There are a lot of potential business buyers out there. So many, in fact, that around 90% of people who talk to brokers and sellers about purchasing a business never do. What does this litany of tire-kickers mean to the 10% of buyers who actually want to and will buy a business? It can be really difficult to get anyone to take you seriously. 

How do you pull away from the pack and let the other side know you’re for real?

Be Upfront

Business brokers get calls every day from prospective buyers, but what you as a buyer need to realize is the 90% have muddied the waters. Most business brokers aren’t going to give you the time of day if it appears to them like you aren’t serious – it isn’t worth their effort or energy. Your initial conversations with a broker will be a vetting of sorts, where you will be asked about the amount of capital you have available to invest in a business, your work experience and your goals for business ownership. If you are evasive or vague with your answers, it will immediately send up red flags for the broker. Someone who is serious about buying a business will be forthcoming with the amount of capital they have because it would be foolish not to. They will also be willing to talk about their experience and goals because that’s the only way a broker can really help someone get the right business. Why would you waste your time as a buyer looking at businesses you could never afford or are completely ill-prepared to own?

Don’t Drag Your Feet

One of the most important qualities an entrepreneur must have to be successful is the ability to be decisive. Eternal back-and-forth “I want this business, I don’t want this business” conversations will never get you any closer to your goals of business ownership. It will also do nothing but frustrate the sellers and brokers involved. Once you have the necessary information, make a decision and stick to it.

Be Realistic

There is no such thing as the perfect business, so constantly passing on businesses because they didn’t have perfectly organized records or because the decor didn’t suit your style means you aren’t really sure you want to buy a business. You are buying cash flow, not furnishings and paint colors, so you need to be looking at businesses from a big-picture perspective. You also need to make realistic offers. Coming in with an absurdly low offer tells the seller you have no interest in a real negotiation, and if the offer is bad enough you stand the chance that the seller will refuse to work with you at all.

The message here is if you are serious about buying a business, then you need to take the process seriously and show the brokers and sellers involved that you are ready and willing to put together a realistic deal. By showing your intentions through your actions, you will be able to differentiate yourself from the sea of buyers who will never make it to business ownership.

Are you looking at businesses to buy and it feels like no one is taking you seriously? Would you like to know how to put yourself in the 10% category? Please ask us! Leave any questions or comments and we would be happy to help. 

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

www.InfinityBusinessBrokers.com