{"id":2197,"date":"2020-03-24T16:13:34","date_gmt":"2020-03-24T21:13:34","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/?p=2197"},"modified":"2025-02-20T16:44:32","modified_gmt":"2025-02-20T16:44:32","slug":"covid-19-update-march-24-2020","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/covid-19-update-march-24-2020\/","title":{"rendered":"COVID-19 Update (March 24, 2020): 10 M&amp;A Recommendations to Business Owners Working on a Succession Plan"},"content":{"rendered":"<h2><b>10 M&amp;A Recommendations to Business Owners Working on a Succession Plan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We at Sunbelt Business Advisors of Southwest Ohio are closely monitoring the impact of the coronavirus on businesses and on business owner\u2019s plans for their succession planning.\u00a0 Please consider us a valued resource and contact us with any questions you may have about the market or best ways to maintain your business value and marketability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We\u2019re all in this situation together.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The full impact of COVID-19 has yet to reveal itself. As a result, many business owners are putting off one of their most critical decisions \u2013 working on and implementing their exit strategy or retirement plan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While there is a lot of uncertainty, it is important to remember that the foundation of our economy is strong. There have been many comparisons made to the 2008 financial crisis, but we need to remember that we are not in a banking\/financial crisis. Balance sheets are strong, interest rates are low, and capital is available for business growth and acquisition. In addition, Federal and State governments are putting plans in place to intervene with stimulus packages to bolster the economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are in the process of working on a succession plan or exit strategy, we suggest you continue with those plans.\u00a0 Here is our reasoning:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">We continue to see a very active buyer market. \u00a0 There is plenty of money held by strategic buyers, private equity groups and high net worth individuals who are looking to leverage those assets through the acquisition of successful business operations.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One advantage of a sale is the cash it provides in order to ride out the economic impact of the coronavirus, without needing to touch your investment accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Additionally, the sale will provide cash to take advantage of low prices in the equities market that may provide huge gains when the economy turns.\u00a0 And the economy will turn. Below is a chart showing stock market performance after a major epidemic. While the past can\u2019t predict the future, there are many reasons to believe the U.S. economy will pivot off of recent losses in the market.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This chart comes from an article in MarketWatch, published on February 24, 2020 and written by Mark DeCambre.\u00a0 Read the entire article at <\/span><a href=\"https:\/\/www.marketwatch.com\/story\/heres-how-the-stock-market-has-performed-during-past-viral-outbreaks-as-chinas-coronavirus-spreads-2020-01-22\"><span style=\"font-weight: 400;\">epidemics and stock performance<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"\/dayton-oh\/wp-content\/uploads\/sites\/102\/2020\/03\/MW-HY841_diseas_20200122175702_NS-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2200 aligncenter\" src=\"\/dayton-oh\/wp-content\/uploads\/sites\/102\/2020\/03\/MW-HY841_diseas_20200122175702_NS-1.png\" alt=\"World Epidemics and Global Stock Market Performance\" width=\"576\" height=\"416\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">In order to be in a position to take advantage of this buyer market a company must be able to show it is still strong and worthy of an investment by a buyer.\u00a0 Right now is the time to maintain and grow the value of your business.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>1) First and foremost, lead.\u00a0<\/strong> While there may still be some skepticism that the impact of the coronavirus will be as devastating as feared, you must lead your business for a worst case scenario.\u00a0 \u201cPlan for the worst and hope for the best\u201d is a strategy that works and needs to be followed during a time of uncertainty. Social distancing and constantly cleaning surfaces are practices that need to be implemented now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>2) Keep operating at the highest level possible.\u00a0<\/strong> Each business and industry are impacted differently, but if you are able to continue providing service to your customers put the best possible procedures in place. Follow guidelines laid out by the local and national government and industry groups.\u00a0 Ashley Webb, owner of Paradigm Industrial and Vulcan Tool, posted this article to LinkedIn last week, a message to business owners regarding suggestions to limit exposure in the <\/span><a href=\"https:\/\/www.linkedin.com\/pulse\/example-message-employees-regarding-covid-19-workplace-ashley-webb\/\"><span style=\"font-weight: 400;\">workplace<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>3) Keep your key employees and skilled labor.<\/strong> <\/span><span style=\"font-weight: 400;\">I realize this sounds easy, but is a huge challenge.\u00a0 Talk to your banks about a line of credit or other types of loans available in order have enough working capital to withstand this assault on your business.\u00a0 Do whatever it takes to keep your skilled labor, because if you don\u2019t someone will pick them up and the long-term ramifications will be worse than the effects on your balance sheet from a loan.\u00a0 If your work is slowing or you\u2019re shut down consider the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Work on your strategic plan with your board of advisors and your supervisors.\u00a0 You can do this remotely and it will serve two purposes \u2013 maintain and improve your ability to survive and thrive and to keep your key employees engaged in a meaningful way.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Document any processes that haven\u2019t been memorialized and update those that have.\u00a0 A key to business transition is for a buyer to see how quickly they can get up to speed on business operations.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Perform any preventative maintenance on equipment needed to make sure you are ready when your customers are.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Use the time to implement on-line training for your managers and supervisors.\u00a0 Look to your suppliers and equipment manufacturers for any on-line training they offer that could improve your productivity.\u00a0 Now\u2019s the time to take advantage of any state training grants or other programs available to offset training expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If social distancing is a challenge due to the number of employees you have and their work proximity to other employees consider adding a second shift that will spread the employees out to safer boundaries.