LoopNet Acquires BizQuest, LLC, a Leading Online Business-For-Sale Marketplace
Together with BizBuySell, the acquisition of BizQuest complements and solidifies LoopNet’s leadership in the online business-for-sale marketplace sector.
San Francisco, CA (PRWEB) January 26, 2010 -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace and the largest business for sale marketplace, BizBuySell, announced today that it has acquired the assets of privately-held BizQuest, LLC to complement its leading position in the online business-for-sale marketplace sector.
Founded in 1994 and headquartered in Pasadena, California, BizQuest.com is a leader in aggregating sellers, buyers and brokers in the small business-for-sale market. BizQuest currently offers over 35,000 businesses for sale, an industry-leading franchise directory, as well as other tools and services for aspiring small business buyers and sellers.
We will also begin to address one of the most significant pain points for our broker customers, entering listings on multiple websites. Soon broker customers of both sites will be able to enter and manage a business listing on BizBuySell and have it automatically and seamlessly display on BizQuest as well.
LoopNet's acquisition of BizQuest and the ability to coordinate with and leverage the coverage of BizBuySell will allow us to offer even greater exposure and value to our customers
We expect this will be a major milestone for the business-for-sale industry as the seamless integration and time-saving capabilities resulting from the acquisition will benefit sellers and business brokers alike.
“Together, BizBuySell and BizQuest will offer our customers unparalleled exposure to help facilitate faster transactions and more competitive bids on their businesses for sale,” said Mike Handelsman, LoopNet’s Group General Manager for the small business market. “We will also begin to address one of the most significant pain points for our broker customers, entering listings on multiple websites. Soon broker customers of both sites will be able to enter and manage a business listing on BizBuySell and have it automatically and seamlessly display on BizQuest as well.”
BizQuest, which will operate as a division of LoopNet, likewise anticipates the acquisition will serve to benefit its existing clientele.
"LoopNet's acquisition of BizQuest and the ability to coordinate with and leverage the coverage of BizBuySell will allow us to offer even greater exposure and value to our customers,” said Dylan Garland, CEO of BizQuest, LLC. “We expect this will be a major milestone for the business-for-sale industry as the seamless integration and time-saving capabilities resulting from the acquisition will benefit sellers and business brokers alike.”
LoopNet does not currently expect the acquisition of BizQuest to have a material impact on its 2010 financial results.
BizQuest, available at www.BizQuest.com, covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors. BizQuest has more than 35,000 businesses for sale and, with over 300 franchise and business opportunities at www.FindAFranchise.com, one of the largest franchise directories available online.
BizBuySell, available at www.BizBuySell.com, also covers all business-for-sale categories, including restaurant, retail, service, manufacturing and other small business sectors. It has more than 45,000 businesses for sale, and more than 325 franchise and business opportunities in its franchise directory.
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To view the entire press release please click HERE.
Showing posts with label bizbuysell. Show all posts
Showing posts with label bizbuysell. Show all posts
Tuesday, January 26, 2010
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BizBuySell in the News
BizBuySell.com
Third Quarter 2009 Data Signals Improving Business-for-Sale Market
Business-for-sale transactions begin to increase after hitting bottom in recent months
San Francisco, CA - October 6, 2009 - BizBuySell.com -- the Internet's largest marketplace for buying or selling a small business -- today released economic data for the third quarter of 2009. After multiple quarters of declining business-for-sale transactions, the new numbers suggest that the state of the small business economy is finally beginning to improve.
BizBuySell.com's new Third Quarter 2009 Insight Report shows a 24% year-over-year drop in closed small business transactions. While still lagging behind year-ago transaction numbers, BizBuySell.com's previous report -- which included data for the second quarter of 2009 -- showed a dramatic 50% decline in closed business-for-sale transactions when compared to the same time period in 2008. Closed transactions are reported to BizBuySell.com by business brokers nationwide.
BizBuySell.com's quarter-over-quarter data also supports the rebound in the business-for-sale marketplace. The number of closed transactions reported in the third quarter increased by 7.4% as compared to second quarter transactions. Just one year earlier, when the recession was hitting its stride, that same quarter-over-quarter statistic dropped 30%.
"After many bleak months for the small business-for-sale economy, the market seems to have hit bottom and is fortunately now beginning to turn around," says Mike Handelsman, General Manager of BizBuySell.com. "As credit eases, business fundamentals recover and SBA lending criteria change with respect to goodwill, we are optimistic that the fourth quarter of this year and the first quarter of 2010 will show increased signs of recovery and growth."
