Just a couple of days ago I was surprised when the local newspaper asked this very question. A quick review of recent sales proved quite interesting.
Buyers that have purchased businesses recently have hailed from:
Alaska — Country Club Vacation Rentals
Rome, Italy– Cactusberry Yogurt
New York– Cal-Zone Pizza
Montana– La Quinta Florist, Cathedral City Florist, Cathedral City Pets
Washington State– Legions & Icons
Reno, NV– Taragar Property Management
San Diego– Benny’s Bagels
Los Angeles– The Fall’s Steakhouse
Cathedral City– Tooties BBQ
San Diego & Banning– Basic Gym
Dallas, TX– 21 Liquor License
Banning-21 Liquor License
Los Angeles– Dales’ Lost Highway (lease)
La Quinta– Crush 111 (lease)
… and several more in escrow that are out-of-area buyers.
This just goes to show our clients are relocating to the Palm Springs area and are looking to purchase jobs. That is really what we sell. A quick look in any newspaper tells the same story; few jobs and mostly lower pay. If a person owns their own business they can determine their own income by the effort they put into it. With fresh eyes and a renewed excitement I always say that a new owner can increase a business’ income by 30.
This country of ours has always been a melting pot, and in the case of Palm Springs, the community can only benefit from all the energy these new residents bring.
Robert Hughes is a commercial broker and president of Hughes Properties, Inc. in Palm Springs. An MBA from USC, Hughes has a wide variety of entrepreneurial experience with the personal ownership and sale of over sixteen businesses, including founder and publisher of Orange Coast Magazine. Additional business tips can be found at www.hughesproperties.com.