FYI’s for Dealing With Buyers
– Maybe, before offering any information about your business or even showing the business to them have the potential buyer sign a non-compete/confidently agreement.
– Find out if the potential buyer is a current business, individual or group of people. Thereby saving yourself the headache of dealing with someone not in control of marking decisions.
– In the course of courting the potential buyer find out what kind of time frame they are looking at. Is it a few weeks to get financing, permits and the like (not unreasonable) or are they hoping to wait out your slow season?
– Are the potential buyers currently int he same or similar industry as this goes a long way to show how serious they are as they know what they are getting into and what to expect
– Are they qualified or capable of making the purchase? Before accepting or acting on any offer have the potential buyer send / email / confirm they in fact have the available funds to make the purchase.
– Somewhat of a point b to the previous point is to find out their sources of funding. Thereby eliminating future ‘lack of’ surprises.
– Just because someone doesn’t have the full amount to buy your business flat out, don’t discount them out of the deal. As it could be structures countless ways including, vendor take back, lease to own, a partnership, a payment plan to almost anything you can dream of. Be creative.