| With so many layoffs, and so many cutbacks, more | | | | with the buyer and provide seller financing to |
| and more people are deciding to become | | | | overcome a potential deal-breaker. |
| entrepreneurs to gain more control over their futures. | | | | These days, many sellers are offering seller financing |
| Starting or buying an existing business has probably | | | | before they even meet a buyer. Sellers know that |
| been, up to this point just a dream. In the letters I | | | | banks are not lending, so many are willing to finance |
| have received from my subscribers the number one | | | | the deal themselves. This means you can buy an |
| question has been "How do I start an Assisted Living | | | | Assisted Living Home right now even if you cannot |
| Home in today's economy?" This is a dilemma that | | | | get bank financing. So why wait until the economy |
| many including myself have been forced to deal with | | | | turns around? |
| Let's face it; if the current economic situation has not | | | | Believe it or not, you can usually get a better rate |
| caused you at least a little discomfort, I would be | | | | from a seller than you can from a bank. You have |
| amazed. It has caused many seasoned and would-be | | | | considerably more leeway to negotiate the right |
| entrepreneurs to be hesitant to enter into the | | | | down payment, the length of the loan, monthly |
| market, with many choosing to sit on the sidelines | | | | payments and interest rates. Plus, if you pay the loan |
| and wait to see how it sorts out. After all you can't | | | | off early, many sellers also often accept a discounted |
| take out a loan on your home, and you might have | | | | balance. |
| to come up with money to dip into your mutual | | | | 3.Carpe Diem! |
| funds. Sitting on the sidelines seems perfectly | | | | Finally, I recommend that buyers not wait for the |
| reasonable, right? | | | | economy to turn around simply because the best |
| Wrong! Opportunities are great right now! | | | | entrepreneurs don't wait for perfect market timing. |
| Here is why I think you should start an Assisted | | | | Firms like Microsoft and Apple were started in the |
| Living Home now. | | | | midst of the recession in the 1970s. |
| 1. Prices are low | | | | In fact, there are many reasons that businesses that |
| Believe it or not now is the time to buy real estate. | | | | start in a down economy do better than those that |
| There are more distressed sellers in the market than | | | | don't. Market share is up for grabs because buyers of |
| there has been since the 80's. This allows you to be | | | | products and services are scrutinizing expenses. That |
| picky; you choose the location, floor plan, and | | | | gives new business owners a big opportunity. |
| amenities that you want. All at the prices you want | | | | Furthermore, suppliers may be willing to offer great |
| to pay. | | | | prices because, in this downturn, they are hungry for |
| If you wait until the economy improves and credit | | | | business. It's also a great time to bring on employees. |
| eases, you will miss this window of opportunity. | | | | There are many talented individuals looking for work |
| Prices will rise during economic recovery and more | | | | now, and they may be available at more reasonable |
| buyers enter the market. | | | | rates. That's not going to be the case after the |
| 2.Seller financing is available. | | | | economy turns around. Buyers who learn how to |
| Historically, seller financing typically comes into play | | | | focus on revenue growth and to closely manage |
| when a buyer is unable to secure financing at the | | | | expenses during tough economic times can leverage |
| owner's asking price. The owner then has two | | | | those skills for greater business success as conditions |
| options: he can either lower the asking price, or work | | | | improve. |