That's because the seller often doesn't want employees, customers or the public to know the business is for sale because it could hurt the bottom line. Plus, Grimm said, the buyer often has a job and doesn't want his or her employer to know his plans. Grimm requires that sellers reveal their complete financial and business history and agree to meet with potential buyers. Bill Brace, a consultant who has worked with Grimm for 12 years, said he spends about six hours with sellers who list their businesses with Grimm to prepare a detailed marketing package about the enterprises. I try to find out the details of why the business works and put it in a package.
Most businesses have a direct correlation to the personality of the person who owns it.
Brace said he also tries to help the potential buyer anticipate future problems by asking questions such as what the business's weak points are, and he said most sellers are forthcoming in their answers. It's really a matchmaking service. Grimm said the current economic climate is ripe for buying and selling businesses. With the economy we're in, it's a seller's market. If we have a downward turn, it flips to a buyer's market, where pricing is more competitive.