When you find the perfect business to buy it's easy to want to jump straight in and make an offer. However, it's important to remember that you may not be the only person who is interested in taking it off the market. No matter whether you're battling with a confirmed rival or simply attempting to pre-emptively bat away any possible competition, you should make every effort to make yourself attractive to the current owner if you want to stand a chance of securing a deal.
To help you stand out from the crowd, we've put together a list of five ways you can boost your appeal in the eyes of the owner and secure your perfect business.
1. Take the time to do some research
Before approaching the current owner of the business, make sure you do as much research as possible about the business you want to buy and the industry it is part of. Not only will this dedication make you appear more passionate, but it will also help you evaluate your own position so you can ensure it really is the right business for you. Some of the most important factors to consider are its reputation, the employees it currently hires and the major clients it has on board.
2. Paint yourself in the best light
Although it sometimes feels uncomfortable, you have to make sure you sell yourself if you want the current business owner to take you seriously. When you approach the owner, try to do so with as much information as possible prepared in advance. Some details they may want to know include your financial position, your experience within the industry, your reason for wanting to buy the business, and any experience you have running a successful business.
3. Put together an effective team
When trying to buy your dream business you need to make sure you dedicate time and money to putting together the right team. Whether you choose to use a broker, an accountant, a solicitor or any other type of business expert, by selecting experienced and professional team members you can demonstrate to the current owner that you are committed to the purchase.
4. Take advantage of your contacts
If you know someone who could be a good connection with the business or business owner in question, don't hesitate to make use of them. While your professional and financial qualifications are likely to be the most important aspect of your approach, a personal connection can prove to be the difference between a deal and a rejection if your contacts are able to put in a good word.
5. Make it personal
It is likely that the current business owner has put a lot of time and effort into growing their business. No matter how strong your credentials, take the time to communicate with the owner so they have the chance to get to know you. If they feel confident that you are the right person for their company, they are likely to rank you above someone who may have stronger experience or expertise but hasn't taken the time to reach out.