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How to Respond to
Buyer Inquiries

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• 0. Selling your Business during the COVID-19 Crisis.  
 
• 1. Should I sell my business ?   Take this Quiz ....
 
• 2. Get Ready to Sell Your Business.  
 
• 3. 3 Key Considerations to Create an Effective Business-for-Sale Ad.  
 
• 4. The importance of photos in effective advertising.  
 
• 5. The Ad Title that Sells the Business.  
 
• 6. How to Choose Effective Categories for your Listing.  
 
• 7. Selling your business: ASSET sale or SHARE sale ?  
 
• 8. Some Hints for you When Selling your Business.  
 
• 9. How to Respond to Buyer Inquiries .  
 
• 10. Qualifying Buyers: Separating the sharks from the keepers.  
 
• 11. Ten things I should know when negotiating !  
 
• 12. Will I Get Top Dollar When I Sell My Business ?  
 
• 13. Prepare your Business for your Ultimate Customer.  
 
• 14. Is Your Business a Pain, or a Pleasure ?  
 
• 15. What Drives Owners to Sell & Buyers to Buy ?  
 
• 16. Frequently Asked Questions - by Jim Clark  
 
• 17. An Overview of the Business Selling Process.  
 
• 18. Recasting - a key to building value to the seller.  
 
• 19. What the Profit & Loss Statement Doesn't Tell You.  
 
• 20. How Do Buyers Determine Value when Considering a Business Purchase ?  
 
• 21. Why does Confidentiality Matter when Buying or Selling a Business ?  
 
• 22. Should You Buy an Existing Franchise?  5 Questions to Ask  
 
• 23. Succession Planning is central to selling success  
 

 
 DISCLAIMER 
 
These articles are for general information purposes only and do not constitute legal, accounting or other professional advice.  Important financial and legal decisions should be made only after seeking appropriate professional advice based on your specific situation.
 How to Respond to Buyer Inquiries

by Mike Merritt
Business Sell Canada

How Should I Respond to Inquiries by Interested Buyers.

Now that you've taken the big step to list and advertise your business For Sale; it's time to decide how to respond to the inquiries from potential Buyers.
 
You will receive inquiry emails from: legitimate interested Business Buyers, Investors, Agencies, and Career Changers, and also from: Curiosity Seekers, Sellers of other Services, Scammers, your Competitors, and many other types of people - and there is no way that we can automatically filter them out for you to ensure that the inquiries that you receive are only the ones that you really want; the good ones from honest and financially sound Buyers.  So, that's where your own Response Email comes in.
 
Here's how you should respond to Any & ALL inquiry emails - except for the obvious scammers whom you can just ignore.
 
The initial email from the potential Buyer probably didn't say very much and may ask some impertinent/inappropriate question - like: "How much profit did you make last year ?" - something that they have no right to know at this point in the negotiations.  Soooo ... Don't be offended - just ignore their impertinence.  You don't have to answer all of their questions at this time.  Instead, treat the inquiry as a "lead", and realize that it is now time for you to start "SELLING" your business.
 
Here's what you do.
 
Write a standard paragraph or two with a little more information about the business but still nothing confidential.  Like: We're located in New Brunswick on the Bay of Fundy - and last year our Resort had a 90% occupancy rate during the Summer season.  We usually hire a staff of 3 part-timers during the peak periods.  The business currently provides a comfortable income for myself, my wife and our 3 children. .... Notice that this is all information that they could easily determine themselves if they spend some time near your business ... There is nothing really confidential here.
 
Then ask them:  What experience do you have in running, for example, a resort/campground?  Do you currently have sufficient funds and a good credit rating to qualify for financing?  Where are you currently living and working?  etc ...  and send this reply in response to ALL inquiries about buying the business, regardless of what they originally asked or said.
 
It is from the NEXT email that you can determine if this is really a serious inquiry or just a fishing attempt ...  If they don't answer any of your questions in their response to you, then it is likely that they are starting a scam against you or they have some other purpose in mind other than buying your business ... and then there's the response like: Wow - I'd really love to own your million dollar property - but I am currently over-extended on my VISA card and I'm 3 months late with my rent and about to get evicted !! -- Ha !!!
 
Remember - you don't have to answer the buyer's every question initially.
 
Respond to the Best Buyers for your Business sale!

If you're concerned that people will identify that your business is For Sale and cause a problem - also see: https://www.BusinessSellCanada.com/sale/selqna.htm#9
 
If you're concerned about disclosing your Financial Statements and yearly profits in the Ad - also see: https://www.BusinessSellCanada.com/sale/selqna.htm#11
 
........ All the best with the sale of your business ........

This Article is copyright © 2019 by Mike Merritt
Business Sell Canada (https://www.BusinessSellCanada.com)

DISCLAIMER: I am not a licensed business broker so I cannot legally give you advice on your sale.  What's written above is based on my personal experiences ... which you're welcome to consider in preparing for the sale of your business - but you should not take it as professional or legal advice.

 
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