Bill Kobayashi, CBI, CSBA, CMEA, CBC answers the blog question of the week:
"What questions do you suggest I ask buyers early on over the phone to see if they are qualified and good candidates to buy my business?"
When we receive an initial buyer inquiry on a business, before disclosing anything more about the business than advertised, we request completion and return of our non disclosure packet.
The packet leads with an instructional cover letter, a well crafted buyer information form and request for a resume if the buyer feel it will assist in assessing their qualifications for the business.
After receipt, we follow up with a phone call to clarify answers or solicit additional information.
Our line of questioning is specific to a particular type of business so it's difficult to script questions to such a broad question but generally as a seller, you will want to first develop a written profile and formula for a successful business owner.
What level of formal education and related industry work experience is required for success
Financial requirements of the business and the buyer will also need to be assessed. Assessing and determining the initial working and investment capital needs of the business can assist to determine the minimum net worth requirement of the a qualified buyer that can execute the transaction.
Questions can then be developed and efficiently targeted so as not to waste the time and effort of both the seller and buyer and disclose more information than necessary on the business.
About The Author: Bill Kobayashi, CBI, CSBA, CMEA, CBC assists small business owners in Southern California with the confidential transfer Of ownership by offering business valuation and exit strategy planning as well as business intermediary Or merger and acquisition services. Reach him by phone at 866-898-9708..
Watch for more blog posts / articles from me in the future!
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Helen Yoo, New Century Escrow - Escrow Services In Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|William F. Ziprick, Attorney: Legal Services For Buyers And Sellers
Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 909-255-8353, Cell: 509-951-7230.
|Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Shalonda Chappel: Escrow & Bulk Sale Services - Southern California
Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972.
|Steve Erlinger: Laundry Broker, Consultant - Southern California
I specialize in the laundry industry broker and consultant in Southern California. I assist buyers navigate the many facets of finding, evaluating, and operating a laundry business. I also help current laundry owners find additional stores, sell, evaluate an existing laundromat. Call 949-500-5893.
|Mike Hurrell, Broker: Laundry Specialist - Southern California
Providencia Properties Inc in association with Golden State Laundry Systems is a full service Coin Laundry Real Estate Broker. At GSLS you will receive personalized attention from our professional staff of coin laundry experts. To sell or buy a Southern CA laundromat call Mike at 310-223-2240 X209.
|Michael Davidson, Business Broker - Southern California
Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success.
|Mani Singh CBB, M&AMI, Business Broker, Southern California
I have successfully represented clients sell & acquire multitude of businesses ranging from Gas Stations, Liquor Stores, Markets, Super Markets, Smoke Shops, Postal Stores, Restaurants, General Retail, Auto and Construction Related. Phone me for assistance with selling or buying at 951-296-7646 Cell
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