For many entrepreneurs, selling a business is about more than money—it’s about passing down a legacy. After years of hard work, it’s only natural to want to see your creation in the hands of someone who shares your passion. However, finding that perfect “someone” can be a challenge.
Not everyone that can buy your business should buy your business. As veteran brokers, we’ve steered our clients away from countless ill-advised sales. At best, these buyers don’t share our clients’ visions…and at worst, they’re scammers or known bad faith actors in the business sales community.
Rest easy knowing we’re here to help. Transworld’s brokers have decades of experience when it comes to finding buyers worthy of taking the reins. Read on to learn how we help screen potential buyers—and how we help protect both your business and your legacy.
Is the Buyer Reputable?
The world of business transactions is full of bad actors—irresponsible buyers, inexperienced buyers, dishonest buyers…and buyers who aren’t actually buyers at all, but scammers. We’ve seen all these and more during our time in this field—and we’ve become adept at recognizing them when they approach our clients.
How do we know when a disreputable potential buyer comes knocking? We take a good look at a few key pieces of information in their backgrounds:
- Does the buyer have a history of good business practices?
- Does the buyer have a good reputation in the business world?
- Does the buyer have a presence online and IRL, within their industry?
- Is the buyer open, transparent, and forthcoming with their references?
Can the buyer verify the identities of their accountants, bankers, and attorney?
Researching each potential buyer helps protect you and your business. Whether recognizing common scams or hunting down references, everyone should use every resource available to ensure we’re doing right by your legacy.
Is the Buyer Passionate?
Building a successful business takes years (and sometimes even decades) of thankless, unpaid work. The entrepreneurs who persist and rise to the top naturally want to see their creations live on—and in the hands of someone who shares their dream, if possible.
When we begin looking at potential buyers for your business, Transworld looks closely at compatibility. Ideally, we want to match you with a buyer who not only shares your passion, but also has the willingness to learn your field. They hopefully will have a vision for your business’s future that aligns with yours.
Remember, the right buyer should make you feel good about selling your business. If we find the right fit, it will feel less like selling…and more like passing it on to a friend.
Is the Buyer Communicative?
Pop quiz: when you’re looking at multiple offers, how do you know which is the best?
It may surprise you to learn that the highest offer isn’t necessarily the “best” offer. The buyer who commits to closing—that is, who is communicative and ready to proceed—is usually the best offer.
Communication is critical when it comes to finding trustworthy buyers. At Transworld, we’ve seen countless offers fall through when potential buyers go silent, refuse to furnish proof of funds, or can’t supply proper documentation. These offers may have been substantial, but in the end, because the buyer did not communicate, the deal did not—and could not—proceed.
Trustworthy, communicative buyers will be eager at the prospect of having their offers accepted. They won’t complain about complying with typical process requirements, and they’ll be open to answering questions and sharing information. We keep a close eye out for these types of buyers, because they are most likely to follow through and close.
Find the Right Buyer with Transworld
It can be difficult to recognize an untrustworthy buyer. First-time sellers and veterans alike have been fooled by what appears to be a reputable buyer, but later turns out to be a waste of time. Having a broker from the Transworld Birmingham MI office on your side can help you identify buyers worthy of your time. We’ve been in this industry for decades, so we know what to look for—and what to look out for.
Let us be the extra set of eyes and ears you need to make the right decision for you and your business’s future.