I get way too many emails from prospective business buyers expressing frustrations about business brokers. While many have valid points, often the confusion comes from misunderstanding their role. Most brokers are besieged with inquiries for their listings. I haven’t seen too many who know how to separate a good lead from a bad one and so only a few get any attention. If you really want to buy a business then you need to separate yourself from the crowd.
The first step comes on your first point of contact. When you send in a reply to an ad, online or otherwise, all you want to do is state: “I am interested in this business. I am serious about buying a business and I have the financial capability to do so. Please send me the necessary disclosure documents to execute at your earliest convenience.”. That’s it…nothing more. If you don’t get a reply within 2 days, call them. On this note, given they get tons of inquiries, if you have their full contact information then call them instead of emailing the first time.
Also,
you may have to provide them with a profile and financial statement.
This is a good thing. It’s how they can help you. You are not compromising any negotiating position if they know how much cash you have.
You will dictate the offer on a business not them but if they know you have the financial strength then they will let the seller know you can execute the deal
. This is especially true if there are competing buyers in the mix.
In today’s market when good businesses fly off the shelf, you need to distinguish yourself from other buyers.
Anything you can do to show you are really ready to buy will pay huge dividends.