BIZ Builder.Com
  • BIZ Opportunities
    • Our Best BIZ Opportunities
    • Confidential Private Sales
    • BIZ Market Reports
  • BIZ BuyerPLUS
    • Sign Up TODAY!
    • BuyerPLUS BIZ Plans
    • BIZ Loan Origination Services
    • BIZ Pro Valuation Services
    • Printing & Design Services
  • BIZ Calls & Meetings
    • Schedule A Conference Call
    • Join A BIZ Virtual Meeting
  • BIZ Blog
  • Contact Us

The Value Of First Impressions

November 6, 2019|Buying / Selling A Business, Tips And Advice
Home » BIZ Blog » Buying / Selling A Business » The Value Of First Impressions
The Value Of First Impressions

When buying a business, one would think that the pressure is on the seller to complete the sale. This is not the case. A seller is very selective about whom he or she will sell to. After investing many years in the business, struggling to build it up and making it profitable; the seller would want to make sure his or her “baby” will fall into good hands. As such, the pressure is on you, the buyer, to impress the seller that “You’re the one!” You have to let the seller think that you have the ability, the desire, and the commitment to buy the business and build on its success.

First impression is critical

You have to let the seller feel that you can get the deal done. During the initial stage of the business for sale process, you should factor in not just the financial aspect of the process but also the human element in the discussions.

  • You must be sensitive to the concerns of the seller. Study the seller. Observe where his or her emotions lie.
  • Be careful how you probe questions and extract the information you need. Do not be demanding.
  • Let negotiations unfold naturally.
  • Like in any relationship, establish trust gradually. Build a solid relationship not only with the seller but also with his or her advisers or representatives. While you are learning about the business you intend to buy through your questions; the seller is evaluating you to see if you are qualified and skillful enough to successfully operate the company.
  • Do not be a know-it-all or you will turn off the seller.

Once you walk out of that first meeting, no matter how many other prospective buyers that come in and look at the business, the seller will always have you in mind as the “one” qualified candidate to acquire the business. When you meet with him or her for the second and following times, there will be more honest and free-wheeling flow of information because you have gained his or her confidence. If the seller has bad vibes about you, he or she will screen you out and be uncooperative. This will decrease the chances for you to buy the business.

How then will you impress the seller?

  • Research the business.
  • Prepare your questions.
  • Create some marketing material showing your credentials – a professional resume with your financial and business profile will show your good track record and potential to do well in the new business. This will separate you from other prospective buyers who look but do not buy.
  • Be honest.
  • Build a good rapport with the seller. Once trust is established, he or she will be more likely to accommodate you. Instead of asking for a full cash transaction, he or she may agree to finance the sale of the business and offer structured payments. This is a huge advantage as it provides assurance that the seller is confident that the business can, indeed, pay for itself.

Buying a business is an arduous complex transaction. The seller and the buyer should like and trust one another enough to be able to work through the complexities that may crop up during the negotiations. If the seller believes and is impressed by the buyer, the seller would want the deal to happen. So, be prepared when you meet the seller. Be able to answer his or her questions. Impress him or her, like you would in a job interview.

Always remember that successful negotiations usually result when both parties genuinely like one another. If you really like the business on the table, put your best foot forward. Are you ready to do that?

REPRINTED FROM GlobalBX

November 6, 2019 George Massalas

About the author

George Massalas

George has an extensive career that spans over 50 years Owning, Operating and Selling Businesses of all kinds throughout the United States. Instead of investing in popular Stocks and Bonds, George forged a successful career investing in California Business Opportunities ~ and is widely recognized as a Leading Authority on Jumbo-CAP Investments, securing Business Acquisitions and formulating Exit Strategies for Small to Medium-Sized Businesses. Feel free to call George anytime: 1-800-727-2100, Ext. 202!

← 7 Tips When Buying Or Selling A Business
7 Tips To Buying A Business Or Franchise →

Leave a Reply

You must be logged in to post a comment

Popular BIZ Blog Posts

  • Can YOU Succeed In Business?
    Can YOU Succeed In Business? February 14, 2019

    The one trait the majority of all millionaires have in common is that they owned...

  • Can Accountants Assist With Business Valuations?
    Can Accountants Assist With Business Valuations? February 16, 2019

    Whether you own a business and want to sell it, or else you’re an entrepre...

  • Is Owning A Business In Your Future?
    Is Owning A Business In Your Future? February 20, 2019

    At one time or another, nearly every employee dreams of owning a business. Perha...

  • Simple TIPS For Unlocking An SBA Loan
    Simple TIPS For Unlocking An SBA Loan February 21, 2019

    The U.S. Small Business Administration has various loan programs that provide bu...

  • Thoughts To Consider Before Buying A Business
    Thoughts To Consider Before Buying A Business February 25, 2019

    Buying a business entails some risks but these are less than when you start a ne...

Recent Posts

  • How To Make An Offer To Purchase A Business
  • How To Value An Existing Business Before Buying
  • How Come You Also Sell Business Cards?
  • Can A Business Broker Help You Buy A Business?
  • 10 Tips On How To Buy A Business

BIZ Blog Categories

  • Buying / Selling A Business
  • Miscellaneous Posts
  • Tips And Advice

BIZ Blog Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • October 2021
  • January 2020
  • November 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
BIZ Builder.Com Is An Equal Opportunity Employer. Copyright © BIZ Builder.Com [1995 - 2023] All Rights Reserved ~ Cal BRE #01871760.