It’s Business, And It’s Personal

Helpful tips for offering to buy a business

| Sep 11, 2019 | Buying & Selling Businesses |

North Carolina entrepreneurs know that there are many things to keep in mind when it comes to making an offer on a business that’s for sale. Making the offer is what will drive the process of buying the business. It’s the only way for the potential buyer to know what the seller thinks and if there are areas where they will concede.

Remembering that the offer belongs to the potential buyer is key in the process. It’s the buyer who will assume the most risk in business transactions. This involves including clauses and terms that the buyer needs to feel comfortable to proceed. The seller may not fully appreciate this fact, but the potential buyer needs to recognize that it’s their future, their risk and their money.

It’s common for anyone who is selling a product or service to use the tactic that other offers have been made to speed up the selling process. The seller or intermediary may get aggressive with that strategy. However, the potential buyer should not break under the pressure. The potential buyer could tell the seller to go ahead with their other offers and to let them know if it doesn’t work out. This is likely to nip the tactic the seller is using in the bud and let up on some of the pressure.

The entrepreneur may wish to speak with an attorney who has experience in business law if they are interested in making an offer to buy a business. An attorney could help throughout the process by drafting paperwork that lays out exactly what will be expected of the seller and buyer. Legal counsel could also answer questions pertaining to business transactions.

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