How to Qualify a Potential Buyer for a Business
One of the hardest stages of commercial business sales Arcadia is qualifying potential buyers. Once you put up your business for sale, you will get all manner of calls from buyers. The problem is that not everybody that contacts you is serious about buying. This is why learning how to qualify a buyer before disclosing the secrets of your business is important. At So-Call Business Brokers, we use a number of strategies to determine if a buyer is legit or not. Here are some of the questions we ask.
What kind of business do you want and how big should it be?
This is the first question our business brokers in Los Angeles will ask a potential buyer. We know that serious buyers will have done critical thinking on the type and size of business that they want. A serious buyer will be able to answer questions on what they want and why they want it. The size of business can be in terms of profit, turnover, number of staff or the selling price. In commercial business sales Arcadia, a warning sign is when a buyer claims they are considering all types of businesses. We will also turn down a buyer if your business falls outside their range.
How soon do you want it?
If a buyer has no time frame, there is no urgency and the sale may lag on for years. It is common for a buyer with no time frame to rush you for information about your business only to leave you waiting. Our team will be quick to warn you about these types of buyers. If you must deal with these types of buyers, we will help set clear expectations. For example, a condition can be if certain information is given, the buyer must come back to the seller at a certain date.
For how long have you been looking?
In our line of business, we have come across a sheer number of wannabes who want to be entrepreneurs but never come around to pull the trigger. These types of buyers are massive time waster. To the inexperienced business seller, these can seem like very good candidates. We have dealt with dozens of these types of buyers and will help you weed them out.
How good are your pockets?
Getting a good candidate is one thing but will he be able to secure the finances needed to purchase your business? Our team will help with due diligence. In addition to ensuring that the buyer can run your business, we check if they have the finances to buy your business. We ask buyers to show us how much they have or can secure in a loan before we let them in.
If you are interested in commercial business sales Arcadia, we are here to help. Call us today and leverage on our solid pre-qualifying process. We will save you time ad emotional heartache.