As a buyer, creating a good first impression when you initiate a conversation with the seller is crucial. Begin by showing genuine interest in the business you wish to learn more about. Introduce yourself and tell them a bit about your background, including your professional experience and what about the opportunity you found interesting.
Before a seller shares any confidential information with you, a seller will likely ask you to sign a non-disclosure agreement (NDA). All information you and the seller share should be kept confidential between you two. Once you have signed the NDA, you can go on to ask for additional information regarding the company’s operations, financials, customer demographic, and reasons for selling.
Give the seller enough time to collect their information and get back to you. If you have further questions, it is good practice to ask them as soon as possible to get the clarification you need.
Through your communication process, maintain a polite and professional attitude. Do not be aggressive in your demands. Understand that selling a business is a big step for business owners, and if they decide not to go forward with the sale with you, be respectful of their decision.
Here you can find conversation starters to approach a business owner.