Did you think we would still be discussing COVID-19 this summer? Some of you knew we’d be in this for a long time, others may have believed the world would normalize by May. Whichever may be the case for you, this pandemic is still very real within our borders and it is affecting our lives and businesses. You don’t need to put on hold all of your plans. Interestingly enough, business sales are still taking place, as many entrepreneurs are prioritizing their goals and plans for the future. If you are hoping to sell your business in 2021, here are some things to keep in mind as you prepare it for a post-COVID-19 sale.
Try to keep your business open/running
Depending on your industry, you business may have been uniquely impacted by lockdowns, stay-at-home orders, and COVID-safety restrictions. That being said, you may have had an opportunity to switch to e-commerce sales, deliveries, or even social media to sell your products or services. Whatever the case may be, do what you can to beat complete closure. All revenue collected – even if less than projected – will be beneficial. Not to mention, your buyer will be very interested to see how you diversified or got creative.
Rework your financials
In challenging times, it is important to keep detailed month-to-month or even week-to-week financials. Expectedly, your sales and profits might suffer due to the economic crisis and forced closures. Showing how well you might be doing despite everything going on will be valuable information for a future buyer.
Write everything down!
Did you have to furlough your employees? Did your suppliers shut down? Did you receive a government loan? Your specific experience during COVID-19 is important to the overall picture. On top of keeping logs of changes, write down what you have learned, what you changed, and how the business got creative to survive.
Reevaluate expectations
This is the perfect opportunity to be a leader in your market. What changed in your industry? Do you think this change will be permanent? How have the changes you made shaped the future for your business? You can advise future buyers with your experience, wisdom, and expertise.
Improvements are key
As previously mentioned, getting creative to save the business is vital. How did you change your business or sales model? Did you make your products or services more accessible to customers in quarantine? Did you expand your offerings? Whatever improvements you inevitably had to make will greatly impact the value and sale of your business.
Once you are ready to sell your business, contact Transworld Business Advisors. Our experienced team of brokers is prepared to assist and guide both you (the seller) and your potential buyer during an unprecedented post-COVID-19.
