Coronavirus has captured the attention of people across the globe and for good reason. It is a scary and unpredictable time. However, if you own a business and are interested in retiring, it doesn’t mean that you necessarily need to delay your retirement.
If you own a company that has an annual net income of $200,000 to $5 Million in technology, manufacturing, distribution, healthcare, construction, or services, we can still sell your company despite the current pandemic. Synergy Business Brokers has continued to successfully sell profitable companies throughout 2020 in the midst of COVID-19 as we work together with buyers and sellers.
Companies that are desirable during the Pandemic
Potential buyers are especially looking for companies that have recurring revenue from long term customers in industries that are less likely to be hurt by a recession.
An example of some of the recent companies sold by Synergy Business Brokers in 2020 are businesses in Commercial Cleaning, Software, Property Management, Technical Services, and internet access. Other industries in high demand are in healthcare, the distribution and manufacturing of consumer staple goods, and critical products and services for businesses and individuals.
However, if you don’t own a business in one of these areas, and your company has been negatively impacted by the current climate with Coronavirus, the business can still typically be sold, but require more aggressive pricing.
Selling a Company with Social Distancing
If you are concerned about social distancing, you may be reassured by the fact that most, if not all, of the process associated with selling your business, can be done virtually without an in-person meeting. Our confidential consultation can be handled over the phone, and any agreements can be signed electronically. Meetings with buyers can be done virtually via Zoom or Go To Meeting, and if face to face meetings are required, then you can practice social distancing by maintaining 6 feet between people in the meeting and skip the handshakes.
Offers were typically done via email, even before Coronavirus. About half of our closings were also done virtually even before COVID 19. Now we anticipate most if not all of the closings will be done virtually with documents being signed electronically and the funds being wired to the seller.
Can I sell my business with COVID-19?
So if you are wondering if you can still sell your company and you have a profitable business in one of the industries we represent, the answer is yes!
What would be the timeframe for selling a company during the pandemic? Our typical timeline for selling a company is 6 to 10 months. In most cases, I don’t anticipate that this would be different if you own a company that continues to be profitable.
In some cases, we’re able to sell a business within a couple of months, and sometimes it can take longer than a year, depending on how you price the company. Of course, the price to income ratio is always a factor in the time it takes to sell a company. But there are a number of other factors, we will discuss as we review the details of your company and give you our opinion on what we think a realistic selling price is and expectations on a timeframe.
Who will buy my business in the era of Coronavirus?
While certainly, some people are not interested in buying a business during this pandemic, there are still many other buyers that are interested in purchasing a business.
In fact, some buyers may even have more of a sense of urgency to buy. They may own a company that has been derailed by COVID 19 in an industry such as travel, restaurants, bars, and entertainment. Or perhaps they are high-level executives that have been laid off due to the novel Coronavirus. If your business is still profitable, buyers may be eager to get into a company like yours.
Some Investment firms want to purchase companies in different industries in order to offer them diversification. With the decline in the stock market, private companies may be an excellent alternative for many investors.
Marketing Companies Confidentially
As in normal times, our job is really about matching up the right buyer with the right business. To do this, we have a database of over 27,000 potential buyers in the industries that we specialize in, like tech., healthcare, manufacturing, services, and distribution. Also, in our database, are investment firms and wealthy individuals.
Additionally, Synergy Business Brokers provides a comprehensive marketing campaign that includes Google, Facebook, LinkedIn, Bizbuysell, Businessesforsale, WSJ.com, NYTimes.com, and many other sites. We protect the confidentiality of your business by only advertising a general description and then requiring buyers to sign a Confidentiality Agreement and provide us with information on their qualifications before releasing the name of your company and the details.
Selling Companies with no upfront fee
You will be happy to know that we provide all of our services, including consultations, marketing, qualifying buyers, negotiating offers, and assisting with the process, all with no fee until your business is sold. Because of this, we are selective in only taking on assignments where we fell that we can be successful. This means we’ll want to have an agreement with you on a potential selling price before we start our marketing program. You can also decide whether we are the right fit for you before we begin. You can view our Sold Businesses and read some of our client testimonials. You can also watch some of our videos to get a sense of our team.
Contact Synergy Business Brokers
We are happy to be of assistance to our clients and potential buyers during these trying times. We have been in business since 2002 and were successful in selling companies during the great recession of 2008/2009. If you are considering selling your company in 2020, you can call (888) 750-5950 or fill out our brief online form. We will follow up for a confidential phone consultation and see if we can be of assistance to you in selling your company during the coronavirus era.
Buying a Business during the time of Coronavirus
Rest assured, we are interested in maintaining social distancing for buyers and sellers. Please view our Businesses for sale. We have many profitable companies. You can sort by Net Cash Flow, Price, Industry, and location. When you find a business that is of interest, please fill out our online NDA and provide us some information on your background so that we can provide you with information on a potential business for sale for you.