It’s one of the biggest questions we’re asked at the moment: Can I sell my business during a lockdown?
In short, the answer is yes. Below we’re going to show you why.
Whether your business has been able to thrive and adapt in the constant changes brought on by COVID-19, or you’ve found yourself negatively affected by forced closures, buyers are still out there for businesses of all shapes and sizes.
When the UK entered its first lockdown at the end of March 2020, no one in the business sales industry was quite sure what to expect.
The result was a fantastic increase in buyer interest across all sectors, from catering to health & beauty, media & technology and services.
Throughout lockdown we received nearly 7,000 enquiries from interested parties and, with a swift change towards virtual viewings, over 1,200 business owners and buyers were put in to contact.
In fact, on average we saw a 28% increase in buyer enquires when compared to pre-COVID statistics, as well as a massive 60% uplift in the number of business viewings booked in June vs March.
But what caused this huge surge in buyer interest?
1. More Time
Even the most passionate entrepreneur can find themselves placing their business dreams on hold when they’re bogged down with other commitments.
The pandemic forced all of us to slow down, with social events cancelled, many workers furloughed and restrictions placed across almost all aspects of life.
With more time on their hands, a number of business buyers seized the opportunity to start the search for their dream business.
Why not read some first-hand accounts from people who started their business during Coronavirus here.
2. High Demand
Whilst COVID has certainly proven a difficult obstacle for a number of industries, for others, it has had a positive impact on sales.
With an increased demand for essential shops, takeaway food and online shopping, 2020 actually proved to be a phenomenal year for some businesses.
This increase in success has seen a direct surge in demand, meaning if you own a business in one of these industries there has never been a better time to sell.
3. Life’s Too Short
If 2020 taught us anything, its that there certainly is no time like the present.
The shockwaves caused by the coronavirus pandemic have lead many budding business owners to shake off their past excuses and start living their dream.
At Intelligent, we’ve never experienced such an influx of motivated business buyers.
There you have it, our key insights in to why selling a business during lockdown could work for your business.
We understand that there is a lot of uncertainty across the entire market at the moment, which is why we're always on hand to help anyone considering a potential sale or purchase of a business.
By selling with Intelligent, we will take away the stress of selling so that you can focus on your business instead.
Our dedicated expert team will work hard to fully understand your business and what makes it unique, giving you peace of mind.
Get quick and easy insight into the real value of your business, without any obligations.
At Intelligent, all of our experts use a specific formula that will give you a free and highly accurate baseline valuation so that you've got a figure to work with that most realistically resembles the value of your business.