There’s a saying that “every business is for sale at the right price”. Having purchased a business in 2019, I’m not sure that’s entirely true.
At the start of 2019 I dedicated myself to buying a business, and I explored as many avenues as I could to make it happen.
I received many warm referrals of business owners interested in selling, though none ultimately followed through. But every owner that I met through a business broker was keen to make a deal happen.
(Think of it like buying a house. On one hand you could go door-knocking and ask the owner if they’d like to sell. Or you could go to an agent and ask for their listings).
I found that price wasn’t the most important factor to get a deal done. It was the seller’s mindset.
Business owners aren’t simply selling their business. They’re selling their lifestyle. Many have owned their business for decades, and selling means their life will need to fundamentally change. You can give them a blank cheque, but no number could replace their way of life.
It takes a lot of effort for a business owner to go to a broker and ready their business for sale. Once the business is listed with the broker, there’s a good chance that the seller has come to terms with letting their business go.