Trying to Sell Your Business During the Pandemic?
COVID-19 has had a devastating impact on countless Americans since it began spreading across the country in early 2020. Sadly, the pandemic is best summarized by a series of losses Americans have had to unwillingly accept. Those who lost a loved one to the virus are beset by grief. Financial hardship struck many Americans who lost their jobs, or found themselves unable to work due to illness or state mandates. Businesses had to close due to lack of clientele, state mandates, or other struggles. The COVID-19 pandemic has led to uncertainty across the board. For a business owner, it may seem like a volatile time to consider selling your company. It may be the perfect time to do so, however.Is a Pandemic Really the Right Time to Sell a Company?
It is understandable to be skeptical about whether or not now is really the time to sell your company. There are certain considerations and factors to keep in mind, but selling may just be the best move for you.
If you are around 60 years old -- or the average age of a small business owner -- it may be in your interest to get to retirement with more peace of mind or to get there sooner thanks to some savvy selling. Especially if your company deals with delivery or e-commerce, there is a strong and healthy market where selling now would be lucrative.
Having a proper team, or a certified public accountant can best aid the decision making process. While it may be downhill from here for many, it could be an uphill climb for others. A professional advisor can help you determine what route might be best for you, and if or when would be a safe time to sell.How to Sell Your Business During the Pandemic
Having a plan before selling will always be the wisest route to take, regardless of a pandemic or a recession or any other financially-impacting season.
Assessing the company’s value and current state is critical to moving forward with the notion of selling. What if your company will not sell for a good price? What if there is still a healthy amount of growth occurring? These questions are important to address.
Focus on your balance sheets and cash flow; good bookkeeping never hurt a company.
Tap into the potential that your employees have by involving them with the process, let them help you decide which route to take. They are an integral part of the company.
Ultimately, the focus should be, regardless if selling or keeping, on the long term growth and the decisions that will make it marketable and healthy, or enduring should you choose to keep it.Questions Regarding Selling a Company During the COVID-19 pandemic? Call Us
The COVID-19 pandemic has been characterized by the unpredictability and the uncertainty around it. Everyone has lost something. Whether it is simple peace of mind, or a loved one, or a job or opportunity, the pandemic has taken so much. Fortunately, if one is in a position to sell a company, there are at least some options available to make the most out of a bad situation. If you are unsure about which direction or steps to take, we can help. At SAC Attorneys LLP, we care about your success and well-being, and are willing and ready to help you however necessary. Have confidence contacting our staff today at (408) 716-1603.