Many New Jersey business owners are in uncharted waters as sales continue to fall for many, yet expenses continue to rise. Marketing costs are up. Taxes are up. Health care costs are skyrocketing. Competition is fierce and technology brings its own set of challenges.
What should a business owner do if their business is in trouble? Should they try and stick it out until sales come back (and who knows when that will happen)? Should they borrow more money to keep their businesses moving forward? Continue cutting expenses? Lay off more employees? Ask employees to take a pay cut? Or just give up and throw in the towel?
According to New Jersey business broker Rick Fulton,“many business owners don´t know where to turn or even who to ask for help. They are isolated as they feel no one else can understand the difficult position they are in”. One possible solution for some of these overwhelmed business owners are cash-rich entrepreneurs looking for “distressed businesses” to buy.
While each of these buyers in the “Distressed Sellers” program will have their own criteria, most are looking for businesses that fit one of the following situations:
1. Going concerns that are not generating enough cash flow to service their existing debt.
2. Going concerns that are running at a break even or negative cash flow.
3. Going concerns that are about to close the doors.
4. Closed businesses, where the Landlord is in possession and looking to sell the assets in place to a new tenant, etc.
If you are looking for a business broker or would like to see if your business qualifies for this unique program or to register as a buyer,you can contact Rick Fulton at 732-212-1922.
Fulton is a business broker with a particular expertise helping entrepreneurial and family held businesses valued between $200,000 and $20 million sell their businesses.
For more information visit www.RickFulton.com.