So you’re thinking about buying an online business. You may be confident about the process, or you’re simply unsure of where to start.
To ensure that you make the best out of your buying experience, we’ve compiled a list of starting points to engage with a seller.
Introduce Yourself
This goes without saying. When you’re meeting someone for the first time, you want to make a good first impression. Have a goal or vision in mind about the business? Talk about it. If you have any accolades worth mentioning, or if your background skills will prove beneficial to the growth of the seller’s business, mention those, too. Or, if you’re simply starting out in the digital acquisition industry, be honest. Long-term, sellers often provide newly-acquired digital buyers with guidance and direction to make the most out of their journey post-acquisition.
Related: First-Time Buyers’ Guide: Buying Your First Online Business
Be Open
Are you interested in a business? Make sure to review the data, market, and competitors. If you have any concerns or a price in mind, let the seller know! Being professional doesn’t mean you can’t be honest.
Stand Out
Some sellers are very busy with interested buyers. It’s important that you make yourself memorable. Think of it like dating. What can you say that will allow you to stand out? Sellers want to see that you’re knowledgeable, curious, and hungry for the business. Being friendly, productive, and professional will lead to the best results.
Communicate Effectively
It’s important to move through all avenues of communication in a timely manner. Ask public questions and answer any direct questions from potential sellers. After introducing yourself to a seller first online, you can then suggest discussing things further offline, for example over a phone call. Only you can make the best judgment on how things are moving along.
Be Kind
Selling a business that the owner started, grew, and dedicated much time and effort can be a stressful process. Be mindful of this when discussing the points you are reviewing about an asset.
Be Consistent
Follow up with any information a seller has requested. Reply to messages. Sellers have a stream of potential buyers lined up in their network. If a process of communication is delayed, quickly, they’ll turn their attention elsewhere. You want to make sure to constantly engage with a seller.
Related: How To Close Out a Deal
Ask Engaging Questions
Understanding a seller’s motivation for wanting to sell a business says a lot about the business. That’s why asking the right questions as a starting point in the due diligence process is necessary.
Related: 20 Questions to Ask When Buying a Website
Starter Questions
- Why are you selling?
- What qualities or skills do I need to run the business?
- If you could do things differently, how would you have run your business?
- What are the potential opportunities for growth?
- What is the current market like?
- How does the business make money?
- Are you open to negotiating?
- Are you offering any support post-acquisition?
Related: Buyer Due Diligence Checklist
Ensuring a vetted, buying process is critical to the success of your purchasing journey. Check out our due diligence checklist.
