Small Businesses Selling at Higher Prices

The market for small businesses continued to grow through the first half of this year, according to Newport Beach-based VR Business Brokers, which represents firms that are up for sale.

In the first six months of 1998, the average acquisition price negotiated by VR's nationwide franchise network rose 8% to $458,000 from an average of $423,000 in 1997. The number of days it took to complete a deal shrank by 10%, it said.

The vast majority of businesses VR helps sell are tiny, and include gift shops, florists, restaurants and auto services. "The small-business sector has kept a steady pace and continued to be a driving force in the economy," said VR President Cathy Vallevieni.