Getting Your Buyer From Enquiry To Making An Offer
There is one emotion that needs to managed throughout the buying process for all buyers.
Fear…
Fear of choosing the wrong business,
Fear of missing a crucial aspect in due diligence,
Fear of overpaying for the business, and ultimately…
Fear of failure.
Most business buyers in the marketplace are looking for their first business, which means this emotion is usually at its strongest.
Even for those that are not completely new to it, spending tens of thousands, or hundreds of thousands of dollars is enough to stir this emotion into a storm for most.
So what can you do to help with this if you’re selling a business yourself?
1. Be prepared – Prepare your documentation into a neat, professional profile explaining everything they need to know in one place. This allows them to feel that even the questions they didn’t know they had have been answered, giving them confidence to make a decision (for more information about a Bonza Business Profile, click here).
2. Answer quickly – Be prepared to provide answers to questions quickly. Taking too long to answer or send information when requested can give the impression that you’re not serious or worse, you have something to hide. Uncertainty can kill a deal fast.
3. Price accurately – This is the sole reason we offer an obligation free, upfront appraisal of your business, so that you can make a more informed decision about your sale option. We had a gym franchise client once price their business $60,000 above our recommended price. To our surprise, he achieved and offer at the asking price, however once his accountant saw the business, we never heard from the buyer again. Nothing scares a buyer more that finding out they almost overpaid for a business!
(FYI – you can get your obligation free appraisal, no charge, with an experienced Bonza Sales Expert by clicking here).
In truth, managing your buyers’ fear is a very difficult task as the seller, mainly because you will appear bias to selling the business.
This is where having an experience third party between yourself and your buyers can really help, acting as not only a punch bag for when and if emotions run high, but also to support and prepare the buyer for the decision they are about to make.
We have saved countless deals that would have fallen over simply by being in between buyer and seller, and by pre-framing the buyer to each step.
We can do this for you, and a lot more. Just check out packages page for more information.
