Aspiring buyer seeks advice on buying ‘boring’ businesses from retiring boomers with $100,000 in savings. Reddit community recommends stable ventures like laundromats, fast-casual restaurants, car washes, and liquor stores. Niche options like ballroom dance studios and bridal stores also suggested for potential success.
Potential pitfalls include tariffs, outdated tech, and owner-dependent operations. Business brokers caution against focusing on popular industries and emphasize finding opportunities that match interests, experience, and budget. Seller financing may not be as common as perceived, with sellers preferring Small Business Administration loans.
Veterans warn against unrealistic expectations of finding a stable $100,000 profit business with a $100,000 down payment. Encouragement comes from success stories of purchasing poorly run but profitable businesses and turning them around for profit. Realism and optimism balance the discussion on buying businesses from retiring boomers. 1. The stock market saw a significant drop today, with the S&P 500 falling by 2.5% and the Dow Jones Industrial Average dropping by 800 points. Investors are concerned about rising inflation and interest rates impacting corporate profits.
2. The CDC has reported a record number of new COVID-19 cases in the United States, with over 100,000 cases recorded in a single day. Health officials are urging the public to get vaccinated and continue practicing safety measures to curb the spread of the virus.
3. The latest jobs report shows that the U.S. economy added 400,000 new jobs in the month of October, exceeding expectations. The unemployment rate has also dropped to 4.6%, the lowest it has been since the start of the pandemic.
4. Tesla has announced a recall of over 450,000 vehicles due to a potential safety issue with the rearview camera. The electric car company is working to address the issue and ensure the safety of its customers.
5. In international news, world leaders have gathered for the COP26 climate summit in Glasgow, Scotland. Discussions are focused on addressing climate change and achieving carbon neutrality by 2050. Countries are expected to make commitments to reduce greenhouse gas emissions and increase renewable energy production.
Read more at Yahoo Finance: A Potential Investor Reached Out To Small Business Owners Asking, ‘What Are The Best ‘Boring’ Businesses To Buy From Retiring Boomers?’