Would you buy a struggling business? Should you?
Turn on your television any day of any week and you are bound to find at least one “rescue” show where an expert whips a struggling individual, a family or small business into physical, emotional or financial shape. Oh, and let’s not forget the tough talk for owners of out-of-control pets!
In Kitchen Nightmares, for instance, Chef Gordon Ramsay visits troubled restaurants, offering their owners his expert advice to turn their business around. They are given one week to do so.
The transformations are dramatic. But they only happen when the individuals are willing to turn their business or life over to the experts and follow the blueprint they are given for success.
The “winners” are those that are willing to put in the effort required to keep their dreams alive.
But most small businesses don’t have such access to professionals. And some struggling owners give up and put their business on the market.
Would you buy a struggling business? Should you?
A recent state-of-the-industry survey found that four out of ten buyers would purchase a struggling business if it was realistically priced. Continue reading
The Real Deal 