Some years ago, when Ted Kennedy was running for president of the United States, a commentator asked him why he wanted to be president. Senator Kennedy stumbled through his answer, almost ending his presidential run. Business owners, when asked questions by potential buyers, need to be prepared to provide forthright answers without stumbling.
Here are three questions that potential buyers will ask:
Why do you want to sell the business?
What should a new owner do to grow the business?
What makes this company different from its competitors?
Then, there are two questions that sellers must ask themselves:
What is your bottom-line price after taxes and closing costs?
What are the best terms you are willing to offer and then accept?