Although sales at small businesses were down in 2013, sales of small businesses were up by nearly 50 percent as compared to the previous year. In fact, last year brought the fastest business turnover since the economic collapse.
Experts agree that the following directly contributed to the increase:
- Faster turnover in retail and restaurant industries in which sales flourished
- Overall improvement in the economy putting capital into potential buyers’ pockets
- Baby boomer owners retiring and selling their businesses
“In 2013, those conditions finally came together resulting in a large increase in business transactions and contributing to a healthier small business environment overall,” said Curtis Kroeker, GM at BizBuySell, an online exchange that connects small business sellers to prospective buyers.
This trend isn’t expected to slow and experts believe it will bring about sustained recovery that small business owners hoped for in 2013.
Harrison, J.D. “Small businesses changing hands at a rapid clip”. Washingtonpost.com. 12/14/2014.