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Everyone has significantly been affected by the current pandemic and it has been a challenge to many business owners. However, with the right set of tools and a proper guide, selling your business during a pandemic for survival or profit can be an easy task for you. Survival is critical right now and adjusting to new techniques and ways of doing things will be inevitable. However, this can be invaluable for selling your business in the current market.

Here are three tips you consider while trying to sell your business during a pandemic:

1. Get your business valuation

The first thing you need to do to sell your business during a pandemic is to evaluate your numbers and understand what you have for assets. Since this is no economic period like any other, understanding your numbers lets you plan and forecast accurately. Take stock of inventory and equipment and ensure they are represented properly on your P&L sheet.
Other factors that impact your business valuation include location, client concentration, client staff and management, and reputation.

2. Focus on cash flow

During the pandemic, it’s better to look at survival than profits. It’s not the time to stake high on inventory or services, which may end up tying your cash flow rather than having it circulate. Take time in planning how you will not end up having debts or unpaid credits that hold your money and instead invest in what will bring back a significant profit margin. Once you do your transactions, you should be able to have a well laid out balance sheet and a profit and loss account. Investing in cash flow is better for you since forecasting when the pandemic will be over is not something you can be sure of. Know your numbers and keep them balanced and accurate since you want to keep selling your business rather than closing it for survival, which is a situation some of your competitors have made.

3. Work with a business broker

Before the pandemic, you might have considered investing in working with a business broker. However, during the pandemic, it’s more important than ever to get professional assistance with the sale of a business. At Alliant, our team of experts helps assess your business assets and provides a free opinion of value. We let businesses owners know the true value of their business and how to make it most attractive to buyers.

An experienced business broker will be well connected in your industry, which can be an essential factor to finding buyers for your business. They tap into clients and potential leads who might otherwise be difficult to find right now.

An economic downturn doesn’t necessarily mean it’s a bad time to sell your business. There are always opportunities, even in tough times, and right now many people are looking for new options. Those who have lost jobs or are burnt out may be using the pandemic as a chance to start a whole life as a business owner. When done properly, selling your business means you can sell and enjoy what’s next in your own life.