Deciding to sell your business is not a decision you came to lightly. Your business is something you worked on for years and put a lot of energy and heart into. Selling that business therefore means more than just making money. It means passing on years of hard work and the legacy that comes along with that. It’s reasonable, then, that you would want to find the right buyer for your business. The right person to carry on what you started.
Our Transworld brokers are keenly aware of the fact that not everyone that offers to buy your business is the best person to do so. So, how can you know if someone is a trustworthy buyer?
Does the Buyer Have a Good Reputation?
The first thing our brokers screen buyers for is a good reputation. Anyone who works in the world of business transactions knows that there are plenty of dishonest, irresponsible, and inexperienced buyers to go around. And frankly, there are some who are just downright scam artists. We know how to spot buyers like this and here are some of the things we look at to identify buyers that are not reputable.
- Does the buyer have references?
- Can the identities of the buyer’s accountants, bankers, and attorneys be verified?
- What kind of reputation does the buyer have in the business world?
- Does the buyer have a record of solid business practices?
Small business brokerage is kind of a small world even in a large metro area. So, researching whether a potential buyer has a good reputation amongst other brokers is one of the first steps to determining if they are trustworthy.
Does the Buyer Communicate Reliably?
We’ve seen a lot of deals fall through because a potential buyer goes silent suddenly. So, the next thing that our brokers will assess in a trustworthy buyer is their communication style. Someone who is trustworthy is someone who will follow through.
- Does the buyer produce the proper documentation in a timely manner?
- Do they provide proof of funds readily?
- Do they complain about complying with process requirements?
At the end of the day, we want to help you find a buyer who will close the deal. It does not matter how good an offer is if there is no follow through. That’s why we will always steer you towards reliable and communicative buyers, since those are the ones that are the most likely to finish the deal.
Everything is exciting when you are selling your business. And it should be! We want you to be able to stay excited without getting your hopes dashed by a buyer who is not trustworthy. You can count on our Transworld brokers to find you a trustworthy buyer.