I wrote a post a year ago about a business buyer who had to reluctantly wait 18 months before buying one business I had listed. The post was about Seller’s Remorse and Buyer’s Persistence and how seller’s remorse makes the life of business buyers much more difficult. I have recently received a call from that same buyer and he was extremely happy.
This buyer has doubled his annual sales in the last 2 years and more than doubled the number of employees. His business is still growing very fast. His profits have also increased dramatically. This buyer had no previous experience in the industry of his newly acquired business, he had no formal business education and his finances were tight at the time he purchased the business. What is his secret?
While it’s is very difficult to spot the exact reasons for success, I have to admit that I was particularity amazed by this buyer’s sense of purpose, persistence and hard work. At an age over 50, this buyer mortgaged his own house and used the mortgage as a down-payment for the business. He then spent 18 months negotiating with an unready seller who kept changing his mind back and forth about the sale of his business. Most importantly, this buyer has spent the last two years working very long days, starting at 5:00 am in the morning and finishing at 7:00 PM every day for 6 day a week. How many younger and more formally educated people are not willing to work this much?
What impressed me the most about this buyer is his humility and respect for the previous owner’s work, systems and the way the business was managed over the last 20 years before he takes over the business.This attitude has earned him the respect of the previous owner who agreed to stay involved in the business as an employee long time after the sale. This was paramount in helping the buyer understand the business and make good decisions going forward.
Finally this buyer’s belief in the potential of his business and in his capabilities to take it to the next level were so strong that he convinced other members of his close family to leave their secure jobs and join him as employees.
As a business broker, I strongly believe that business buyers with a clear sense of purpose, determination, persistence and hard work have huge chances of realizing their business ownership dreams.