When looking to sell a business in the Orlando and Central Florida area during unprecedented times there are a few different ways to help your business sell. In the last 15 years the Central Florida area has been hit by harsh storms and depleting recessions. These events would affect businesses for months and sometimes years afterwards. In the more present time we realize that shutting businesses down for a couple months due to national health concerns is now a reality.
Whether there is a hurricane, a recession, a real estate drought or a health issue that threatens business in Orlando, there is always still a market for selling businesses. Buyers are always looking for potential deals. Some opportunistic buyers even feel that buying in a down economy is more advantageous for them. When it comes to sellers, many have planned on selling their Orlando based businesses for years and feel that a single event should not prevent their plans from moving forward. Below are 5 ways to help your business sell during unprecedented times in the Orlando area.
1) If it is possible to keep your business open in any capacity, keep it open.
Obviously in unprecedented times some businesses have to shut down. In the past hurricanes and other larger storms have shut businesses down due to safety or power outages. Potential business buyers will study closely how a business performs during a crises period. After all, most buyers will feel that if they see a business weather a catastrophic event that this might be an example of the worst they would potentially experience. If you can stay open, even at a half capacity, stay open. It will look better if you can stay open. If you have to close, do whatever you can to preserve the integrity of the business as far as keeping up with the premises and doing what is in your power to take care of your employees and customers in whatever capacity you can.
2. Be prepared to show financials.
Financials have always been important for business buyers to see. Most buyers look at financials as a type of cliff notes to help them quickly understand how a business works. Be prepared to show year after year comparisons on your financials. For example, if you are showing your business for sale to a buyer in May, and there has been an unprecedented event, be prepared for buyers to ask for financials from January to May from the current year and January to May for the year prior. Orlando business buyers will want to compare financials numbers to see how the business weathered the storm or any other event. If your business is shut down for a period of time buyers will definitely expect your financial numbers to be up to date because they will feel the sellers have more time to put the financials together.
3. Make sure there are plans in place for your employees.
Some businesses have more options than others, but business buyers will examine how you treated your employees during unprecedented times. If the business stayed open were you able to give the consistent work and consistent pay? Did you provide them with any private assistance? If workers had to be furloughed did you the owner of the business provide any assistance to help ensure your workers applied for and received those benefits. Often times workers do come back to work for businesses when economies pick up so as a business owner and especially one looking to sell a business it is important to makes those employees feel valuable because both a business buyer and a business seller will want those employees to essentially come back to work.
4. Make your business stand out during the unprecedented period.
There are many ways businesses try to stand out during times of crisis. Some businesses sponsor special causes or events. For example, a restaurant might bring catered lunches to medical staffs or they might deliver critical living supplies to homeless shelters. Some businesses even offer delivery or special take out services to help gain more potential customers. One should always work to make their business stand out from the crowd. It is especially important during times of crises. Sometimes it is as simple as sending all of your customers an email and wishing them well and either stating your company is open or your company is opening and servicing customers soon.
5. Determine whether or not your business selling in Orlando is thought to be critical or nonessential and follow the necessary protocol.
Is your business one that stays open regardless of the environment at hand? If so you want to make sure that all the equipment and people are in place to handle events at the time when they occur. That means having the right insurance, the right emergency protocols and the right supplies. Does your company have some emergency gallons of gas in the event gas stations shut down. Does your company have the right safety to weather the event at hand whether the equipment is masks, food, batteries or other necessities. If you business does have to shut down for a period of time during an unprecedented event it is important that the business still continues to be cared for. Perhaps this is a great time to paint walls, retrain some workers, or take some online business courses for yourself. As an example, a road construction company might find that an economy temporarily shut down might provide them with an excellent chance to handle more projects while taking advantage of less populated highways.
Putting all of these processes and thoughts to work can help Orlando area business sellers market their businesses for sale during unprecedented times. If you’re asking yourself, can I sell my business in Orlando during tough economic times the answer is yes. Check out these ways to help a potential sale and if you have any questions on selling your business in the Greater Orlando area or throughout Central Florida call the business for sale experts at Crowne Atlantic at 407-478-4101.