If you’ve got your eye on a potential business acquisition, the chances are you’re going to be going up against a few other bidders. It might be the case that you know this for a fact, or you may have no idea who else is in the running.

Whether you know what you’re up against or not, though, it always pays to stand out and make yourself the most attractive bidder possible. With this in mind, here are three key things to consider that can help you stand out as the best bidder.

1 – Know your target

Make sure you know your target acquisition, and the industry the company is in, inside and out. This will show that you are serious about the deal, but it will also help you to evaluate your own position and understand how best to proceed with the deal.

Find out as much as possible about the business in terms of its reputation, customer base, clients, employees. Finding out about these things will be key to both your valuation, negotiation of the deal and the transition period if you are successful in acquiring the company and will illustrate your commitment to the selling party.

2 – Sell yourself

Ensure you present the best possible case for yourself as the next owner of the business, so that the current owner can see for themselves how suitable you are.

Whether that’s showcasing your financial position, your experience and track record or your plans for the business post-acquisition, make sure you put it forward in the best possible light so that the seller knows you are a trustworthy bidder and a safe pair of hands.

3 – The personal touch

While you may employ intermediaries such as brokers in your acquisition of a company, you’ll also want to ensure that you don’t put too much distance between the seller and yourself.

After all, many business owners have grown and nurtured their company from the ground up, with many years of care and hard work behind them, and will want to make sure that when they do sell, their company is going into the right pair of hands.

Always make sure you maintain courteous, professional and open communication with the seller and allow them to see how invested you will be in the business should you become the next owner. Simple things such as this could just ensure that you stand out amidst a crowd of bidders.