Closed Transactions Increase as Pricing Drops
BizBuySell.com's third quarter data suggests that business sellers are dropping their prices, which is making it possible for more deals to close. For example, the median sale price for closed transactions fell to $149,000 from $189,500 year-over-year, a 21.4% decline in price.
The metrics used to value companies have seen a similarly dramatic downward trend. Revenue multiples on reported closed transactions dropped 9.6% to .62 in the third quarter of 2009, and cash flow multiples dropped to 2.44, a 12.2% year-over-year decrease. The revenue and cash flow multiples are calculated by dividing the selling price of the business by its reported annual revenue or cash flow.
"These year-over-year price declines are dramatic, and suggest there are good deals out there for potential business buyers," says Handelsman. "With unemployment at record high levels, and SBA lending loosening beginning in Q4, this decrease in pricing and valuation numbers has made the prospect of purchasing a business much more achievable to buyers."
Business Brokers Optimistic About Business-for-Sale Transactions
A recent BizBuySell.com survey of business brokers around the country similarly revealed that they are positive about the future of small business transactions:
•34% of business brokers reported expecting to close their next deal within the next few weeks.
•75% of survey respondents expect to close their next small business transaction within the next three months.
•47% of survey respondents believe small business transaction levels will not fall any further than they were during the second quarter of 2009, which leads 78% of survey respondents to believe that business-for-sale transactions will begin to increase again before Q2 2010.
For more information on the BizBuySell.com Third Quarter 2009 Insight Report, visit http://www.bizbuysell.com/news/media_insight.html.
Third Quarter 2009 Data Signals Improving Business-for-Sale Market
Business-for-sale transactions begin to increase after hitting bottom in recent months
San Francisco, CA - October 6, 2009 - BizBuySell.com -- the Internet's largest marketplace for buying or selling a small business -- today released economic data for the third quarter of 2009. After multiple quarters of declining business-for-sale transactions, the new numbers suggest that the state of the small business economy is finally beginning to improve.
BizBuySell.com's new Third Quarter 2009 Insight Report shows a 24% year-over-year drop in closed small business transactions. While still lagging behind year-ago transaction numbers, BizBuySell.com's previous report -- which included data for the second quarter of 2009 -- showed a dramatic 50% decline in closed business-for-sale transactions when compared to the same time period in 2008. Closed transactions are reported to BizBuySell.com by business brokers nationwide.
BizBuySell.com's quarter-over-quarter data also supports the rebound in the business-for-sale marketplace. The number of closed transactions reported in the third quarter increased by 7.4% as compared to second quarter transactions. Just one year earlier, when the recession was hitting its stride, that same quarter-over-quarter statistic dropped 30%.
"After many bleak months for the small business-for-sale economy, the market seems to have hit bottom and is fortunately now beginning to turn around," says Mike Handelsman, General Manager of BizBuySell.com. "As credit eases, business fundamentals recover and SBA lending criteria change with respect to goodwill, we are optimistic that the fourth quarter of this year and the first quarter of 2010 will show increased signs of recovery and growth."
Closed Transactions Increase as Pricing Drops
BizBuySell.com's third quarter data suggests that business sellers are dropping their prices, which is making it possible for more deals to close. For example, the median sale price for closed transactions fell to $149,000 from $189,500 year-over-year, a 21.4% decline in price.
The metrics used to value companies have seen a similarly dramatic downward trend. Revenue multiples on reported closed transactions dropped 9.6% to .62 in the third quarter of 2009, and cash flow multiples dropped to 2.44, a 12.2% year-over-year decrease. The revenue and cash flow multiples are calculated by dividing the selling price of the business by its reported annual revenue or cash flow.
"These year-over-year price declines are dramatic, and suggest there are good deals out there for potential business buyers," says Handelsman. "With unemployment at record high levels, and SBA lending loosening beginning in Q4, this decrease in pricing and valuation numbers has made the prospect of purchasing a business much more achievable to buyers."
Business Brokers Optimistic About Business-for-Sale Transactions
A recent BizBuySell.com survey of business brokers around the country similarly revealed that they are positive about the future of small business transactions:
•34% of business brokers reported expecting to close their next deal within the next few weeks.
•75% of survey respondents expect to close their next small business transaction within the next three months.
•47% of survey respondents believe small business transaction levels will not fall any further than they were during the second quarter of 2009, which leads 78% of survey respondents to believe that business-for-sale transactions will begin to increase again before Q2 2010.
For more information on the BizBuySell.com Third Quarter 2009 Insight Report, visit http://www.bizbuysell.com/news/media_insight.html.
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