Buying a Business During the Covid-19 Pandemic
Is this a Buying Opportunity?
The Covid-19 Pandemic has unquestionably brought the country to its knees and tragically cost over 100,000 deaths and businesses forced to close their doors permanently. Something we have never experienced in this country in our lifetimes.
With that being said, there are opportunities being created and entrepreneurs are going to be taking advantage of these.
We are all too familiar with the term “Essential Businesses”. I don’t know who determined what is and isn’t a “Essential Business”. However independent businesses in which you purchase an item were closed down. But you can drive down the street and purchase at a Big Box store without any problem the same item.
Due to this unforeseen event, many of the independent retailers and service businesses were driven into bankruptcy or simply closed their doors permanently.
One example were Salons and Barbershops being shut down. Several independent and franchise establishments closed their doors permanently or went bankrupt. That has left a great void which has to be filled.
The Salons and Barbershops were permitted to open, in Florida, on May 11th with proper social distancing, masks, sanitizer, etc. When I called my barber, I was told the soonest I could get in would be in 12 days. My wife’s Salon is closed and she was not a happy camper. Luckily, a very good friend, whose wife owns a Salon took us both right away at the end of the day.
The point being that a void has been created by the closing of many businesses and the existing businesses are going to be filling that void. This means buying one of those businesses could provide a great opportunity for an entrepreneur. They could own a business or an existing business that could expand their present business.
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