American Business Brokers - November 2019

American Business Brokers & Advisor Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Author of ‘The Art of Buying and Selling a Convenience Store’ & ‘Selling with Certainty’ Involved in the Sale of 750+ Businesses Advisor • Consultant • Speaker

NOVEMBER 2019

WWW.TERRYMONROE.COM

800.805.9575

What Is an ‘Ideal Client’? The Four Characteristics I Look For In My Clients

“If you’re looking to sell your business, having some of these characteristics can alleviate some of the stress that comes with that decision.”

Willingness to Do the Work Selling a business is a lot of work and not just for me! My clients have usually owned their business for years, if not decades. They know all the ins and outs — which is good since their buyers will no doubt have questions. Clients sometimes get tired of their buyers doing their due diligence, but, since they’re the expert on how to run their business, a large part of their responsibility in the sale is keeping their buyers informed. No matter how tiresome it might get, successful clients are always willing to do their part in selling their business. Stick-to-it-iveness This is the characteristic that wraps the other three together. If someone wants to sell their business, they’re going to have to be in it for the long haul. That means keeping that burning desire to sell, trusting in the process, and doing the work until the last handshake. There will be days where it’s hard to see the process working, where it seems easier to just call it quits. But, if you want to complete the sale, you’ll have to get through those days. If you can persevere through the stress, I promise the rewards at the end will be worth it. At the end of the day, my goal is to form good relationships with all my clients and make them feel appreciated. Whether or not you’re an “ideal client” doesn’t matter. I’m here to keep your best interests in mind and help you generate the best value possible from the sale.

I won’t lie, helping someone sell their business takes hard work. I’ve brokered a lot of business sales over the years, and, while I work to form good relationships with all my clients, I’ve found a few solid characteristics that make the “ideal client.” The ideal client is someone who does their part to make sure the process of selling their business goes as smoothly and painlessly as possible. If you’re looking to sell your business, having some of these characteristics can alleviate some of the stress that comes with that decision. A Desire to Sell Having an actual desire to sell your business is the first characteristic I look for in clients. If you don’t want to sell your business, then nothing will happen. You might be thinking, “Well, Terry, if I’m coming to you, I obviously want to sell my business, don’t I?” If only it were that simple. A majority of clients do have the desire to sell, but it doesn’t trump their fear of the unknown. For years, these business owners have completely controlled every aspect of their business. When you bring me in on the sale, you have to relinquish part of your grip and let me work with you. Otherwise, the whole process is way more difficult than it needs to be. Trust in the Process If you want my help selling your business, you need to trust I know what’s needed to make a sale successful. I’ve been doing this for a while. I’ve been yelled at by clients who didn’t understand why they had to give me certain documents, who were used to doing things their own way. I always assure them there is a reason why I do things a certain way. It’s because the way I sell businesses works, and it will ultimately bring you the value you want out of the transaction. The process in place is for your benefit, and you have to trust that.

–Terry Monroe

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800.805.9575

WWW.TERRYMONROE.COM

www.terrymonroe.com

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