Okay, so you know what you want in a business. But what are sellers seeking in a buyer?
"While sellers want to sell, they also want a new owner who can make the business successful because in most cases, you'll owe them money," says Tom West, founder of the International Business Brokerage Association.
Here are a few things that sellers look for in a buyer:
- Financial ability to pay the down payment and future payments.
- Knowledge, or at least a good understanding, of how to successfully run a business.
- A willingness to learn whatever it takes to make that particular business a success.
- A realistic understanding of how much income can be generated from the business each year.