The last time we discussed the process of selling a business, we looked at the first buyer meeting, where the buyer met with their broker for an initial meeting and learned more about the business in question. At this point in the process, the buyer has a clear interest in moving forward with the business purchase and so it is time to be introduced to the seller.
A second meeting is set up between the buyer, the broker, and the seller. Usually the second meeting takes place at the listed business and includes a tour of operations. Of course, accomodations are made to ensure this meeting and tour can be kept confidential from any employees, customers, or vendors.
The second meeting can certainly be considered more exciting than the initial broker/buyer meeting, because the buyer now has a chance to pick the seller’s brain and get a much better understanding of the business for sale straight from the business owner. This second meeting is a great time for the buyer to ask questions on just about any topic from what the daily operations look like to what types of vendor contracts are in place. It is important that the buyer share the many questions and concerns that are surely on their mind, because after this meeting they will choose whether to submit a letter of intent.
During this meeting, we often find that the sellers also have quite a few questions to ask the buyer. Often they are looking to understand things like their management style and experience in the industry, so they can get a feel for how their business will be taken care of if a transaction is ultimately completed. At Transworld - Rocky Mountain, we work hard to ensure that there is a good match up between the buyer and seller, because this compatibility has quite a significant effect on the outcome of the transaction and the future health of the business.
For more information on how Transworld - Rocky Mountain can support you with the purchase of a business or the sale of a business, please visit our website or schedule a free consultation with one of our brokers today!
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master’s Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.