Can you believe it? 2020 is finally in our rearview mirror. It is a new month, a new year, and a new opportunity to make some economic progress. Although we are still amid the pandemic, we have learned a lot from the challenges of last year. For instance, what kind of businesses thrived in Boston? What did businesses have to do to stay afloat in and around Boston? And, of course, what will this next year potentially look like in terms of business sales in Boston?
Demand for Pandemic-Proof Businesses
To be expected, the businesses that initially thrived in the spring of 2020 were those considered “essential” during a pandemic. For example, pharmacies, cleaning and delivery services, grocery stores – to name a few. As the year progressed, some small businesses not in industries considered essential were gravely affected. They had to get more creative. In the restaurant industry, businesses increased take-out and delivery options or built structures for outdoor dining. In the retail space, curbside pickup and online shopping increased significantly to accommodate for closed brick and mortar locations throughout North Boston.
These trends are likely to continue through the beginning of 2021 as the pandemic continues to be our reality. However, with an increase in safety precautions and the distribution of the vaccine, economists are optimistic about a stronger second half of the year. What does this mean for business sales in Boston? Simply put, it means there is a demand for businesses that can survive COVID.
Thriving Boston Businesses
In Boston, we certainly saw an increase in specific businesses. For one, Amwell – the telemedicine technology company, saw five times the volume it experiences during peak flu season. To be expected, Bostonians wanted to avoid hospitals and urgent care centers when they fell ill, for fear of contracting COVID-19. The opportunity to chat with a physician in the safety and comfort of your home speak for itself. Telehealth thrived and this remains true for 2021. Many experts believe work-from-home culture and health care needs will bring exponential growth to biotech companies. For instance, Moderna Therapeutics – one of the leaders in the COVID vaccine research and production is Cambridge-based.
Boston, like other major cities, has seen its fair share of high and low numbers from March 2020 to present-day but many of Boston’s business owners also took the opportunity to think outside the box and find success. The year 2021 has an opportunity to look much brighter than the previous one. Not only because we now understand what consumers need and are demanding, but because we understand the importance of becoming more creative as business owners. Businesses that have found ways to demonstrate their resilience are more valuable now than they were a year ago because now they know the secret to success – they can survive the most challenging of times, a worldwide pandemic.
All around Boston, these businesses can safely say their value has increased in comparison to what it was pre-COVID. Their asking prices are higher and they are likely to sell for more money than they would have at the start of 2020. With so many businesses negatively impacted by the pandemic, there is no doubt that those that thrived have increased in value and become more attractive to today’s business buyers in the Boston area.
If you are considering a Boston business sale in 2021, this is the time to set that process in motion. We will help you determine the value of your business in 2021 and work diligently to find the best buyer for your business. Contact the local business experts at Transworld Business Advisors North Boston – we will work with you from the very beginning of the sales cycle until the signature is on the dotted line.
