The old saying is true – it only takes one buyer to make a sale successful. However, it’s not just any buyer who can make your sale successful. It is a buyer who has the money and who is qualified to complete the sale. Thus, while you only need one buyer, it is important to find the right buyer.
What Makes a Good Buyer?
There are two key factors that make a good buyer. First, the buyer should have the money, or the ability to get the financing required. Second, the buyer should be acceptable to you in terms of what the buyer wants to do with the business. In many cases you will not, and should not, care what the buyer wants to do with the business as long as you are getting a fair price for the sale. However, if there are extenuating circumstances, such as a business that will continue to use your family name, you may be more interested in the buyer’s future plans.
How Your Business Broker Can Find a Good Buyer for Your Business:
Business brokers have distinct advantages over business sellers when it comes to finding the right buyer. Specifically, your broker:
Has a Network of Interested Buyers:
There are more buyers than sellers of businesses and that works to your advantage. Your business broker, is likely to have a network of buyers who are waiting for a particular kind of business to come on the market. If your business fits their criteria then as your broker, they may be able to negotiate a deal with a buyer whom you would not have otherwise known.
Knows How to Confidentially and Effectively Market Your Business:
Business brokers knows that it is important that the potential sale remain confidential. Yet, the business needs to be marketed to reach the greatest number of potential buyers. An experienced business broker knows how to effectively complete both of these objectives.
Knows How to Screen Buyers:
Not every potential buyer who expresses interest in your business is going to be qualified. Most business brokers know what questions to ask to determine if the buyer is seriously interested in going through with the sale and to determine if the buyer has the funds or the ability to get financing that will be necessary to complete the sale. Thus, you will not be wasting time with buyers who will not end up purchasing your business and you can devote your time and energy to qualified buyers.
For these reasons, many business sellers find it advantageous to partner with an experienced business broker to concentrate on finding the right buyer while the seller continues to concentrate on operating the business.