Contributor: Business Broker: LA County Area
Peter: I want to echo your thoughts about overcoming business difficulties. I sold a gas station in the Inland Empire awhile back where I came across one of the smartest, shrewdest buyers I've met. It was a deal with tons of "hair" on it where, as listing agent, I thought my chances were bleak to nowhere. Poor management, terrible signage, employee theft, crime issues. Everything you'd want in a gas station, this didn't have.
Some would call this buyer a bottom-feeder. I call him creative and insightful. He was able to see what others couldn't, not even the current owner. He saw the need for a well-lighted, safe, mini-market in a sub-market where customers could feel comfortable grabbing a soda or fresh coffee 24 hours. He re-branded the station, expanded the store, signed a long term lease with multiple options and spent about $100K in rehab. He also worked carefully with the city and local police on safety. Today, his station and mini-mart are turning nice (some would say modest) profits on a business he bought very inexpensively.
Sometimes even market conditions that seem insurmountable for a business can be overcome with expertise and creativity. This is why finding a lane of expertise and staying in it, year after year, pays off handsomely.