Tuesday, August 7, 2018
How to Attract the Attention of a Seller
When a seller puts their business on the market, they are usually prepared for a lot of time-wasters. Most sellers try to reserve their energy for buyer enquiries that they think are serious.
This means that, if you are one of those buyers, you need to stand out from the crowd.
Your enquiry needs to give the seller the right impression from the get go.
Make sure that you really are serious
Before you enquire about a business, be certain that you have the skills and experience to match it. A seller will consider this when they are choosing to whom they are going to reply.
Making sure that you are right for the business will also make sure that you don’t waste your own time enquiring about businesses that you will not end up actually wanting.
Be sure that this is a business you can see yourself running. Do you have the passion to be the boss and spend every day working to make and keep that business a success?
Do your research
The seller will be looking at whether you have done your research about the business and the industry that you are enquiring about. If you don’t have relevant experience in this industry, then they will want to see that you have made up for it with research and passion.
What timescale are you looking at for the purchase? It will be necessary that both parties are looking at the same kind of timeline if the deal is to go through.
Finding the right business to buy at the right time can be a difficult process. You will need to make a business plan that is thorough enough to know whether this opportunity is one that is viable for you. Don’t leave anything to chance or to your gut.
Consider the brand and who their customers are and whether you already have connections with possible suppliers or any knowledge that would be valuable in running the business.
Asking valuable questions will show the buyer that you know what you’re doing.
Prepare how you will finance
If you want to come across as a serious enquiry, you should also be able to show that you have considered how you will be financing the purchase of the business.
The enquiries that usually stand out as ones that can be dismissed will often only be concerned with how much the business makes. Make sure that the enquiry that you make is more thoughtful and researched than this.
Be clear about what you want, what you can afford and the kind of annual turnover you are looking for.
Prepare to meet
As a potential buyer, you should also be willing to meet with the seller face-to-face. There are a lot of people who like to try and get away with only having to communicate over email.
It is far easier to establish a rapport with someone over the phone and even easier to gain someone’s trust by meeting them in person.
If you are serious about buying, meeting someone in person is a great way to get the ball rolling with the sale. Sellers can usually tell if a prospective buyer is a time waster if they avoid a face to face meeting.
Think about your future plans
Make sure that, before you make the enquiry, you have considered what your future plans for the business will be. The seller will want to know what it is that you plan to do with the business, as they have spent the last few years building and nurturing their company.
There are many sellers who will also be concerned with what will happen to their loyal staff members after you have purchased the business. Consider whether you will be keeping them on after you have taken over.
You need to be confident about your ability to run the business well and gently persistent with the seller- so making sure that they remember who you are.
Consider the work that the seller has put in over the years and make sure that you are interested in more than just turnover. This will take your much further in gaining the attention of the seller.
By Anthea Taylor, Assistant Editor at Dynamis and writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.
Guest Post By BusinessesForSale.com 8/7/2018 2:49:00 PM Comments (0)