TVG was engaged to represent a well-qualified buyer who was ready to leave his job in corporate America.
This buyer was well positioned financially and poised to be an ideal business owner, judging from his background.
We found an ideal business with the right infrastructure, cash flow, location and in a growing industry. We moved quickly to submit an SBA financed offer, only to be informed that the seller accepted a full price cash offer from a competitor.
Yes, we were discouraged, but we worked diligently to find more options that satisfied the necessary buyer requirements. Over the next few months, we were outbid and in other cases, the businesses didn’t hold up to further scrutiny. At this point, some buyers would become frustrated, but this buyer understood the difficulty of a business acquisition and had confidence that TVG would find the right opportunity.
A buyer’s guide for a successful business acquisition:
- Have your finances in order
- Be Patient but be quick
- Don’t get frustrated with the process
- Understand you may lose your perfect deal for any number of reasons
- There are people with more money than you
- Be open regarding industries
Almost a year from the start of our campaign, we identified 2 very different businesses which the buyer felt comfortable closing on. We determined the business that had the most growth potential and made an offer that was accepted by the seller. We were able to close the deal in December of 2017.