Business owners around the country and the world are taking a hard look at the future plans of their businesses after COVID-19. As the pandemic seems to recede, many see the need to take stock of what they have, especially regarding ownership. We’ve seen three questions come up again and again.
What is an essential business, and what will be an essential business in the future?
After COVID-19, business owners now know the government can step in with oversight far beyond anything they anticipated before. When governments can determine which businesses are “essential” and which are not, it leads us to think about the impact on business valuation. Is a business more valuable if it’s “essential”? Is your business essential? If not, should you consider ways to make it essential?
Have you found ways to increase the value of your business during COVID-19?
We are all adjusting to a “new normal,” personally as well as in our businesses. For example, restaurants and other retail outlets have discovered the value of take-out or delivery to their business. What was once considered an add-on is now a vital, core component of their business. People simply need and expect companies to have options for them that don’t involve walking into a retail outlet. Has your business come to grips with changes like that? Or working from home? Or online education rather than in-person classes? Companies that make those kinds of positive adjustments could be more valuable in the future.
What’s the trend for business valuations and sales in your industry?
Just before the COVID-19 crisis hit, there was a huge swell of businesses being sold. Much of that was put on pause, but the pressure seems to be building again. There are investors out there with lots of money to spend, and they’re looking for businesses to buy. However, that’s not true to the same extent in every industry, so you need a business broker who knows their stuff to help you.
Right now, after COVID-19 business owners should take a look at their business value. Whether you decide to sell outright, sell a portion, or find a business partner to expand, it all starts with knowing how much your company is worth. A business sales partner like CGK Business Sales can help you with an expert valuation that takes into consideration all factors, including the post-COVID-19 business environment.
The market is heating up, and it’s time to consider your options. Business owners after COVID-19 have lots of questions, and may not have enough answers. Contact CGK Business Sales at our San Antonio, TX office – or any of our business brokerages nationwide – and we can talk with you about any questions, concerns, or fears you may have. Every conversation is confidential and no-obligation. Let’s talk today.