The seller and buyer meeting can be a “make or break” meeting. Your business broker will do everything possible to ensure that this meeting goes well.
There is seldom an offer before sellers and buyers actually meet. The offer usually comes after this important meeting. Therefore, you want to ensure that meetings are productive and positive.
Sellers should be honest and forthcoming during the meeting. They should not say or do anything that could come across as a strong sales tactic. Buyers need to know what is expected of them from the process. They need to understand how the process of selling a business works. Following their broker’s advice will increase the chances of a successful outcome.
Here are some tips for the seller and buyer meeting.
Ask The Right Questions
Buyers preparing to meet a business owner for the first time will want to make sure any questions asked are appropriate and logical. It is important for buyers to place themselves in the other party’s shoes.
Buyers shouldn’t show up at the meeting without having done their homework. Do a little planning ahead so that you are ready to go into the meeting with questions that show you understand the business.
Build A Positive Relationship
Buyers should be polite and respectful. Avoid discussing politics and religion. These can be flashpoints for confrontation. If a seller doesn’t like a prospective buyer, the odds are good that they will also not place trust in them.
For most sellers, their business represents years of hard work. Many feel as though it reflects them personally. Buyers need to keep these facts in mind when dealing with sellers.
Sellers Be Truthful
Sellers have a significant role in the process. Even though sellers are trying to sell their business, they don’t want to come across as a salesperson. Sellers should try to be as honest and real as possible.
Sellers should not pretend that there is no competition. Every business has some level of competition. A savvy buyer will be more than a little skeptical.
The key to a successful outcome is for business brokers to work with their buyers and sellers well in advance. Make sure they understand what is expected and how best to approach the seller and buyer meeting. The odds of success will rise with the right preparation. EBIT can help you get prepared for your first seller and buyer meeting.