Questions for the serious buyer

  • by Carl Kleynhans 
Selling your business

A serious buyer should have the answers to the following questions:

•Why are you considering the purchase of a business at this time?

•What is your time-frame to find a suitable business?

•Are you open-minded about opportunities, or are you looking for a specific business?

•Have you set aside an amount of capital that you are willing to invest?

•Do you really want to be in business for yourself.

•Are you currently employed or unemployed?

•Are you the decision maker or are there others involved?

The real key to being a serious buyer, however, is whether you can make that "leap of faith" so necessary to the purchase of a business.

Selling your business to a serious buyer takes work for the vendor too and buyers need to make this process easier for the serious seller. 

No matter how much due diligence a buyer performs, no matter how many advisors there are to advise the buyer, at some point, the buyer has to make a leap of faith to purchase the business.

There are no "sure things" and there are no guarantees - if a buyer is not comfortable being in business, he or she should not even contemplate buying a business.