Looking into the Mind and Heart of a Business Buyer

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Looking into the Mind and Heart of a Business BuyerWe often think about how to package products or services for sale to potential customers, but we sometimes fail to use that process for packaging our business for sale.

To help with that we’ve put together some categories and questions you can put to a potential buyer in a first meeting to find out if this person is a good fit for you and to potentially spur them on to action.

Timing

The buyer is sitting in front of you because he/she is financially qualified (because we made sure of that already) and they are ready to buy. But go deeper:

  • Why is this the right time for you to buy? This will reveal their personal and professional motives and why they have decided to act now rather than last year or one year from now.
  • If you don’t take action now, what are the consequences? This gives a tone of urgency to the conversation, and can reveal whether such urgency exists in the buyer’s world.

Personality

What is the buyer like? Is he/she an introvert or extrovert? Ask them:

  • What is something that really matters to you? Observe the way the buyer speaks about and engages with this topic/interest/activity. Think about how it may relate to your business.

Social Influences

Who helps support decisions in the buyer’s world? Think about asking:

  • How does your family feel about this? While extended family’s support is helpful, it’s the direct family’s support that is crucial. And the veto of a spouse effectively kills a deal.
  • How do your friends feel about it? Here you might discover that friends have been encouraging this move for years. Is this a pressure-oriented decision or is it something that the buyer has finally embraced?

Purpose

Perhaps most importantly, we need to find out the buyer’s why. Don’t fail to ask:

  • What is it that the business will give you? For those in jobs, this could be the autonomy they’ve always wanted, or the ability to finally tether their income to how hard they work. For those already tried and true in business, it’ll be the thrill of a new challenge. Whatever it is, we need to know what the buyer is getting out of this big decision.
  • How would this business match your skills and desires? This is a bit of a “closing” question, as we are pivoting from the big picture of the previous question to “how can we help.” But this matters for sellers too. A strong connection here can lead to a light-switch moment for the buyer and an impulse to move forward. This is a great opportunity for the sellers to apply their selling skills honed over the years to this specific potential buyer.
  • What are your hopes and dreams outside of this business? This ties us back to the personality question about what makes they might be passionate about, but it’s also a “post sale” question. We are assuming that they have already potentially bought the business, and it’s empowering them to chase after these hopes and dreams. You can help color in those spaces as needed.

Yes, business sales are about dollars and cents, but don’t kid yourself, it’s one of the most emotional things many people experience. Don’t battle those emotions as a seller. Harness them to your benefit and, ultimately, to help identify a serious buyer.

Need more questions like these? We’ve got you covered. Give us a call.