I can easily tell you some people who would never make it as a business owner.
- The editorial columnist in the Seattle Times who wrote about lingering Covid, masks going away, and how scared he still is.
- The news announcer on NPR who had to “warn” listeners they would hear gunshots from a firing range in the next segment.
- The arts organizations executive directors who say they’ll still require masks after WA State removes the requirement.
Being a business owner and/or buyer requires guts, among other things like smarts, desire, and risk-taking. For business sellers, here are some things to be concerned with about any buyer.
- Are they the right person for the business? Do they have the skills to grow it and the personality to relate to the customers and employees?
- Money, as in can they afford the business and the corresponding bank loan, still have cash left to help grow the company, and can they manage finances?
- Do they have a team to help buy it and can they effectively utilize the existing management team?
- Can they make decisions without getting analysis paralysis?
- Does he or she ask good tough and insightful questions to show they grasp what’s going on (a buyer skating through diligence is a bad sign)?
Diligence goes both ways and it’s more than money that makes someone (or company) the best buyer.
“A bad rendition of you is better than a good rendition of somebody else.” Willie Dixon
