Attitude plays a vital role in determining the success of a business. From having the right mindset to being emotionally driven, one’s characteristics serve as the fuel that business purchases need to take off smoothly.
Naturally, having the tangible assets to make a business deal possible is the backbone – but where do you go from there? Once you tick off the boxes of enough capital, assistance from professionals, due diligence, and a good deal, being mentally and emotionally prepared to start your venture as an entrepreneur is critical to succeeding from there on out.
Here are key characteristics that a business buyer should possess:
Confidence is Key
Confidence can take you a long way in buying a business and ensuring its success. Once the seller sees that you know what you want and you’re sure of what you’re doing, you’re bound to have a deal sealed in your hands. But how do you find confidence in a situation where your future is on the line? Root back to your skills, experiences, and expertise. If you know that you’re capable of running this business, you’ve already won half the battle. If you trust your capacity backed up by your years of training in the industry and a solid background in entrepreneurship, you’ll have an easier time navigating the steps in making an offer, conducting due diligence, and ultimately transitioning the business into your ownership.
However, be careful not to be overconfident. While self-assurance radiates positivity, any excess of this trait will come across as arrogant. A seller wouldn’t want to trust his brand to someone who could potentially belittle and micromanage key employees. Finding the right balance between confidence and egotism, and making sure that those lines won’t cross is paramount.
Be Assertive
Being assertive will give you all the information you need to know before buying a business. Are you asking the right questions? Are you vocal enough with your concerns, terms, and conditions? Are you showing your intent and plans?
For one, a buyer should not have a laundry list of endless questions. Not only will it waste a chunk of time between you and the seller, but it will also imply that you didn’t research enough on the business you’re eyeing. Keep in mind that you should be asserting what’s not on paper. There’s no point in asking questions that the owner has already answered through the business profile and executive summary. Dig deep into the key sources of competition, employee history, and supplier relationships, and through this process, you will showcase your strong entrepreneurial sense and establish trust between you and the seller.
Be Discreet
Sellers appreciate buyers who value confidentiality. Not only is it a sign of respect between the two parties, but it’s also an indicator of your ability to professionally handle legal and confidential information about the company.
The process of buying a business should be handled under the table. Potential buyers should respect that it’s up to the seller when to inform the employees, managers, and customers about the sale. What’s more, direct competitors should be kept out of the picture as much as possible. You wouldn’t want them to have a leg up and possibly take advantage of the transition by stealing your business’s network of customers.
Learn to Be Flexible
The truth is, surprises and challenges in buying and running a business are inevitable. You’re lucky if things go according to how you initially envisioned and planned them. In a continuously evolving market factoring in the post-pandemic world, changes are constant. Buyers should prepare themselves to be flexible and continuously adapt to new trends and adopt more effective business models and practices from time to time. The key is to work systematically and come up with creative solutions whenever problems arise.
Not every buyer has these characteristics innate to them. The key is to develop, hone, and own these traits and strive to be better. It won’t be an overnight process, but take each day a step at a time.
