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COVID 19 Effect on Sales

The covid 19 pandemic has impacted economies all over the world. The pandemic has been challenging for everyone, from lockdowns to production halts to people losing their jobs, and many even their lives.   

The past two years taught the world that nothing is inevitable, and business especially should always be prepared to cope with unprecedented changes.   

Most businesses faced a considerable amount of loss in sales, especially during the initial months of covid 19. Business sales in many companies dropped by more than 15%, and losses for “non-essential” products were even more substantial. For example, clothing sales dropped by 52%, accommodation sales by 92%, and bars by 86%.  

The challenges faced by small businesses were even more unprecedented. In the state of Florida, over 60% of jobs in the past ten years were created by small businesses. Due to forced or voluntary shutdowns, significant losses were incurred by these small businesses. The majority of the loss was from the arts, entertainment, and recreation sector, followed by the transportation & warehouse sector, accommodation & foodservice sector, education services, real estate sector, and other industrial sectors.  

The small business faced a significant decrease in gross revenue, especially from the arts, entertainment, and recreation sectors. People were less likely to use their disposable incomes on leisure and entertainment. This shows that the business was making losses, but people lost jobs, and the quality of life for the community was also affected.  

The business had to lay off approximately 13% of their employees to reduce expenses; many had to face supply chain issues, which added to their expenses reducing gross income. Almost 40% of small business owners who could not cope with the fast changes in consumer behavior and lockdowns had to close their business due to the losses and next to no income or sales.  

What Kept Businesses Afloat?  

In contrast to the above details, online sales grew by 180%! The covid-19 pandemic forced everyone to go digital. Buyers, sellers, workers, with everyone staying at home due to lockdowns, working from home has become the new normal.  

Decision-makers have embraced the change to digital and remote involvement in all countries examined worldwide, indicating that it is far from a local phenomenon. B2B sales leaders have progressed from being “forced” to adopt digital to a growing belief that digital is the way to go.  

The ease with which B2B purchasers make substantial new purchases and reorders online is the most telling evidence that digital sales have matured. E-commerce was once thought to be primarily for fast-moving parts and low-ticket items, according to conventional opinion. That is no longer the case. Interestingly, 70% of B2B decision-makers indicate they are willing to spend more than $50,000 on new products or remote purchases, while 27% say they would be willing to spend more than $500,000.  

Furthermore, B2B stakeholders worldwide think that remote and online selling is as effective as, if not more, than in-person interactions. Sellers believe that digital marketing is just as effective as in-person meetings to interact with clients.   

This massive shift to digital marketing has also increased video and live chat as the primary medium for connecting with closing sales with clients. At the same time, in-person sales and meetings have relatively plummeted.   

The New Normal 

Since the pandemic’s beginning, revenue produced from video-related interactions has increased by 69%. More than any other channel, video conferencing and e-commerce now contribute 43% of total B2B revenue.  

This isn’t only true for B2B sellers and buyers, but also consumers are buying increasingly more through online platforms.  

Since the outbreak of the pandemic, people all over the world have relied heavily on e-commerce to buy everything from necessities to holiday gifts. These changes in consumer behavior will likely remain the same, and the use of e-commerce will stay for a long time. Ecommerce has also revolutionized convenience, with classic tactile purchasing experiences like grocery shopping seeing a significant increase.  

This type of change in consumer behavior usually takes decades, but due to the pandemic, almost ten years of e-commerce adoption was compressed into 100 days.   

The move to an e-commerce-first mindset occurred in nations where online buying was already widely accepted and in societies where in-person, local, cash-based, and daily purchasing is the norm.  

In this era of digital marketing, we have created a number of challenges, possibilities, and conventions that will determine how we buy and sell in the near future. But as of now, sales in both B2C and B2B businesses will be majorly through online channels. 

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Frequently Asked Questions When It Comes to Selling a Business

Selling a business can be a complicated process. There are many things to consider, and it can be challenging to know where to start. We will answer some of the most frequently asked questions about selling a business in Fort Lauderdale, FL. 

1. Why Should I Sell My Business? 

Selling a business in Fort Lauderdale, FL, can be an excellent option for many reasons. You could choose to sell your company if you are looking to acquire another company or if you would like to get out of the industry entirely. In some cases, selling your business is the only way to get out of an unfavorable contract with a larger company. You could also choose to sell a business if you are looking to retire or simply because you want a change of scenery. 

2. How Can My Business Be Worth More Once I’ve Sold It?  

Evaluation is a lot easier when your business isn’t for sale. When you first start as an entrepreneur, it’s easy to think that you could never sell your company for more than what it was worth when you first began. Perhaps, over time, the business has grown and changed (in terms of employees, product lines, and revenue). This will make valuation difficult for any potential buyer. 

Still, if you wish to sell your company for more than what it was initially worth, you’ll need to give some thought as to how those changes have inflated the value of your company. These changes could include new product lines, a trained staff, or even additional offices in other parts of the country. 

3. Who Should Buy My Business?  

When considering who to sell a business to, there are several factors that you will need to consider. These factors include the industry of the company buying your business, their credit rating, and any size or location restrictions that may be a part of the contract. If the buyer is a large fish in a small pond, it may be challenging to sell them to your company. They may not want the competition. You will need to carefully think through all of these factors before finalizing any contract with a buyer. 

4. How Do I Know Which Price Range is Suitable for My Business?  

You will need to think about what your company’s worth as compared to how it was worth when you first started. Several factors can determine the price range, including industry competition, changes made since your company’s beginning, and growth metrics. 

You may need the assistance of a business broker to help you determine what an appropriate price range for your company is. A professional and experienced business broker can assist in helping you find the best buyer for your company and make sure that all applicable regulations regarding its sale are followed. You will also receive expert advice on what price range would be most beneficial for you, the company’s current owner. 


