In March of 2020 when the Coronavirus hit, the small business sales market in Australia virtually came to a standstill. 12 months on the market is now stronger in most segments than in the pre-COVID period. The majority of brokers are reporting increasing purchaser demand and sales activity. It has been by any measure, a spectacular turnaround in market sentiment.
When the pandemic hit, business brokers in Australia reported that most sale contracts due to settle, either fell over or were delayed. Small business purchaser enquiry fell through the floor and business brokers went into survival mode given an uncertain future.
The success of lockdowns in most states in combating the Coronavirus, together with quick implementation of economic stimulus measures by the Federal government, meant that by July of 2020 the small business sales market had started to recover (except in Victoria due to extended lockdowns).
Strong demand reported by business brokers
It has been a remarkable recovery over recent months, with brokers now reporting relatively strong demand in many sectors of the marketplace. However, given an uneven recovery in both the Australian and global economies, so there is a fragmented recovery for small business in Australia.