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If your employees are off make sure to keep in touch with them.\u00a0 Reconfirm their importance to you and keep them apprised of any new, useful information to help them through this.\u00a0 Also, find ways to be a resource to their families.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>4)\u00a0 Keep your customers.\u00a0<\/strong> The best way to do this is to stay in touch with them.\u00a0 If you are still operating, let them know the plans you\u2019ve put in place to make sure your business can continue to operate effectively.\u00a0 Show your customers your plan of action and that you will be there as a strong link in their supply chain. If you\u2019ve needed to close or significantly slow down, you need to make your customers aware and share your plans for coming back stronger than ever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>5)\u00a0 Improve yourself.\u00a0<\/strong> If you have downtime, use it to work on your strategic plan.\u00a0 Work on your management skills with consultants and other organizations available to you.\u00a0 <\/span><a href=\"https:\/\/www.aileron.org\/\"><span style=\"font-weight: 400;\">Aileron<\/span><\/a><span style=\"font-weight: 400;\"> and the <\/span><a href=\"https:\/\/business.uc.edu\/about\/\/centers-partnerships\/goering.html.html\"><span style=\"font-weight: 400;\">Goering Center<\/span><\/a><span style=\"font-weight: 400;\"> come to mind.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>6)\u00a0 Improve or begin a strong relationship with your bank or other lending sources.<\/strong>\u00a0 Don\u2019t wait until that last minute if you need working capital. Start the discussions now.\u00a0 Find out what options are available from lenders. Make sure they keep you updated on their loan options and any that may come from government entities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>7)\u00a0 Now is the time to act to improve your position in the market.\u00a0<\/strong> <\/span>The bullet points below are from an article written by an economist with ITR Economics which outlines some opportunities related to the coronavirus crisis.\u00a0 ITR Economics has a 94.5% forecast accuracy. The article has been edited by Sunbelt. To see the full article go to <a href=\"https:\/\/blog.itreconomics.com\/blog\/time-to-act?utm_campaign=Catching%20up%20with%20ITR%20Economics&amp;utm_medium=email&amp;_hsenc=p2ANqtz-87EdWTL9AMH7C7onXmAC6NJGOxSaaZZPpps7x872Sf8s7lf-H5VGrD3wkZtCIBPBbbVSuH&amp;_hsmi=84974105&amp;utm_content=84972786&amp;utm_source=hs_email&amp;hsCtaTracking=f0a94095-3985-42cb-970a-94c763a6db21%7C0d49fd36-4058-4e24-bd5a-68e395b64ad1\">ITR \u2013 Time to Act<\/a>?.<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are three ways to respond to a crisis: succumb to it, survive it, or leverage it to your advantage.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Descending interest rates are an early outcome \u2013 and opportunity \u2013 presented by COVID-19, making this an excellent time to leverage up and make purchases that will help you grow your business when the economic cycle transitions back to rise.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Costs are often lower at the bottom of the business cycle \u2013 not just for capital, but also for physical assets and capital equipment. Leveraging the uncertainty in this cycle may allow you to secure concessions from vendors or contractors that may have been inconceivable just 12 months ago, as well as finance your purchases at extraordinarily low rates.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Think about your bottlenecks \u2013 they could be plaguing you right now \u2013 or anything that held your business back during the last peak of the business cycle in late 2018. For some, mitigating these obstacles could mean supplementing an aging fleet of trucks or vans; for others it may be replacing aging, breakdown-prone capital assets or even expanding physical office space to handle the rising head counts that will support expanding business.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As in everything, there will be wins and losses. There will be some definite losses in the COVID-19 crisis \u2013 most significantly, the loss of life \u2013 but the crisis will present very real opportunities in 2020 as well. Fortune favors the bold.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>8)\u00a0 Improve your sales processes.\u00a0<\/strong> Now is the time to work on all of your business processes, but maybe the most important is to put a business development plan in place to ensure current revenue flow and improve your position for the future.\u00a0 Ways to do this include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Improve your online presence.\u00a0 If you don\u2019t have a strong website, now is the time to make the investment.\u00a0 Prospective customers are still out there looking for solutions to their business or service needs.\u00a0 You must be available to them to find you and illustrate how you and your business are right for them.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Work with experts.\u00a0 There is an overview for creating a sales process at <\/span><a href=\"https:\/\/blog.hubspot.com\/sales\/sales-process-\"><span style=\"font-weight: 400;\">HubSpot<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 Use these ideas as a template and find a person or organization that has shown expertise in your specific industry.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>9)\u00a0 Enhance curb appeal.\u00a0<\/strong> The first impression of a buyer may be the appearance of your business as they drive up to it.\u00a0 Now may be the time to address any issues inside and outside the business that will remove a negative first impression as an obstacle.\u00a0 Paint, landscape, clean, repair. These are also ways to keep employees engaged during a slowdown or shutdown.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>10)\u00a0 <a href=\"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/valuations\/\" target=\"_blank\" rel=\"noopener\">Get a business valuation<\/a> and appraisal of equipment and real estate.\u00a0<\/strong> Knowing what your business is worth today will help you plan and make better succession planning in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let Sunbelt Business Advisors be a resource to you.\u00a0 We can help you every step of the way. We are closely monitoring the coronavirus epidemic and ways for businesses to successfully navigate these uncharged waters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contact us now for a no-cost, no-obligation consultation on how to plan, prepare and execute a successful exit, on your terms.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>10 M&amp;A Recommendations to Business Owners Working on a Succession Plan We at Sunbelt Business Advisors of Southwest Ohio are closely monitoring the impact of the coronavirus on businesses and on business owner\u2019s plans for their succession planning.\u00a0 Please consider us a valued resource and contact us with any questions you may have about the [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":11737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling-a-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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