We most often set the tour of a business after hours or weekends to devote full attention to the potential buyer and avoid interruptions. For high traffic businesses like retail, parts houses, restaurants etc., its easy to hide in plain sight and good to have a prospect see the business while open, followed with a a sit down meeting after closing. This allows plenty of time for interaction in a relaxed atmosphere. If the buyer has made it far enough to request a tour you will already know a lot about who they are through our research and conversations with them.
For a first-time buyer to make an offer at this stage is rare because they need to digest what they learned and may wait to make an offer down the road. Not so with the industry buyer or strategic buyer. Usually they have capital or financing and know what they are looking for. After recognizing the integrity of the Confidential Business Profile (CBP) we’ve presented and a phone call or two with us; they will schedule a tour if it meets their predetermined profile. If the tour goes as expected and they smell the sizzle on the bacon, they usually try to tie the business up in a day or two by making an offer. They recognize good businesses can sell fast and usually the only thing these types of buyers fear is being second in line.
STRAIGHT TALK – The strategy for the buyer tour is to be yourself. You know this part well because you live it each day. Point out the vitality of your company and identify new opportunities that may become available. Describe what customers experience by doing business with you, then take the buyer to your office to give a synopsis of how your business works. Remember all parties look for a place of security and safety and it is here where the first seeds of trust sown between the seller and buyer take root and multiply.
Don you got er done! I’m sure looking forward to retirement. You have my respect and my gratitude.
~J. Sanders (LEASING SERVICES – EQUIPMENT & VEHICLE LEASING)
At first I thought your fees seemed a little high. However, in looking back, I had no concept of how much effort and energy went into selling a business. After I saw how much time you put into the process, coupled with the fact that I did not have to do much more than continue to run my business, Not only can I say your fees were fair… they were earned.
~S. Stokes (AUTOMOTIVE – SERVICE & REPAIR)