2020 will be the year written into our shared history as one that was full of challenges: both personally and professionally.
Day in and day out we worked to keep ourselves, our families, our customers, and our communities safe from the Corona virus while working to keep businesses strong.
We leaned into new skills (video conferencing, digital store fronts, online collaboration) and many pivoted business models to exist in this new normal.
And, in 2020, there was a lot of noise as we endured one of the most contentious election cycles.
This became our new normal. And we witnessed these headlines day in and day out, all year long.
Many people have shared with me how ready they are to say, “Goodbye and good riddance to 2020!” I heartily agree.
But, I wonder, what do you expect from 2021?
A lot of what we experienced in 2020 will continue to linger in 2021.
As I write this, the first doses of Corona vaccine are being distributed around the country. I join with so many Americans who are proud of this heroic effort. However, inoculating us all (more than 300 million people in the U.S.) will take time.
So, what should business owners/sellers/buyers expect from 2021?
Pandemic aside, I predict that 2020’s challenging market and business conditions will hold true for entrepreneurs in 2021, 2022 and beyond. Such is the life of a small businessperson.
Some businesses will rebound nicely, while others might struggle. Some businesses will thrive, and some will fail. There will be some noteworthy successes and some epic failures. In fact, this is EXACTLY what happens every year.
Therefore, smart business owners should be ready to expect the unexpected. Plan for the impossible. Withstand volatile markets. And know that there may never be a perfect time, but it might just be the right time to sell your business.