What Sellers Like to SEe
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Buying a business is not easy; you will have questions and concerns
Buying a business creates just as many questions and concerns for the seller. You can often get a better price and terms by being aware of the seller’s needs and removing some of his/her uncertainties.
What’s an Offer to Purchase?
An “Offer to Purchase” is just that – an offer. If it is not accepted by the seller within the time you set, your offer is void. Most Offers to Purchase have contingencies, that is, they become void unless certain things happen. All offers are contingent upon, or subject to your price and terms being accepted.
An offer could also be contingent upon:
- Books and records approved to your satisfaction
- All equipment being in working condition
- Assignment of a lease
- The business being sold is free and clear of debt
- Ability to get necessary licenses and permit
- Business passing necessary inspections
If any of the contingencies in an offer are not met within the time you set, the offer is void and your deposit is returned.
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Most offers also have conditions imposed on the seller, such as:
- Providing a non-compete agreement
- Agreeing to a specified training period for the buyer
- Confidentiality of the terms and conditions of the sale
A Fair Offer
Understanding the types of contingencies, assists you to draft a fair and reasonable offer that realistically satisfies the needs of both you and the seller. At times this results in an offer that is different from the listed terms. A word of caution: What about unreasonable offers? They can damage your relationship with the seller, possibly reducing your chances of getting the opportunity to acquire a business you have serious interest.
Reasonable Down Payment
Though your instinct tells you to conserve cash, a very low downpayment can indicate a buyer’s lack of commitment to the business in the eyes of the seller. The number one concern of sellers is the safety of taking a note from the buyer. If the seller questions a buyer’s commitment or seriousness about the purchase of the business, the seller may not negotiate in a serious manner.
Quick Removal of Contingencies
It is to everyone’s advantage to proceed through the contingency removal phase of the purchase in a timely yet thorough fashion. When buyers and sellers are forthcoming and working for a common goal, even “problems and concerns” can be dealt with and overcome.
A Fair Offer
Understanding the types of contingencies, assists you to draft a fair and reasonable offer that realistically satisfies the needs of both you and the seller. At times this results in an offer that is different from the listed terms. A word of caution: What about unreasonable offers? They can damage your relationship with the seller, possibly reducing your chances of getting the opportunity to acquire a business you have serious interest.
Reasonable Down Payment
Though your instinct tells you to conserve cash, a very low downpayment can indicate a buyer’s lack of commitment to the business in the eyes of the seller. The number one concern of sellers is the safety of taking a note from the buyer. If the seller questions a buyer’s commitment or seriousness about the purchase of the business, the seller may not negotiate in a serious manner.
Quick Removal of Contingencies
It is to everyone’s advantage to proceed through the contingency removal phase of the purchase in a timely yet thorough fashion. When buyers and sellers are forthcoming and working for a common goal, even “problems and concerns” can be dealt with and overcome.
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Today's Business Owner®
Today’s Business Owner® (TBO) is VR’s Monthly Electronic Magazine that publishes relevant business articles and completed transactions to establish you as an industry expert.
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