SMALL BUSINESS VALUATIONS RELATIVE TO ECONOMIC CYCLE

Hi all, if the goal of a search is to buy and run a small business for an extended period, e.g. 10+ years, it seems like it would be better to search in a downturn/recession vs. when valuations are generally high. Given the general consensus that the US is late in its current cycle, it could mean more opportunities will arise once the next recession/downturn begins. Curious if others agree as well as any research/analysis on the relative exposure of small business valuations to economic cycle and broader stock market valuations (vs. how uncorrelated or insulated they might be). Thanks in advance for any related thoughts, alternative viewpoints, or other considerations.



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