Sales of Chicago businesses on the upswing

There are many small businesses based throughout the Chicago metro area. While of course not all of them make it, never really getting off the ground, others thrive. Those that thrive will go through a variety of stages as they grow, and some reach a point where selling is a possible option. Over the course of the past few years that market had been depressed which likely meant many businesses did not go in that direction.

In what can only be considered good news for small business owners in the Chicago area, the market for selling such businesses appears to be re bounding. BizBuySell.com indicates that the median sale price for small businesses in the region increased by a total of $119,000, to $269,000 over the course of the last year. This significant increase brings the sale price to its highest point since the first quarter of 2009. At that point in time the median price was $325,000.

The higher purchase prices are likely due to a variety of factors including an economy that seems to be improving overall. More specific to small businesses, the fact that businesses are reporting slightly higher revenues, could be playing a major role. As compared to the first quarter of 2012, the median number is up $59,725, to $500,000 in 2013.

Business transactions are generally complex endeavors and provide a multitude of situations where problems can arise. For this reason most small business owners find that it is important to work with a business lawyer who handles business transactions of all sorts including sales.

Source: Gaebler.com, "Chicago Business Succession Marketplace Gaining Steam," April 11, 2013

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