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That price is down from the fourth quarter of 2007, when the median asking price for businesses in Charlotte was $350,000.

The current year's data are based on 202 Charlotte-area businesses that are currently for sale. Included are listings from local business brokers, as well as "for sale by owner" listings without the assistance of a business broker.

The listed businesses had a median revenue of $526,229, down from $549,321 in the previous quarter.

The median cash flow, meaning the money that comes out of the business over the course of a year, is $108,604, versus $117,599 in the previous quarter.

Nationally, business valuations are down. The median asking price for a small business in the United States declined to $250,000 at the end of the fourth quarter, a $5,000 decrease relative to the prior quarter.

"Charlotte's valuations are much higher than the national average," said Mike Handelsman, general manager of BizBuySell.com. But Charlotte is expected to follow the national downward trend.

Research suggests that one out of three active small businesses is owned by a baby boomer, Handlesman said. Baby boomers are starting to sell their businesses to fund their retirements, creating downward pressures on business valuations. The ongoing credit crunch is also working in favor of buyers who have cash, further driving down business prices.

"For all of these reasons, it's a buyer's market right now," Handelsman said.

"There are warts on every business. Even Google has warts," Milam said. "Try to look at those warts and see if there are solutions that can minimize them, and enhance the positives."

Copyright © 2008. The Gaston Gazettel.