In this video, we give you a really simple key phrase to use at you first communication with the seller or broker.
"As business brokers in Sydney we are experts at helping buyers find the right business that suits their financial and personal goals and needs"
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Buying a business can be one of the most rewarding things you will ever do, the right business can change your life, and the right operator can change the lives of the people the business reaches and employ’s.
We want to give you a great key phrase that you can use with your business broker or your seller so that they distinguish you as a credible candidate.
Navigating all the businesses for sale and dealing with multiple business brokers can be really hard because the information that is available and seller expectations can vary so much.
The first thing is to understand their why – what are they looking for in a buyer? The first thing that a seller or business broker will be trying to do is to qualify you as someone who can operate the business, and someone who if you do agree on price can pay for the business.
So if you are finding that you are not getting swift responses or reply's from the seller or business broker, which is the most common complaint from most buyers, it’s because they haven’t qualified you, so try this approach
Instead of starting the communication by asking for the information that you need which is what most buyers do, such as could you please send me the financials, BAS returns etc…and whatever else you have on your list. Open the communication by saying or emailing this:
I want to let you know that I am a serious buyer who is looking to purchase a business that suits my criteria. I’d really like to know more about this business, so please let me know what information you will need from me?
This phrase as simple as it is will immediately distinguish you as a respectful and genuine buyer, and it strongly implies the business already suits your criteria because you have enquired on it.
You are also establishing your first piece of good faith which is essential in any fair deal – I’ll give you something, and you give me something in return.
Now sit back and watch your replies come much faster, which means more businesses for you to review and choose from.
Next week, we’ll talk about what you should prepare as a buyer to help you find the right business.