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How To Handle The Enquiries From Prospective Buyers?

Have you already listed your business for sale with intermediaries based in Canada? If yes, your subsequent step will be to monitor your mailbox for request of information from potential buyers.

Given below are some vital tips for managing the enquiries applicably, to eliminate the buyers who are nothing but timewasters and then get into face-to-face meetings with sincere buyers as soon as possible.

Answer Back The Enquiries Quickly

Reply to enquiries as swiftly as possible. Or else, buyers could become upset or irritated and might follow replacement offers with sellers that are more responsive. At times, it may take some days to acquire the information asked by the interested buyers. Nevertheless, you should still give some response to the enquirer like ‘I will send the information as soon as possible’, so that the interested buyer would know that, you are taking interest in his or her offer. You can reply through email or even call them. The best tactic is to combine both approaches. You can do:

  1. Call the buyer straightaway and provide them with the opportunity to talk to you through the phone. If they do not receive your call, you can leave a message for them.
  2. You can also send a brief report on the business along with the condition to sign NDA to receive the full information.

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These methods are rather simple, and can be quite effective in taking note of seriously interested buyers.

Taking Out The Time-Wasters

Beware of those people who are simply looking to waste the time. If you get too involved with those kinds of parties, you will only waste your time but you may even miss out on some real good buyers. You can ask them about their experience level in the sector similar as your business of sale. If their answer were not very convincing, it would be better to make a more detailed check on them. Similarly get all information about the possible buyers like their knowledge about the industry, finances, reason for interest in business of sale, their timescale for closing the deal, etc.Lastly, to know a bit about the enquirer’s character, you can make a quick search through social media platforms, including both personal and professional profiles. That way you can list out the genuinely interested buyers for your business of sale. You can get more information about business for sale on websites like Business Buy Sell.

What To Do If The Potential Buyer Doesn’t Reply To Your Call?

Well in case, the interested buyers do not answer your call or does not reply to your mail, what you could do is call or sendthe mail to the potential buyers once or twice. And if the buyer still doesn’t respond, you better not waste your time on unresponsive buyer and concentrate on other potential buyers. It can affect your business of sale reputation negatively.

Signing NDA – Non-Disclosure Agreements

Once you have finished screening the enquiries and found a genuinely interested buyer and very fruitful offer, you should ask the potential buyer to sign a NDA i.e. Non-disclosure agreement, also known as Confidentiality agreement. You should never provide the potential buyer with any sensitive business related information until the NDA has been signed by him or her. A NDA is a responsibility taken by both, buyer and seller to not reveal any kind of sensitive information to third party.

Meeting Face-To-Face

After you have chosen a buyer and signed the NDA, it’s time for a face to face meeting. It could be a lot more convenient if both the parties are living in the same city of Canada.Buyer may want to visit the business of saleproperties. Ensure that your business premises are neat and well organized. Keep your financial books fully updated and well maintained, before the buyer arrives for the meeting. You will find many intermediaries in Canada, who can help you all through the whole process of business selling.

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