The BizBuySell Small Business Community

  • Get Expert Advice

  •  • Find Local Service Professionals

  •  • Share Your Experiences

Hello I bought a business 3 months ago & I absolutely hate the area because its crime infested. What should I

I'm trying to sell it & but everyone who comes to check it out has a bad feeling about it. This business has added so much stress to my life that I just don't know what to do anymore.

No User Photo

Answer This Question

max 5000 characters

Web Reference (optional)

e.g., "www.mywebsite.com"

Review Community Guidelines

Help keep our Community clean and on topic. The BizBuySell Community is a place where you can discuss your questions, concerns and knowledge with others you can trust. It is not OK to use this forum to solicit others for personal or financial gain, or to rant about personal issues. It's all in the guidelines.

Submit Your Answer
Answers (6)
No User Photo
Elizabeth Deal & Associates, LLC
Principal
Saint Louis County, MO

What type of business is it? Retail or other? Did you have a bad feeling about it when you first checked it out, or what was your initial instinct? What drew you to this business? Have you considered ways you might be able to help the area through the ownership of this business? Do you have crime statistics for the area?

Oct 26, 2015
Daniel Kohler
Blackburn & Fears Inc
FL

Mel, great advice so far but what needs exploration is what you mean by 'crime infested'. Have you or staff been a victim of any crimes? If not, are you just 'afraid' of the area? Or is this more your impression of the socio-economics of the neighborhood? There are successful businesses in all kinds of neighborhoods - adjust accordingly and soldier on long enough so that this doesn't look like the panic sale that it will be.

Oct 19, 2015
No User Photo

Mel,
I sympathize because I almost did that very thing a few month ago.
Is it possible to move the business to a better location? The brokers who responded to you can help with that.
If you are trying to sell it yourself, NEVER BE NEGATIVE. The potential buyer will definitely pick up on that. Be upbeat and positive. Have your positive answers rehearsed and ready when you're asked. What's good about the business? You bought it for some reasons that appealed to you, emphasize those things.
Good luck. I'm at dellculver@gmail.com if you want to write.

Oct 16, 2015
No User Photo
The BAF Group LLC
MD

Mel, One of the most fundamental issues is an understanding the location in which the businesses established. Whether you are looking at area demographics, visibility, traffic patterns or crime statistics, these are things that need to be addressed before you ever sign the final contracts. Selling after only three months can cost you tremendously. Theoretically, you paid an appropriate price for the business, and in a three month period, it would seem logical to assume that you have not had the time to make an impact on the business in any way that would have increased its value. Therefore, it would seem that the very best, the business is worth exactly what you paid for it, initially. Moreover, when people realize that you have purchased it only three months ago, they are naturally going to have a bad feeling about it, whether or not they share your concerns about the neighborhood. There impulse is going to believe that there is something terribly wrong if you are selling after only three months, whether or not they can specifically put their finger on it or not. See your potentially faced with selling at a discount, which means a loss to you. I am happy to talk to you about this, if you think it would help. Don Barrick at 410-715-0700.

Oct 15, 2015
Paul Forsberg
Corporate Business Brokers, Inc
Brevard County, FL
Premium Broker

I hate to hear your problem -
You are experiencing one of the biggest problems many business buyers make. They tend to miss that part of the Due Diligence.
If you were one of my business buying coaching students, it wouldn't have been overlooked.
I suggest you decide what the cost of the stress is and adjust the price accordingly.

Again, sorry to hear of your problem - email me with an overview of the problem and location - maybe I can come up with a solution - paul@bizflipcoach.com

Oct 15, 2015
Paul Forsberg
Corporate Business Brokers, Inc
Brevard County, FL
Premium Broker

I hate to hear your problem -
You are experiencing one of the biggest problems many business buyers make. They tend to miss that part of the Due Diligence.
If you were one of my business buying coaching students, it wouldn't have been overlooked.
I suggest you decide what the cost of the stress is and adjust the price accordingly.

Again, sorry to hear of your problem - email me with an overview of the problem and location - maybe I can come up with a solution - paul@bizflipcoach.com

Oct 15, 2015

Start a Discussion