Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
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WWW.UPANDCOMINGWEEKLY.COM DECEMBER 29, 2021 - JANUARY 4, 2022 UCW 17 For many entrepreneurs, sell- ing a business is about more than money; it's about passing down a legacy. After years of hard work, it's only natural to want to see your creation in the hands of someone who shares your passion. However, finding that perfect "someone" can be a challenge. Not everyone that can buy your business should buy your busi- ness. We've steered our clients away from countless ill-advised sales as veteran brokers. At best, these buyers don't share our cli- ents' vision, and at worst, they're scammers or known bad-faith actors in the business sales com- munity. Is the Buyer Reputable? e world of business transac- tions is full of irresponsible buyers, inexperienced buyers, dishonest buyers, and scammers. How does a broker identify when a disreputa- ble potential buyer comes knock- ing? We take a good look at a few critical pieces of information in their backgrounds: Does the buyer have a history of good business practices? Does the buyer have a good reputation in the business world? Does the buyer have a presence within their industry? Is the buyer open, transparent, and forthcom- ing with their references? Can the buyer verify the identi- ties of their accountants, bankers, and attorney? Researching each potential buyer helps protect you and your business. Whether recognizing common scams or hunting down references, everyone should use every resource available to ensure we're doing right by your legacy. Is the Buyer Passionate? Building a successful business takes years (and sometimes even decades) of thankless, unpaid work. Entrepreneurs who persist and rise to the top naturally want to see their creations live on and in the hands of someone who shares their dream, if possible. Ideally, you want a match with a buyer who shares your passion and has the willingness to learn your field. ey hopefully will have a vision for your business's future that aligns with yours. Remember, the right buyer should make you feel good about selling your business. If you find the right fit, it will feel less like sell- ing and more like passing it on to a friend. Is the Buyer Communicative? It may surprise you to learn that the highest offer isn't necessar- ily the "best" offer. e buyer who commits to closing and is com- municative and ready to proceed is usually the best offer. e goal is to get a buyer committed to closing with terms on which both parties agree. Communication is critical when it comes to finding trustworthy buyers. At Transworld, we've seen countless offers fall through when potential buyers go silent, refuse to furnish proof of funds, or can't supply proper documentation. ese offers may have been sub- stantial, but in the end, because the buyer did not communicate, the deal did not and could not proceed. Trustworthy, communicative buyers will be eager at the pros- pect of having their offers accept- ed. ey won't complain about complying with typical process requirements, and they'll be open to answering questions and shar- ing information. We keep a close eye out for these types of buyers because they are most likely to follow through and close. How to identify trustworthy buyers by THOMAS KELSEY BUSINESS & FINANCE Photo courtesy of Thomas Kelsey THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com A new wave in the Seltzer Category 8 2 % Alcohol grams carbs Gluten Free 12Pack 12oz cans 16oz cans YOUR LOCAL Beer-Seltzer-Ciders-Wine Distributor