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Selling a business can be a difficult process that involves many meetings. Sometimes, it can be hard to determine if a meeting went well. People are usually polite even if they are not interested in pursuing a deal. The phrase, “Thank you for your time; my colleagues and I will look things over and get back to you” can leave you wondering if they want to continue examining the deal, or are just being polite and are no longer interested.
Tip #1- Was the buyer prepared?
Did the buyer have a marked up copy of the offering document? Were they prepared with questions to ask? If a buy is genuinely interested in purchasing your business, they will come prepared.
Tip #2- Was the buyer engaged?
Did the buyer ask a lot of questions, or were they preoccupied? If a buyer is fidgeting in their seat or playing with their phone, they might not be serious about the deal or are losing interest. Pay attention to the way a buyer conducts themselves during meetings and if they lose interest, try your best to reengage them.
Tip #3- What was the buyer’s mood?
If the conversation is positive and lively between the buyer, you can be sure that they are genuinely interested in your business. Making a few light hearted jokes every now and then can help to alleviate some potential tension. However, if the buyer is very testy and does not want to converse with you, it might mean that they are not very serious about your business. Personal chemistry is often a very large part of a successful deal.
When working with an interested and engaging buyer, meetings might tend to run on a bit longer. A meeting that ends sooner than you planned can be another sign of lack of interest. The main thing is to use your own personal judgment. If you feel a meeting went well, chances are it did. If the meeting did not go as planned, you might be taking a step back. Not to worry, because it will eventually lead to you selling a business to the right buyer.