The Art of Finding the Right Buyer for Your Business

Succession Planning Defined

Finding the right buyer for your business can be a challenging task. Engaging a reputable Business Broker will improve your chances of locating the right individual or organization to assure your business continues to be successful. A skilled broker can bring qualified buyers to review your business. Below are topics to address when evaluating buyers.

Questions to Consider

1. Business Continuity: Does the prospective buyer have the skillset and energy to permit long-term success of the organization?

2. Preservation of Expertise: Can the prospective buyer maintain the level of expertise through hiring existing employees or training new ones to operate the business at the level customers require?

3. Risk Mitigation: Does the prospective buyer have sufficient financial resources for cash flow needs during transition and for the near future? Do they understand any business cycles or external forces that may act upon the business?

4. Talent Development: Is the prospective buyer open to learning about the business from the seller? Has a training or transition plan been discussed?

5. Value Enhancement: Does the prospective buyer have strengths that will improve the business?

It can be tempting to just look at the offer price and not consider other factors when reviewing prospective buyers. The transition will be a much better experience for both seller and buyer if it is a favorable match. Knowing that the business will be in good hands can be very comforting to a seller.

Key Steps in Succession Planning