Young Entrepreneurs Who Can
I've worked with many business buyers and found that young entrepreneurs can afford to be the bravest of all. Why?
Young minds believe they are invincible -- beautifully-blended with a concoction of hope, ambition, and energy. Logically speaking, they may have very little, therefore have very little to lose.
An incredible young man named Jesse, tag-teamed with his friend Mike and bought The Ballard Station with 100% conviction that they would make it successful. They hurdled each barrier, financial and administrative, thrown their way and now host the community with trivia nights, Seahawks games, and a place where everybody knows your name. Stop by The Ballard Station and meet Jesse. See their story.
The only thing stopping more young entrepreneurs is their belief that there is no way to AFFORD to buy a business. They see a price tag of $250,000 and think that if they don't have that much money in the bank they can't have it. That's too bad. Financing is not a big barrier when you're borrowing to buy a proven-profitable business. Most smaller businesses can be purchased with the same down payment you would put down on a nice car. I tell my buyers to plan on putting down 10% of the company you buy. The rest can be financed.
On the other hand, older entrepreneurs find they can afford, financially, to take the risk and have maybe built up that "play stash" and realize that life is too short to be afraid. Without the prospect of risking the kids' college fund or falling short on the mortgage, they have the financial freedom to play.
Maybe the two should go in together and create the best-of-both-worlds!
In the middle is the space fraught with more worry, mortgages, tuition -- yet a few brave warriors surge ahead with confidence to achieve their dreams. Good on ya, mate!