Are you tired of being just another name in a broker's crowded CRM? Imagine being the buyer that sellers and brokers can't wait to work with. The one who stands out from the crowd and closes deals with ease. What if you could transform from an overlooked prospect to a highly sought-after acquirer of digital businesses?

Becoming a standout buyer isn't just about having deep pockets. It's a delicate dance of preparation, knowledge, and etiquette…much like dating. Like an attractive woman, a good business often has many people wanting it. Before I share what to do, let me start with a real story that illustrates what not to do: 

Today I met with a buyer who was interested in a business I have listed for sale. It was the first time meeting with this buyer, and as usual, we exchanged pleasantries and I then asked him to kick off the call by introducing himself and telling me a little bit about his background and why he's interested in this company. After telling me his history, he then proceeds to share that he's had mixed experiences with brokers and that the last broker he spoke to didn't get back to him after he expressed interest in one of his listings. 

When this experience comes up, it's both worrisome and often understandable, and I try to provide a little bit of perspective to the buyer. It went a little something like this: Most brokers have thousands and thousands of buyers in their CRM who are looking for an acquisition. I sometimes meet with 15 or 20 buyers a week, and due to time constraints, there is no possible way to personally assist each buyer in identifying and acquiring a company, as most are nowhere near the point of being ready to make an acquisition. When a broker has a good listing, there can be several offers on the table quickly. When one is selected, the other 150 people who signed an NDA are not individually contacted to be alerted.

Tips, tactics and value delivered to your inbox:

I then invited the buyer to ask me any questions he had about the listing he inquired about, at which point he told me he forgot what company we were meeting about to discuss. He's only looked at one of my listings, and I remind him which one. He said that he didn’t remember much and asked me to give him an overview of the company. I'm a bit annoyed at the fact that somebody took a spot on my calendar and came totally unprepared, but I go ahead and give him an overview of the company and invite him to ask me any questions he had about the listing. We chatted a little bit and I then asked him how he planned to finance the acquisition. He explained that he emailed with a lender but had not gone through the process of getting prequalified and doesn't really know where he stands on that end. 

Oh my lord. End of story time. 

This guy exemplified everything you should avoid. He arrived unprepared, forgot which business we were discussing, asked me to spend my time telling him about the company instead of reading the materials I provided, and barely thought about how he was going to finance the acquisition. 

Now, imagine the impression you could make by doing the opposite. Here's the kicker: sellers and brokers are actively looking for buyers who can demonstrate financial capability, business acumen, and professionalism. They're searching for someone who understands the nuances of digital businesses and can navigate the acquisition process smoothly.

Picture yourself as the buyer every seller wants to work with. You're the one who:

• Walks into every meeting prepared, having thoroughly researched the business and industry

• Asks insightful questions that showcase your understanding and vision

• Presents a professional image both online and offline

• Demonstrates financial readiness with pre-approvals or proof of funds

• Navigates negotiations with finesse, finding win-win solutions

Imagine having brokers eagerly answering your calls and sellers choosing you over other buyers because they trust you not to waste their valuable time and to make a good impression when they introduce you to their client. You're not the buyer who forgets which company they're inquiring about or comes unprepared to meetings. Instead, you're the one who impresses with your knowledge, preparation, and professionalism from the very first interaction.

Ready to become the buyer everyone wants to work with? Here's how to get started:

1. Polish your online presence. Ensure your LinkedIn profile and other social media accounts reflect your expertise and seriousness about business acquisitions.

2. Get your finances in order. Obtain pre-approval for SBA financing if needed, and prepare a clear, comprehensive Personal Financial Statement. Here’s the SBA’s Form 413 used by SBA backed lenders.

3. Develop your industry knowledge. Start researching digital business models, key metrics, and market trends.

4. Practice your communication skills. Prepare a concise yet compelling introduction about your background and acquisition goals.

5. Create a checklist of smart questions to ask during seller calls and due diligence. More below

6. Always come prepared. Before every meeting, review the business details and prepare relevant questions.

7. Respect the process. Understand that brokers deal with numerous inquiries and appreciate buyers who stand out through their preparation and professionalism.

8. Do not violate NDAs. This includes not contacting the seller directly, and not contacting other companies that might have working relationships with the listed company. This can get you blacklisted from the brokerage.

9. Craft fair offers. If you’re looking to purchase a company from a brokerage, you have to understand that the brokerage is in the business of getting their clients money for their business. In the event of a sale, the business owner owes the brokerage a commission. Offers that include 100% seller financing do not work at a brokerage because the business owner is never going to come out of pocket to pay the owed commission. This action can also get you blacklisted from a brokerage firm.

Asking the right questions shows you're engaged, knowledgeable, and genuinely interested in evaluating the business. Relate the business to your background and experiences and to other business synergies. As good questions, but don’t ask questions that should be saved for due diligence. Here are the types of questions to ask:

• What opportunities for growth do you see, and why haven’t they been pursued yet?

• What systems and processes do you have in place to manage daily operations?

• What role do you currently play in the business, and how much time is required?

• What tools and software are essential for maintaining the business?

• What challenges have you faced in scaling this business?

• Are there any upcoming industry changes or trends that could affect the business?

• Can you provide an overview of your team, if any? Are they independent contractors or employees?

• How reliant is the business on key personnel, and how long are they expected to stay post-acquisition?

You only get one chance to make a good first impression. Take action and position yourself as a standout buyer in the competitive world of digital acquisitions. Your dream business is waiting.

Subscribe Below to Download a Non-Compete Agreement