Key Business Buyer Issues

There are three types of people, or rather attitudes amongst prospective business buyers.

THE LOOKERS: These are the folks who spend countless hours searching business for sale listings, they may even contact some sellers or brokers, but in the end, they are very much just putting their toe in the water. Generally, their approach is that if they happen to find a great opportunity, they may consider diving in just a bit deeper. This group is also comprised of people who are either dissatisfied at work or may be unemployed, but in reality, they are simply looking in between jobs. The people in this group do not buy businesses. Sure they may look for a while but in the end, they either stick with their job or find another one. Hopefully, you do not fit into this category.

THE WANTERS: This is a very interesting group. They truly believe they want to buy a business and they are right; they “want” to buy one. However, they are not totally committed to the project and they generally will go a few steps further than “The Lookers” but not much. Their intentions are sincere, but their lack of knowledge and experience buying a business will almost always overwhelm them. As well, they are often not a group that is operating with a gun to their heads and their approach is more of: “it’s something I’ve always wanted to do”. Time is not of the essence. If the right opportunity surfaces and all the stars align, they may go forward. But, they are the ones who almost always find a way not to buy a business.

THE NEEDERS: These are the people who buy businesses! They are the ones with a burning desire and a true “need” to buy a business. Some may be employed and others not, but either way, they all have reached a point where they are simply no longer willing to do what they have done until now. They have confidence in their abilities and have zero interest in continuing to build someone else’s business. It is now their turn. They do whatever they must to prepare themselves for buying a business. They educate themselves, they meet sellers, and they do not get deterred by obstacles. They understand that this is a process with ups and downs but to succeed, they have to follow the plan and they do until the finish line.

DECIDE WHAT YOU ARE: The market is flooded with prospective business buyers. As I have mentioned in prior posts, over ninety percent of the people who begin the search to buy a business never complete a deal. These are the ones I refer to as “The 90 Percenters”. I always ask prospective buyers: “what happens if you do not buy a business?” The ones who answer: “That is not an option; I need to buy one” are the ones I would stake my entire wealth on succeeding.

If you are going to buy a business then stop looking and wanting and start needing!


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