How to Sell Your Business During a Pandemic

Image by Gerd Altmann from Pixabay 

It’s hard to find a person Covid-19 hasn’t affected in some way, and the same goes for businesses. Many industries have changed, some for better, and some for worse, over the last year. For some companies, online sales have skyrocketed, while others have been forced to shutter their doors for good. If you’re considering selling your business, but worry that timing isn’t on your side, keep reading. Time marches on, and so does the exchange of businesses and property. It’s not impossible to sell your business during a pandemic if you consider the following:

Get Organized

Before you initiate the process of selling, you’ll want to make sure your business is in the kind of order a potential buyer would consider taking on. Go over your finances, abandon any casual practices that aren’t easily explainable or transferable in favor of well-kept record keeping and a clear set of operations. Make sure your books are clear and organized. If you are the one who handles them, consider using record-keeping software that can help you clean them up and give potential buyers (and banks) a specific and detailed financial picture. If not, have your accountant spend some extra time getting everything in presentation condition. 

Spend a Little

You’re probably more than familiar with the phrase “you’ve got to spend money to make money,” especially if you’re a business owner. In addition to getting your business organized, take the time to make any upgrades you feel will help sell your business. Rather than pitch those upgrades to potential buyers as projects they could implement, get the upgrades done first and hand the business over ready for the next level. These upgrades can include physical elements, like a new coat of paint if you have a brick and mortar store, or technological advancements for your website. If you use an eCommerce platform like Shopify or WooCommerce, consider upping your plan to include those features you shied away from spending the cash on; they could make all the difference, and you’ll only be footing the bill until you make that sale. 

Gather a Good Team 

Because most of the world is still in some form of lockdown, it’s essential to set yourself up with a team of professionals you can find and hire online. Spend time researching the best business brokers, or banks that offer the best financing deals. Even services that once required in-person contact can be found on the internet. Check out JKA Conveyancing for when it comes times to transfer your property. Be sure to do your due diligence when it comes to experience. It may be easy to hire the lawyer your cousin suggests but taking the time to find someone who knows how to handle the kind of contracts you’ll be handing him will make all the difference in protecting yourself and your money. 

There you have it; don’t let a global pandemic stop you for taking the right step for you and your business, even if its something as big as selling. 

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