In today’s competitive marketplace, differentiating yourself from other buyers is critical to having your offer accepted. Here are a few things to consider that will help you stand out:
Get A Financing Estimate
- Knowing what you can afford and showing the seller that you have the financial ability to close on the transaction will show the seller that you are a serious buyer.
- True North Business Funding can provide you with a confidential, complimentary Financing Estimate that in turn you can include with your offer.
Show that you have transferable skills
- If you are pursuing an SBA loan, showing the lender that you have the transferable skills is not only significant, but also a requirement of the SBA.
Post-close liquidity
- In addition to needing the cash for the down payment, you must also show the lender that you have cash post-close. As a general rule-of-thumb, this should be at least 10% of the purchase price of the business.
The real work begins after your offer is accepted
- One of the main reasons that accepted offers don’t make it to the closing table is lack of effort on behalf of the buyers.
- It is critical that the buyer be available during the entire due diligence process, providing the lender all of the requested/required information.
- Too many times over the years, we have seen buyers sit back and relax after their offer has been accepted. In many of these cases, the transaction didn’t close.
- Stay on top of everything!
For additional information on how to stand out as a buyer, contact True North Business Funding today.
