The best advice available on the subject of buyer relations is to exercise patience and understanding. The relationship between a buyer and seller can complicate the situation and frustrates everyone involved. It can make for hard-to-close transactions or, worse, lost deals.
The seller is emotional because the business that is up for sale is his “baby”. The buyer is emotional because he is buying his future in what is probably the biggest transaction of his life. The best antidote for potential trauma is for each side to constantly place themselves in the other person’s shoes.
It Takes Time
It may take 9-12 months or more to sell your business. Once a buyer presents an offer of purchase, you may accept the offer, counter, or reject it entirely. The agreement becomes binding once all parties agree to the terms and conditions; the buyer does due diligence inspecting all aspects of the business operation; and all contingencies are removed.
Picking the right buyer
Having the required funding does not guarantee a buyer will be a good prospect, but it does help minimize the risk. You want someone who has the business knowledge, management experience and skills to be successful. Once a buyer invests the resources necessary to make a significant initial investment and, in addition, has working capital, you can be assured that he will do everything it takes to maintain the success of the company.
Timely information requests
During the acquisitions process, a seller should be ready to get information needed to the buyer in an expedient manner, even though the requests can seem never ending,
Creating a Win-Win
You don’t want just any buyer for your business. Ideally, your buyer will understand and appreciate the effort you’ve put in to getting the business to the place it’s in and will have the vision and passion to help reach its full potential. Finding the right buyer is the key to a smooth transaction; it also will contribute to the continued success and growth of the business.