I have been amazed at the number of businesses in our area for sale.  When you look at the “home seeker” magazine, it seems to have more businesses for sale than homes.  Now, I know economic times are hard, etc., but this is no time to sell your business.

Even if you were planning to retire this year, and have been planning it since 1958, this is a poor time to put your business up for sale.  No matter what you do, prospective buyers will assume you are going broke and looking to give your business away.  If you sell today, plan on getting about 30% - 50% less than you would have last year.  If you have a business to sell, my suggestion is ride out this storm, then sell.  In a year or two you may get twice what you’ll get today.

On the other hand, if you’ve been thinking about buying a business (instead of starting your own,) or just buying up the competition, now may be the very best time to buy.  There are bargains galore for the person who’s willing to shop around and negotiate hard.

But one thing’s for sure: if you’re going to be in business these days, the rules of engagement are changing and you’ll have to change your business model and strategies with them if you’re going to be successful.  Business as usual is a thing of the past.  It’s a whole new world out there, with new challenges, new opportunities and new pitfalls.   The person who figures that out first will be the one who picks the low-hanging fruit.