In the New York City area, Andrew Hoffman was negotiating to buy an Oregon-based travel firm before the seller pulled the business off the market as the pandemic hit. Hoffman is still looking for opportunities and hoping a seller will be open to something creative, such as taking only a partial payment for now and collecting the rest after the business has hit certain performance metrics. Meantime, the 38-year-old Hoffman has set up a virtual community for entrepreneurs like him.
”If a business was making $400,000 last year and now they are gonna make zero, the valuation of the business is going to be significantly less,” Hoffman said. “The business value became intrinsically less. The market conditions completely changed.”
This story provided by Bloomberg News.