OnwardLearn · Selling · Step 7. Meet the buyers
You get to choose: top price or the right person
The short version
- You decide who buys your business. No one is owed a yes.
- The highest offer is not always the best one. The buyer who will keep your team, serve your customers and pay you as agreed may be worth more to you.
- The right person still has to pay a fair price. Choosing a buyer you like at a price far below the market is its own mistake.
- Decide what matters most before offers arrive. Lesson 3.1 covers how.
- Whatever you choose, what the buyer promises only counts if it is in writing.
Why this choice is yours
Once your business is on the market, you may hear from many kinds of buyers. Some will offer more than others. Some will feel like a better fit. You are not required to accept any offer, even one at your asking price.
That freedom is worth using well.
Price is one part of the picture
Two offers can look close on price and be far apart in everything else. Compare:
- How much you receive at closing, and how much is paid later. Lesson 8.3 covers this.
- How the buyer will pay, and whether their financing is likely to close.
- Their plans for your team, your customers and your name. Lesson 7.5 covers these.
- Their experience running a business like yours.
- How they treat you during the sale. Buyers who are hard to work with before closing are rarely easier after.
A buyer offering a little less, all cash at closing, with a strong plan to keep your people, may leave you better off than a higher offer with most of the price paid over years.
The right person at a fair price
Choosing the right person does not mean giving the business away. Every offer should still be measured against your realistic range from Step 3, Learn what buyers would pay. A buyer who fits well but offers far below the market is not the right buyer yet.
Fit you can count on
A buyer can say anything about their plans. What counts after closing is what is written into the purchase agreement or a separate agreement: offers of employment, how long you stay on, whether the name continues. Promises that are not written down are hard to hold anyone to.
Take this to your own people
The questions for this topic, for your attorney, your accountant or your lender.
- For your M&A attorney: "Which of this buyer's promises about my team, customers and name can be put in writing, and which cannot?" Listen for: a clear split between what is enforceable and what is goodwill.
- For a broker or advisor: "Comparing these offers, which one leaves me best off once terms and risk are counted, not just price?" Listen for: a side-by-side view that includes cash at closing, money paid later and the chance each deal actually closes.
- For yourself and your family: "If the best-fitting buyer offers less, how much less are we willing to accept?" Listen for: a figure you agree on, within your realistic range.
When you’re ready
How a sale actually happens, in plain language — before you decide anything. Make a free account — nothing is shared