Reopened. Reopening. Pausing. Reversing: What is the only information you really need to have?
Getting a snapshot of whether states are “Open for Business” or not can be hard to keep up with. Here’s a link to a New York Times update that is really current:
The fact is things are opening up and as with most things in life, it’s hard to imagine going back. This is really true as you look at where your small business was before the pandemic – and where it might be today. Especially when you want the current value of your business.
It’s really the most valuable piece of information you can have.
Many business owners are starting to take a serious look at re-evaluating what their business might be worth on this side, COVID – especially because it’s not over. Not because they are thinking about selling their businesses as things turn around – but they know they need to have all their options covered. That’s smart.
We’ve noted previously in this blog that having survived the worst of February through June, many businesses have come out the other side leaner, stronger and more profitable; worth hanging onto and continuing to perform well. But, this also means they are more attractive to buyers.
And, I always say, “The best time to sell a good business is when it is still a good business.”
As of last month, there were an abundance of buyers and capital ‘backed up’ and ready for investment, which made it look like a pretty good time for business owners to start to at least consider their options with regard to selling.
That situation has gotten even better for owners considering selling their businesses. And lots of buyers can mean multiple offers and a higher net return at the closing table on the sale of a business.
We are still seeing a turn-around with more business owner interest and inquiries about selling, more businesses-for-sale being listed, and an abundance of interest and capital being aimed at new business-for-sale listings.
And the improved outlook is also continuing to cross all industry sectors.
A review of the New York Times update, although there are states that are “pausing” and “reversing”, definitely shows strength in the upper Midwest for now. A good time to be thinking about options which, as a business owner, you should be aware of. Knowing today’s value of a business is probably the single most important piece of information an owner can have when navigating the volatile conditions, government regulation and consumer uncertainty we are all experiencing today.