Michael Meyer, partner at the Benjamin Ross Group and President of the Pennsylvania Business Brokers Association (PBBA), hosted a virtual state of the industry meeting with PBBA members, along with leading Small Business Administration (SBA) lenders. The PBBA is an association of Business Brokers and M&A intermediaries whose goal is to promote the growth and professionalism of the business brokerage community.
Some highlights and conclusions of the presentation are as follows:
- Despite the current COVID environment, and some hurdles and delays in Q2 2020, the sentiment during the meeting was that the M&A market continues to be resilient and ratcheting up. This is good news for business owners who are thinking of selling their business.
- SBA lenders expressed they are still busy with government relief business loans. They are also helping individuals interested in purchasing a business prior to the September 27 deadline for the 6 month loan relief for new SBA loans. Moreover, they also made it clear that they are aggressively lending for business acquisitions.
- Michael Meyer stated, “there are certainly some industries that were particularly affected more than others, but I’ve seen so many business owners make necessary pivots to remote work, create new ways to get their products and services to their customers and clients, or produce new products created out of demand because of the pandemic, all while ensuring employee and customer health and safety. People seem to be more patient with learning new technologies and engaging them simply because they’ve had to”. Meyer added, “I think we are all developing new muscles to work virtually”.
About Benjamin Ross Group: Benjamin Ross Group represents business owners who want to sell their businesses and leave their employees and customers in capable hands. We support our clients through the biggest business decision of their lives, so they can move on with confidence, peace of mind, and the most competitive price for their hard work. We sell 95% of the businesses we represent, compared to the national average of 20%. And we earn our clients’ trust because of our expertise, professionalism, and extensive network. For more information, visit our website at www.BenjaminRossGroup.com
About PBBA: The Pennsylvania Business Brokers Association (PBBA) is an association of Business Brokers and M&A intermediaries whose goal is to promote the growth and professionalism of the business brokerage community. If you would like further information on joining the PBBA, please click here: Join PBBA