Step 5 of Selling a Small Business - Qualifying Buyers
Step five of selling a small
business is screening and qualifying potential buyers that contact us
from our marketing campaign.
Depending on the type of business, how well the market responds to the price and many other variables we will receive all sorts of potential buyers.
Depending
on contact is made with us, we will either begin via phone or email.
We will ask for a signed confidentiality agreement which we provide. We will also ask for a basic personal financial statement. Which we usually also provide. In some cases a potential buyer will have one already prepared - which, of course, is a positive sign.
Our primary objective is to find a serious and financially qualified buyer.
We will get objections from many people on why we cannot give them the details and name and the location without them signing off on anything at which point we spend some time educating prospective buyers on the need for discretion and confidentiality and only exposing the business to serious and fianancially qualified individuals.
Frankly speaking, if someone objects to signing a confidentiality agreement their is a good chance they are in the habit of inappropriate conduct and less-than-honorable business relations. It is also a sign that they're not really serious.
If someone does not have the necessary capital to put at least a minimal down payment - it only puts the business seller at risk with needless exposure to a party who isn't going to be able to close the deal anyway - it's only one more person who will potentially breach confidentiality, whether deliberately or even on accident.
Add to the mix the "tire-kickers" and the "look-e-loos" that are not serious but just day-dreaming or curious. If people are just curious - we provide enough information in our blind ads to fulfill their needs.
Curiosity is fine, but we're not in the business of satisfying curiosity.
...Continue on to Step 6 - Closing the Sale
Depending on the type of business, how well the market responds to the price and many other variables we will receive all sorts of potential buyers.
Depending
on contact is made with us, we will either begin via phone or email.
We will ask for a signed confidentiality agreement which we provide. We will also ask for a basic personal financial statement. Which we usually also provide. In some cases a potential buyer will have one already prepared - which, of course, is a positive sign.
Our primary objective is to find a serious and financially qualified buyer.
We will get objections from many people on why we cannot give them the details and name and the location without them signing off on anything at which point we spend some time educating prospective buyers on the need for discretion and confidentiality and only exposing the business to serious and fianancially qualified individuals.
Frankly speaking, if someone objects to signing a confidentiality agreement their is a good chance they are in the habit of inappropriate conduct and less-than-honorable business relations. It is also a sign that they're not really serious.
If someone does not have the necessary capital to put at least a minimal down payment - it only puts the business seller at risk with needless exposure to a party who isn't going to be able to close the deal anyway - it's only one more person who will potentially breach confidentiality, whether deliberately or even on accident.
Add to the mix the "tire-kickers" and the "look-e-loos" that are not serious but just day-dreaming or curious. If people are just curious - we provide enough information in our blind ads to fulfill their needs.
Curiosity is fine, but we're not in the business of satisfying curiosity.
...Continue on to Step 6 - Closing the Sale
