Morgan Business Sales, a leading business brokerage firm in Australia, has recorded a record number of seller enquiries in Melbourne to start 2024, with enquiries doubling to start the new year.
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The director of Morgan Business Sales Dru Morgan stated that while it is common to have more enquiries following the festive season, the level of demand this year has been unprecedented.
"Each year there is an uptick in business owners looking to sell in January. They come back to work after four weeks off and think 'that's enough'. But never experienced anything like what has been seen to start this year. Seller enquiries in both January and February have more than doubled our number in 2023 ".
While Mr Morgan was quick to give credit to his team's efforts, he believed that this surge was indicative of a greater shift in the market.
"Our enquiries were always growing month on month on the back of the fantastic work our team is doing, but the start of 2024 has felt different. There's a strong tailwind in the business sales industry right now. For years there has been expectation about the imminent wave of baby boomer owned businesses coming to market but hadn't experienced it. It feels like it's finally here."
When queried on what ramifications this shift in the market may have, Mr Morgan had some advice for business owners in Melbourne.
"While seller enquiries are at an all-time high, business acquisition enquiries are only growing slowly. This means that very soon we're going to see more supply on the market than demand. Like it does in any market, this drives down price.
My advice to business owners would be to get to market as soon as possible so you beat the wave of competing listings that are coming. Or, if not considering to sell right now, start doing exit planning so that when it does come time to sell, the business stands out in a crowded marketplace."
More information about Morgan Business Sales can be found on their website: https://morganbusinesssales.com/business-brokers-melbourne/
Contact Info:
Name: Dru Morgan
Email: Send Email
Organization: Morgan Business Brokers - Victoria
Address: 9/214 Bay St Brighton, Melbourne, VIC 3186, Australia
Website: https://morganbusinesssales.com/business-brokers-victoria
Source: PressCable
Release ID: 89124361
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