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Business owners, we hope you and your businesses are doing well.  We have heard from some business owners that have had a decline in revenues, had to furlough or lay off employees, and are struggling. Others have told us that they are doing “just OK” and some have said they are thriving.

A question to consider is “How healthy do you think your business will be in 2021?”  The Covid-19 issue has been with us for the first half of 2020 and is likely to be around for a while longer, and we still don’t know what “a while” means.  The last time we had a significant economic downturn, it began in 2008 and lasted for several years.  During that time, we worked with a number of business owners that were actively buying or selling.  Why were business owners buying and selling during that time?  That is a great question and has many parallels with what we are experiencing today due to Covid-19.

Some businesses had a decline in revenue and found it easier to replace lost Revenue through an acquisition rather than by growing through increased sales effort.  Other business owners that were doing well or maybe even going through a tough time found buyers willing to pay a fair price.  Business owners looking to sell looked ahead and for many different reasons determined that they might be better off selling and retiring or doing something else.

“Everything is for sale” is a familiar phrase.  Business owners deal with customers, vendors, employees, financial institutions, and yes – the government.  Dealing with these when necessary is part of business ownership, but there are times – too many times – when we feel like we have to deal with all of those aspects at the same time.  It can be frustrating and devastating for the business and more so for a business owner. 

Buying a business for the first-time is a huge step, one of a handful of major experiences in a lifetime.  Existing businesses that acquire another business face many challenges, particularly the first time making an acquisition.  Does it get easier?  Yes but the experience will be different.

It’s always wise to consider all options and make educated decisions after examining all aspects of a major decision.  As a business owner, look ahead, think about the future for your ownership of the business.  Do you want to continue?  Is selling a possibility?  Is growing via an acquisition a good thing?  Sometimes the best decisions are the ones where we continue as we have been.  In those situations, it’s good to know what alternatives and additional options have been explored.

We have been receiving a lot of inquiries from business buyers that say they need to look at things differently than they did only a few months ago.  Let’s have a conversation, there’s no objective except to explore options.  Give us a call or send an e-mail.  We’d love to hear from you.

 

Morgan Vaive, Vice President

Morgan.vaive@zoellnergarten.com

859-957-9657

John W. Zoellner, President

jzoellner@zoellnergarten.com

513-382-3797

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