How to Qualify a Potential Buyer for Your Business
The hardest part in commercial business sales Diamond Bar is qualifying a potential buyer. Not every person that comes knocking is interested in buying your business. This is why a lot of the work we do at So-Cal Business Brokers is helping you prequalify buyers. We have dealt with all manner of business buyers before and we know what to look for in order to avoid dealing with jokers. If you want to qualify your buyers here are crucial questions you need to ask.
What kind and how big?
Serious buyers already know the type of business that they want, why they want it and how big it needs to be. The size of business may be in terms of profits, turnover, selling price or number of staff. A red flag in commercial business sales Diamond Bar is a buyer who says they are looking for all types of businesses. Such buyers don’t know what they want and we highly recommend that you stay away from them. They are simply not serious buyers.
A serious buyer will have a time frame. Having a time frame means there is urgency and the buyer will not drag the deal for years. To ensure you don’t deal with buyers who drag their feet, our business brokers set clear expectations. For example, we may require a buyer to commit to coming back by a certain date if we give them certain information by a certain time. This leads to a win-win outcome.
How long have you been looking?
There are so many wannabe entrepreneurs who have wanted to become entrepreneurs but never come round to pulling the trigger. These are usually huge time wasters. You don’t want to deal with them. Yes they seem like good candidates at the start but they never get good at doing what is needed. Our team has dealt with many of these buyers and we will help you identify them before they waste your time.
What did you do before?
If you want your business to continue then you need to work with a buyer that has the experience and skills to run the business. This is why we ask this question. We want to make sure the buyer can run the business and has interests in it. Doing this ensures the deal never falls apart in the final stages. Understanding the skills the right buyer needs will help with negotiations.
How deep are your pockets?
Last but not least you need to ensure that the buyer has the means or the funds to finance the transaction. One of our biggest roles in commercial business sales Diamond Bar is digging into the finances of a buyer. We make sure the buyer has the means to buy your business before introducing him to you.
The burden of qualifying potential buyers doesn’t have to rest on your shoulders. Our team can help with that. Contact us today and schedule a free, no-obligation consultation with our experienced business brokers in Los Angeles.