Yes, you can! A business is made up of so much more than open doors to a brick-and-mortar or its profit margins. A closed business does not mean the end of its value or sale potential. If your business has unfortunately closed recently, there is still value that will interest a prospective buyer.
Whether your business closed as a result of the impact of COVID-19 or as a result of something completely unrelated, you CAN sell your closed business. Although an incredibly unfortunate circumstance, it is not the end of the rope for your business.
As a business owner, you know more than anyone that a business is made up of its inventory, customer base, and marketing strategies. Perhaps you can no longer afford the rent and are forced to close your doors but where is your merchandise going? What happened to the equipment used for the services you offered? A competitor or similar business might be interested in purchasing your physical assets. With additional inventory, they can grow their business without perhaps having to manage an entirely new company.
Did you have a loyal customer base? If so, that can have a lot of value. Whether it looks like an actual customer list, email list or followers on a social media profile, exposure is worth something to a prospective buyer. A competitor – perhaps in the same industry – might be interested in getting their hands on your contacts. With the help of a business broker, there are privacy-protecting and data-security-friendly ways to monetize this information on your behalf.
There is also the possibility that a competitor might be interested in purchasing your business in the hopes that they can expand their own existing business’ footprint with a new location.
Having the guidance of an experienced business broker from Transworld Business Advisors can make all the difference. Our team can help you explore your options. Your closed doors don’t have to be the end of your business.