Originally written by Matt Hernon on Small Business
As the pandemic swept the world, we were bracing ourselves for the very worst. Would anyone really want to buy or sell a business during the COVID-19 crisis? Recessions come and go but this was looking like an economic tsunami.
In the immediate aftermath of the lockdown in March, traffic to BusinessesForSale.com halved from 1.3m visitors to 700,000 in a matter of days. But the fact that there were still 1000s of business buyers searching the website looking for a business was not just a relief for us but also quite fascinating.
A massive online marketplace to buy from during COVID-19
What was going on? The answer lay in the fact that BusinessesForSale.com was a mirror of the real economy.
While businesses that were instantly shut down – such as pubs, restaurants and hotels – which saw interest suddenly fall off a cliff edge – we saw a sudden spike in enquiries to tech and e-commerce businesses as well as convenience stores, pet shops and petrol stations.
What we discovered in the next few weeks and months was a revelation. Buyers had cash and they were moving in to make quick gains – and they still are.
So, to