During the Covid-19 pandemic, many business owners have been wondering ‘is now the right time to sell my salon business’ or whether they should wait another year or two. During this article we will be explaining some of the reasons why it may not be beneficial for you to wait.
- Why were you thinking about selling in the first place?
If 2020 was the year you were going to start your exit plan you may want to consider the reasons why you were ready to market your business this year. Is it because you are ready to retire? Has a health problem affected your ability to work? Is it just time to move on to something new or other circumstances that means you are just not longer able to spend the valuable and necessary time on your business? Timing is key when planning your exit and you need to think about your motivation for selling.
- How long could it take to sell your business?
If you put your business on the market in 2020 it is highly unlikely that it would sell before the end of the year. In fact, it could take 12-18 months to sell, so the longer you wait to start marketing your business the further away your exit will be.
- How has your business become more attractive to buyers since Covid-19?
Covid-19 has created an opportunity for your business to prove itself during this challenging time. A business that has remained resilient and versatile during one of the biggest worldwide crises becomes particularly attractive to buyers and will give you the upper hand when negotiating on price.
If you are considering selling your business during the pandemic in preparation for life after Covid-19, contact our BuyMySalon team here to discuss how to prepare your business exit strategy.