Convince seller of your ability

by an investor from University of Delaware

1 year ago

A lot of times searchers are looking for businesses outside of the industry they come from. Does anyone have suggestions on how to convince sellers that you will be a good steward of their business. Any reading materials, etc?

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intermediary from Brigham Young University - Marriott School of Management

I'd agree with Travis, lean into your strengths and make it clear that you're not an expert. If your strengths align with the business, then an extensive knowledge of the industry would be a bonus, not the main selling point for you as the buyer. There are seller who only want to sell to industry focuses people, because they want someone who can see the companies value, but if you can show them that you see the value, it won't matter as much.

8 months ago | like reply | 0 likes

searcher from Anderson University

I did some basic reading on the industry of the company I acquired, but I didn't pretend to be an expert. Ultimately it was personal characteristics that persuaded the seller I was the right fit. It also helped to remind the seller during due diligence that he also had no industry experience when he acquired the company 20 years before me.

1 year ago | like reply | 0 likes

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