Chicagoland search update
October 01, 2024
by a searcher from Northwestern University - Kellogg School of Management in Chicago, IL, USA
Sharing some findings on the current state of searching in the Chicagoland area...most likely nothing revelatory, but thought I'd share just in case
-Incredible frothiness: anything that is publicly available (eg posted online) and has decent numbers will get a ton of offers/action immediately..."24 offers in 24 hours" is something I've heard more than once
-2025 Tax cuts will be a major motivator: who knows which way things will go in November, but sellers and their advisors are keenly aware that cuts could expire. Working backwards from then, the time to get going (eg getting a business ready for sale on the sell side, and making contact on the buy side) is absolutely right now
-Still a huge opportunity to make the right match between seller and searcher: sellers are still very willing to connect with smart buyers who have a compelling value proposition. The vast majority of sellers I've connected with are interested in three things - maximizing the value they can generate from a sale, ensuring the business/their people will be successful going forward, and finding a buyer who will build on their legacy. If I put myself in their shoes, I would want the exact same. That's to say - there is absolutely opportunity, but it requires thoughtfulness and preparedness from the searcher. Having a healthy respect for what's been built, and some thought through ideas of what could make it even better - is key
-Bullish on Chicagoland: yes, I am biased - I was born and raised in Chicago with my 7 older siblings - but I am incredibly bullish on the Chicago area's growth potential. While crime, education, and certain business policies are concerns - our positives far outweigh the negatives...the people, universities, culture, food, and big and small companies here make this a great place to buy and build.
For a lot of you, I am guessing these insights will be nothing spectacular, but hopefully it may be helpful to one or two. As always, I'm game to talk to any searchers to compare notes (and business owners too!).
from St. Joseph's College in Chicago, IL, USA
While these points may not be revelatory as you mentioned, they do help validate my own observations.
Also, connecting your 1st and 3rd bullets - the impression that I've been getting is that "frothiness" is often filled with unprepared and unserious buyers. By doing a bit of homework in preparation for an initial call with the seller and approaching that conversation with respect and thoughtfulness, you can sense some relief from the seller.
from University of Texas in United States