14 May The Individual Buyer
The majority of sellers of small businesses will probably be dealing with individual buyers or partnerships. Often these buyers are mature veterans of the corporate world, ranging in age between 40 and 60. For these people, business ownership is not just a dream, but a dream that they now can afford. Understanding what this type of buyer wants is the key to making a deal happen.
Any buyer that is looking to replace a job – and has saved some money – may be a prospect. But the best prospect is an individual who has already bought and/or owned a business. Owning a business is more difficult than being someone else’s employee, and these new responsibilities and potential risks can frighten many prospects away. Yet this type of buyer has a deep internal need or “drive” which may help make the deal happen. Furthermore, the individual buyer or partnership may approach the deal with fewer strings attached or other complications than other types of potential buyers.