BizBuySell released its latest insight report, that tracked US SME sales in 2022. Overall, there is high demand for service-based businesses with a strong rebound in restaurant business sales.
Service businesses made up 39% of total businesses sold in 2022. The number of transactions in the sector increased by 7% and the median sale price rose 4% from 2021; both trends are expected to continue.
Restaurant businesses did very well over the past year with sale volumes jumping 20% and average sale price up 7%. Additionally, restaurant businesses spent 5% less time on the market in 2022. With covid-recovery, dining out is growing in popularity and making the purchase of a restaurant increasingly attractive.
While these conclusions are based on US data, we expect the same trends in Australia.