How To - Find Buyers for your Business

By this time, the broker will have on hand everything needed to facilitate discussions with prospective buyers.

a) Check your Database First
A good broker will accumulate over a period, a database of business owners seeking to buy a business. They usually come from enquirers to other businesses that the broker and his firm have previously advertised. For every 10 enquirers only 1 will seriously be interested in the particular business being marketed. That leaves 9 others who need to be “brought into the fold” as a future buyer on the lookout for a business.

Obtain full details of these prospects and enter into the “Business Wanted” database. In a few short months, a broker can build 100 – 200 people wishing to buy. If the firm has ten brokers, that is 1,000 – 2,000 potential purchasers on the database. The broker generally has an idea of all his buyer prospects and a name will immediately come to mind, when a new business is being listed.

Check also personal contacts and associates. Check with the other brokers on the team. It is surprising how often the buyer sought is “right under the broker’s nose”. Only when this ave...

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