The Virus Doesn’t Stop…… but neither do we!

2020 has been a challenging year and Melbourne has had front row seats on the never-ending Corona-coaster ride!

Despite the devastation, COVID has caused to our city (and the entire world), our agents have been able to pivot their methods and sell over 26 businesses under COVID restrictions and stage 4 lockdowns.

“It hasn’t been an easy year for small business- we know that first hand being a Melbourne based small business ourselves. The emotional impact of this deadly virus, the isolation from loved ones and the threat to health have made this recession much harder than any other I have seen in Australia before. Despite this, I am proud of our city and how well Melbournians have rised in the face of adversity. The word of the year has definitely been “pivot” and I’ve seen small businesses really rise to that challenge and make the very best of a difficult situation” Director, Chris Panagiotidis states.

Absolute Business Brokers has had to close the office due to COVID restrictions and the team have been working remotely. Usual meetings held in the boardroom are now over zoom and agent’s have had to think outside the box to showcase businesses without inspections or face to face contact.  “It’s been a huge challenge trying to work from home and have the kids homeschooling next to you, I think all of Melbourne can relate to that and it’s definitely been a situation where we are “all in this together”.  I’m on the phone to solicitors or bank managers and hear their children in the background asking for a cheese stick- it’s surreal and really resonates how unprecedented these times really are,”  says Officer In Effective Control, Elle Likopoulos.

“Our team is very dedicated and I am so thankful for how strong our group has been in working from home with so many exterior distractions.  All of us have owned or have family who owns a small business and I think that really helps because we all understand how much is riding on these sales for our clients” explains Manager, Petros Margaritis.

Absolute Business Brokers are committed to delivering the very best result for their client despite any obstacles, many industries that have been fully shut down since March have sold and offers come through each day. In order to maximise the potential for any campaign, it is essential that sellers provide as much information to their agent as possible and engage in regular conversations with their agent about the changing market.  ” It has been really difficult trying to explain to hard-working business owners that their price value has dropped due to the nature of the market and industry- through no fault of their own the pricing has changed almost overnight for some.  Our team works very hard in trying to get the absolute best price possible for each and every client but no matter how often it happens, it never gets easy seeing good offers being rejected by seller’s that really need to get out” says Business Broker, Tina Tzanopoulos.

The unemployment numbers are very high in our state and recovery will be slow when all this over, we believe that will pave the way to a market with a lot of demand for buying a small business and securing a job for themselves.  Whilst lockdowns make it really challenging, there are buyers out there looking for a business to buy. It is crucial however that sellers listen to their agent’s advise and adapt with their campaign strategy. Sellers must have their documents up to date and in order, provide photos or video in lieu of a walkthrough and consider appraisal feedback from the buyers in the current market.

“I hear so many vendors on the news say they will either survive or shut down but it so frustrating that they don’t realise there is a third option of selling too, says Business Broker Phil. I have achieved some very good results for clients who were on the brink of shut down and fed up with arguing with their landlords for relief, they never imagined anyone would buy their business but we got a good sale for them, despite being in stage 4 lockdown.”
If you are open to exploring the option of selling your business, please contact us on 03 9566 7300 or visit our website
The first consultation over the phone or via zoom is FREE and our qualified, experienced brokers will give you a current market appraisal to ensure you make an informed decision for your next move.

Are you thinking of selling your business?

Absolute Business Brokers will provide you with a market appraisal that will ensure you are getting the necessary information to put you in the right position to get your business sold.