Business buyer tips:
- Ask insightful questions
- Research the industry
- Show an interest and passion if you’re considering making an offer
A client lost a deal recently and the above is a synopsis of what the seller told me caused him to not finalize a deal structure. Now, he tried to be charitable but I kept drilling down on the “why?” He finally opened up.
He said the buyer rarely asked in-depth, insightful questions. The buyer didn’t appear to have researched the industry. The buyer wasn’t up-to-speed on the company’s products, which the seller felt indicated the buyer didn’t have the passion necessary to grow the company as the seller would like to see it grow (don’t think seller’s walk away and don’t care; they want to see the company bigger and better).
There are lessons here for all business buyers and all people, especially salespeople. You have to show interest and you have to ask tough questions, which demonstrates your interest.