points (0.50%) in response to the impact the Coronavirus is having on the economy. While you might not have felt the financial effects personally yet, global companies doing business in Asia, import/export businesses, and your 401(k) are all feeling it. Keep in mind that with any major swing, there are opportunities to be had. Here are the opportunities that we see right now:
Refinancing: After the rate drop was announced, we had someone call asking for advice on refinancing their business debt. Yes, this is a great time to do that, especially if you have a large loan! Think of all the interest dollars you can save. If you need help finding a great banker, let us know and we can connect you.
Business Expansion: If you’re ready to grow your business and don’t quite have the cash on hand to do it, now could be a good time to borrow the money at a nice, low interest rate and take your business to the next level.
Buying a business: If you’re ready to become your own boss, now might just be the right time for you to take the leap since borrowing money is cheaper. Also, we have a lot of great inventory right now just looking for the right buyer.
Selling a business: More people will start looking for businesses to buy. If you’re thinking about retiring or moving on to the next chapter of your life, let’s get your business listed and in front of these new buyers.
If you’re ready to talk about any of these possibilities, feel free to contact us.
