All Business Buyers come to the buying process with a world view and perception of the process. Where they get that knowledge ranges from books and seminars to water cooler conversations with those who have been through the process. One of the most dramatic statistics regarding buyers in the buying process is that 99% of buyers will never buy. 99% of Buyers never buy!!!
A good buyer should understand how they sit in this pool. Like it or not the phrase “Buyers are Liars” is bandied about by sellers and some brokers. My personal opinion and experience is that a general lack of education and true understanding of the process is the most limiting factor for buyers achieving the goal of business ownership.
Here are some tips for Business Buyer Education:
1. Interview Business Brokers to find one who is going to help you as a true advisor.
2. Buy the book “Buying a Good Business at a Great Price” or go to the website www.diomo.com .
3. Respect Broker and Seller time. Good Deals have to be made by all parties…lack of courtesy, respect for time does not gain one leverage in the buying process.
4. Understand the process in your local market and adhere to it. There are norms…you are new to the process….the norms have developed for a reason.
5. Control Your Advisers – You are in charge not your lawyer, broker, friends and family. Take their advice and weigh them all accordingly and equally.
6. Know what you don’t know and Listen.
The buying process can be navigated safely and smoothly….you simply need to get educated