25 Nov BizBuySell and BizQuest President Bob House Provides Insights into 2020
No doubt about it, 2020 has been a wild ride no matter how you look at it. From main street to Wall Street, and everywhere in between, 2020 will stand out in the history books as a truly unique year. Now the year quickly coming to an end, we’re going to step back and take a look at business confidence and how buyers and sellers are handling the economic downturn and the pandemic.
This week in our continuing Business Advisory Reboot webinar series, we were joined by Bob House. Click here to watch the webinar. House has been the President of BizBuySell.com and BizQuest.com for the past eight years. BizBuySell.com and BizQuest.com are the Internet’s largest and most trafficked business-for-sale marketplaces.
House has enjoyed a long and impressive career that also included working in business and product development with Dun & Bradstreet as well as technology and travel companies. During House’s webinar, he discussed BizBuySell’s 3rd Quarter Insight Report, which contains a summarized analysis of transactions as reported by business brokers as well as survey of 2,300+ business owners and buyers in the United States. The end result was a thought-provoking snapshot of mindset of business owners and buyers as of late 2020.
House’s webinar was a wealth of information. Topping the list of important insights is the fact that, while many businesses are obviously suffering, some businesses are proving to be pandemic proof and pandemic resilient. These businesses have been able to either adapt or change their models to stay afloat. Some are even thriving.
In fact, many experienced business owners have seen 2020 as a great time to seek what is essentially a discounted expansion. This strategy is taking a variety of forms. These savvy business owners are using the current economic downturn as a way to take steps, such as acquiring strategic locations, or grow their businesses through acquisition.
Further, House notes that the lessons of the pandemic are already resonating with buyers. Many new buyers are actively seeking businesses that are as pandemic proof as possible.
This article only scratches the surface of House’s key insights. Business brokers wanting to get a true lay of the land and understand what 2021 and beyond may have in store will want to read the next two articles in this series.