Asking potential buyers questions before releasing information (determining level of commitment and interest) is important for any seller (and broker or agent). Below is a list of questions to ask potential buyers and items to consider before releasing information to potential business buyers when selling a small business:
1. What is the buyer's business background?
2. What drove the buyer to be interested in my business?
3. How much money down does the buyer have? Are they SBA pre-qualified?
4. How much working capital will the buyer need to have over 1,3,6 months?
5. How soon does the buyer wants to buy the business?
6. What kind of weekly work schedule will the commit to the newly acquire business?
7. What is the FICO (credit) score?
8. How long has the buyer benn looking into buying a business?
9. Where does the buyer live now and will he relocate if he has to?
10. If the seller's business requires traveling, will the buyer have problems with such?
11. If the buyer is not fluent or skilled in communicating with the employees, will this hampered the business in anyway?
12. Does the buyer has investment partner or mentor who can make a difference in the business buying decisions?
13. What expectation does the buyer have on the R.O.I. etc, on the new business?
14. What does the buyer need from me (the seller), during due-diligence in order for him to make a decision on the purchase?
15. Is there anything else that will either make or break the sale of my business before going ahead with the due-diligence?
About The Author: KC Choi offers business brokerage services to both buyers and sellers in the Los Angeles and Orange County areas. 25+ professionals (multi-lingual) assist buyers and sellers with business brokerage transactions. KC can be reached by phone at 888-848-8528.
Watch for more blog posts / articles from me in the future!
|Helpful Resources To Assist In Selling And Buying California Businesses|
|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.
|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.
|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.
|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.
|Chris Seaman, Business Broker: Southern California
Founded in 1994, First Choice Business Brokers has accelerated to become one of the most successful Business Sales Organizations in the world. Our team of agents have gone through extensive training to become experts in the field of business brokerage. Call Chris at 858-578-4111 for more info.
|Chuck Post: Laundry Buyer Representation, Consulting, Due Diligence
32 years experience in the laundry industry, specializing in assisting laundry buyers with buying or starting up, re-tooling, laundries in Southern CA. Laundry buyer representation, consulting, due-diligence, lease negotiations, laundry valuations. Call 619-227-5711 (Cell).
|Rick Carlson, Business Broker - Southern California
You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939.
|Steve Zimmerman: Restaurant Broker Specialist, California
Steve founded Restaurant Realty in 1996. He has personally sold/leased over 1000 restaurants, bars & clubs, & completed over 3000 valuations. The author of "Restaurant Dealmaker- An Insider's Trade Secrets For Buying a Restaurant, Bar or Club" available on Amazon. Reach Steve direct at 415-945-9701.
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