Monday, November 19th was a significant day, following the weekend. We saw the stock market rise 830+ points. Sunday night’s 60 Minutes revealed not only the potential for a vaccine, but an enormous plan to distribute 300+ million vaccines throughout the US. Respecting your political view, there is change in the air in Washington. Any change can bring trepidation among all of us. If history and evolution have taught us anything, change can and does bring about opportunities.
How can this impact a decision to buy or sell a business? You may have heard on social media that the world’s billionaires have all profited greatly in the last six months. Of course, they have the resources to capitalize on changes that most of us do not have. But they first recognized something we can all benefit from; that change opens the chance to act in a different way.
If you are looking to buy a business, there may not be a better time to act. Many owners were ready to sell, retire, or move on, and so good opportunities abound. My heart goes out to those very distressed industries: restaurant, travel, hospitality, event planners, and personal service providers such as, dentists, salons, and even dry cleaners (who has sent their pants out recently with all the ZOOM meetings!). These are who you hear about in the news, yet an equal number of businesses have had their best year ever. Smart business owners took this “down time” to work on their business rather than in it. They streamlined, focused, and redirected their efforts in new and innovative ways. How many business buyers are out there with new energy and approaches to capitalize on these opportunities?
Sellers can be smart about this, too. Thinking about a change? As the comedian Bill Engvall liked to say, “Here’s your sign!” What buyers want to see is not the condition of your business today, but what have you done to maximize the business potential. Consolidation will occur in many industries and many buyers will seize this trend by acting on it aggressively. Do you want to be left behind? Review not just your business, but you lifestyle, your future plans, your goals, and most importantly, what is best for you overall.
Each industry, the economy and even the World will move forward. We do not know exactly how, but we know it will. Converse with your CPA, attorney, financial planner, business coach, and a business broker to plan your next move. Act brightly but proceed forthrightly!
Paul Corrigan, CBI, CVA | Transworld Business Advisors of North Boston
