2020, a year to remember – A brief review of buying and selling a business

In the blink of an eye, our entire world has changed and, as I write this, I am considering what is the new ‘normal’.

In a rollercoaster of a year, we have seen Australians deal with drought, bushfires, a pandemic and subsequent economic fall-out. But the most amazing thing is that our resilience continues to shine through.

It was no surprise that business sales inquiries dropped off as we went into our first lockdown. We always believed the market would pick up again, but we weren’t sure how long it would take. What we know now is that you can’t keep an Aussie down for long!

By May, the numbers were already showing an improvement; in fact, the number of inquiries for May was up 11% on last year. More recently, November saw a record number of inquiries with more inquiries to sell businesses than we have ever received.

And we are seeing a different market. The number of people looking for lifestyle businesses has dropped off, whilst the number of people looking to replace their job with a business has risen.

We do know that online businesses have thrived during lockdown. The latest figures show that by 2021, global eCommerce sales will have reached 4.5 trillion. That is double what it was in 2017.

Whether you’re looking to buy yourself a job post COVID-19, or you simply want to try something new, there has never been a better time to consider an eCommerce store.

For more information about buying or selling a business, get in touch with us today. CONTACT US