When you are looking to sell your company, it is essential to research the industry. It would be best to consider speaking with a business broker about how much your business is worth before putting an asking price on your company. 

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The Importance of a Business Broker

Managing a business has become more difficult because of the COVID-19 epidemic. To remain competitive, organizations must become leaner and more agile. Resilience and the capacity to pivot in the face of adversity are prerequisites for success. 

Selling a firm has become more difficult as a result of the outbreak. Businesses across a wide range of industries have adapted their business strategies in the face of the epidemic, making it difficult to communicate your unique selling point. 

In such conditions, businesses can avail a great solution – a business broker. Fort Lauderdale, Florida seasoned business broker can assist you with selling your company. Why use a business broker? Here are some reasons: 

  1. Create The Perfect Market Strategy 

To attract potential buyers, the broker can assist you in developing a marketing plan that includes an official summary that portrays your company in the best light. You can get a better deal on the sale of your company if there are numerous interested parties. A good business broker can help you explain to potential customers why your company is so appealing. As long as you can show the buyer how to grow the firm, you may get a greater price for the sale. 

  1. Ensure Data Privacy 

Your competition, staff, and customers may not want to know when you’re selling your firm. The sale of a business will be kept entirely secret by a business broker. A Business Broker must first ‘qualify’ each prospective buyer as a serious buyer by having them sign a confidentiality agreement. The buyer is only supplied with the details of a firm for sale when they are ready. 

  1. Enhance Publicity & Promotion 

Firm brokers know where and how to advertise and promote your business to attract buyers. While no two businesses are alike, business brokers have the knowledge and expertise to advertise yours in the most effective way possible. 

  1. Learn Your History 

In most cases, a business broker will have access to a previous sales database in your sector. It enables the business broker to value your company appropriately. There’s no more guesswork about the value of your firm. Overpricing your firm might result in months of wasted effort, so be careful not to overvalue it. You run the risk of losing money if you undervalue your firm. Business brokers are experts in determining the value of your company. 

  1. Have Authority at Negotiations 

If you want to promote your business fast and for a reasonable price, business brokers are the best people to help you out. A business broker’s job is to connect potential buyers and sellers. 

  1. Ensure Pre-Approved Customers 

Brokers make certain that all potential purchasers are “qualified purchasers.” To guarantee that a buyer is willing to buy your firm, a business broker conducts a buyer’s pre-qualification. There are several things that a business broker may do to make sure the buyer is financially capable of making an offer for the business. 

  1. Save Your Time 

It is easier to focus on operating your business when you use a business broker to handle your company’s selling. Instead of focusing on general inquiries, you focus on keeping the firm working at its best. Using a business broker cuts down on the time you have to wait for a buyer to come along. 

  1. Preventing Threats 

Potential purchasers are less likely to default on their financial obligations when working with a business broker. They are responsible for requesting that a potential buyer’s financial information be provided. It is far less likely that a commercial agreement would go through because of their previous interactions and knowledge in qualifying purchasers. 

  1. Help With Paperwork 

Is your office already overflowing with paperwork? When the time comes to sell your firm, you’ll want someone to help you navigate the maze of legalese and red tape. 

  1. Experts in the Business Field 

Many business brokers have had their own businesses at some point in their careers. These business brokers are fantastic to deal with since they recognize that emotions can run high and that letting go can be difficult when it comes to selling your business. 

  1. Help Receive a Certified Business Appraisal 

To receive a certified company appraisal from an accredited and professional appraiser, you can seek the assistance of a business broker. Fort Lauderdale, Florida, has renowned business brokers like Murphy Business who will read and understand your company’s financials and compile a report for you. 

Customers prefer certified business appraisals because they are neutral and reflect the genuine value of the firm. The broker might use the assessment and other elements that affect the company’s worthwhile negotiating the sale price. 

As part of their research, your broker will look at recent transactions in your industry and the overall market. In other words, they want to make sure the seller doesn’t lose any money. 


The points mentioned above are good enough for a business to understand how much they can benefit by hiring a business broker. Fort Lauderdale, Florida companies, will be in good hands and would not be making a mistake by trusting Murphy Business’s services. 

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Your First Conversation with the Seller: Making the Most of It

Prospective business buyers often make the terrible mistake of being overzealous when talking with a seller for the first time. I get it; you’re excited. Perhaps you have spent a ton of time looking at listings and do not want to waste any time on potential businesses that fail to meet your criteria. However, what you say and how you come across when you first engage a seller is critically important and sets the tone for continued discussions.

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What DO Your Employees Want?

I have very fond memories of my first “real” job. After all, this was my initial step into the real world: no longer did I receive cash for a few hours of watching someone’s children; I now had my hands on an official paycheck – complete with my social security number, full address, and withholdings for the government!

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6 Overlooked Benefits of a Company Valuation

Most business owners seek a valuation for their company when there’s an immediate need — they’re ready to sell or raise capital now, or they have a shareholder that is being bought out or gifting equity to family.

But valuations can be useful whether a deal is imminent or not. We talked to Cameron Cook, Managing Director of Business Valuations and Ryan Niermann, Manager of Business Valuations at Gordon Brothers-AccuVal, for their thoughts on some of the biggest benefits.

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The buzz is that if you are a Baby Boomer and you want to sell your business in the next few years, then you are in the majority. You are not the only Baby Boomer and will possibly have your business compete against many more similar businesses in both model and industry. In order to be well-prepared, you will need a proper valuation. Establishing a baseline value of your business will help you overcome weak areas that keep you up at night. Why would a buyer want to buy your problems? Some savvy entrepreneurs will want your problems, but most will not.

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