You would be hard-pressed to find a region in this country, let alone the world, that remained unaffected by COVID-19. Although some places were impacted more severely than others, major cities in the US certainly experienced some of the most challenging months in modern history. That said, the United States is a very big country, and something that may seem catastrophic in one corner, may not be as serious in another.
Boston and the Northeast, in general, felt a little grim in the beginning – being so close to the New York City epicenter. However, local governments moved quickly, and Massachusetts is now one of the states with some of the lowest COVID infection rates. This is positive news for local businesses, especially those in the hospitality industry who are still taking a hit from lack of tourism but have seen immense support from locals.
Can I sell my business this year?
The Commonwealth of Massachusetts has not only been prioritizing small business assistance but its strict safety guidelines and precautions have all but saved local communities. This does, in fact, mean that you can sell your business in 2020. You do not need to put those plans on pause. If nothing else, 2020 has been the year of survival and creativity. How did your business thrive during the pandemic? What changes were made to ensure it remained relevant, accessible, and supported? These are all elements that matter to the 2020 buyer and this is what you need to focus on.
As we move into the cooler months, much of the country (and globe) is concerned about a second wave. However, Massachusetts has done an excellent job of keeping its residents safe, and those precautions will remain intact to ensure that safety is never compromised. Your business will also remain supported, especially as you prepare it for the sale and then enter the negotiations process. Continuing to work with the business and ensure its success will help you find a buyer in 2020.
Businesses are still selling. Transworld Business Advisors of North Boston has had a steady flow of buyer engagements and sales during the COVID pandemic. If you are unsure about how to proceed, consider hiring a local business broker that is familiar with the Boston area. Already experienced in the selling and purchasing of small businesses, 2020 has made these advisors experts in doing that in the current climate. Their insight is an invaluable resource to have on your side.