30: Reaction to The Latest BizBuySell Insights Report From a Business Broker Perspective
This week Jason Pittman, President and CEO of Exit Advisory joins Nana on Build value By Choice to discuss the newly released BizBuySell insight report ‘Small Business Acquisitions Pick Up in 2021, Beat Pre-Pandemic Levels in 4th Quarter’.
KEY TAKEAWAYS
Many business brokers surveyed expressed improved market conditions in 2021, with 62% reporting higher transactions than in 2020. Over half (53%) of those attributed growth to a strong demand for businesses that thrived during the pandemic. Forty-six percent (46%) experienced an increase in owners looking to sell, an encouraging stat given the lack of inventory has been the main barrier to market recovery to-date. An equal 46% experienced an increase in buyers as the Great Resignation, SBA aid programs, and low interest rates ignited demand.
Over the past year, a record number of workers have left their jobs for a variety of reasons. At the same time, business ownership has been catching entrepreneurs by storm. Over 5 million entrepreneurs applied for business applications in 2021, the largest number ever recorded by the U.S. Census Bureau. At the same time, 21% of business buyers identified as being part of the great resignation and business brokers say 23% of their inquiries came from corporate refugees or newly unemployed seeking ownership.
The businesses that are in demand are those in food and beverage services, or those in consumer services like car washes and auto repair. These simpler businesses are more attractive to potential buyers and in some cases have not been as impacted by the recent pandemic.
The number one thing that makes a business unsellable is if the owner is the business. Is the owner doing all the work themselves? Having a team in place who will survive a transition is a much more appealing prospect than a business where their best asset is leaving.
BEST MOMENTS
‘When you add it up there’s a lot of activity going on. It’s a perfect storm’
‘There’s a lot of people with cash just looking for the right opportunity’
‘You need to make sure the business is not too reliant on one individual’
EPISODE RESOURCES
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ABOUT THE GUEST
Jason is the President and CEO of Exit Advisory. He is a business broker and certified value builder focusing especially on the industrials and manufacturing industries. Jason resides with his family in the Chicago suburbs, in the state of Illinois.
PODCAST DESCRIPTION
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
Nana Bonsu:
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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