In the sale of a business, there are going to be multiple people involved with the process. Two of these critical people who play the most prominent roles are the business buyer and the business owner, or seller. A business broker knows that a productive meeting between the business buyer and seller is necessary before any offers are made. Therefore, it’s imperative that this meeting goes well for the potential buyer and business owner, so everyone can get a step closer to achieving their business sale goals. These three tips should steer the meeting between the business buyer and seller in the right direction.
Buyers Should Come Prepared With Questions
Potential buyers make the best impression when they show genuine interest and demonstrate their competency. So, one of the best ways to do that is for the buyer to show up at the meeting after completing their research on the business or market, and they have excellent questions to ask the seller directly. Sellers are more likely to take the business buyer seriously if the buyer asks the right questions about running the business or information on financing the purchase.
Sellers Should Be Honest and Transparent
The seller and potential buyer have already agreed to the meeting, which establishes how interested both parties are about making the transaction. At the meeting, the seller should present their business transparently and truthfully. There’s no need to downplay the less exciting aspects or possible points of concern; the buyer is interested enough to show up, but now they need a realistic and accurate understanding of what they’re purchasing. This could be difficult to disclose everything, especially if the buyer is a competitor. However, a good sales experience will only happen with honesty moving forward.
A Business Relationship Could Get More Personal
It may not be likely that the business buyer and seller form any other relationship between them beyond a business one. But, one can’t forget that personal feelings can impact the business relationship, which can either help or hurt the potential sale. Both parties must remain courteous and respectful when discussing the business. After all, some sellers can take any critical judgment from the buyer on the business at hand as a personal comment. This could be especially true for sellers who have built up their business for years.
Buy or Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.