A Buyer Profile
Here is a look at the make-up of the average
individual buyer looking to replace a lost
job or wanting to get out of an uncomfortable
job situation. The chances are he is a male
(however, more and more women are going into
business for themselves, so this is rapidly
changing). Almost 50 percent will have less
than $100,000 in which to invest in the purchase
of a business. In many cases the funds, or
part of them, will come from personal savings
followed by financial assistance from family
members. The buyer will never have owned a
business before, and most likely will buy
a business he or she had never considered
until being introduced to it.
Their primary reason for going into business
is to get out of their present situation,
be it unemployment or job disagreement (or
discouragement). The prospective buyer wants
to do their own thing, be in charge of their
own destiny, and they don't want to work for
anyone. Money is important, but it's not at
the top of the list; in fact, it probably
is in fourth or fifth place in the overall
list. In order to pursue the dream of owning
one's own business, the buyer must be able
to make that "leap of faith" necessary
to take the risk of purchasing and operating
their own business.
Buyers who want to go into business strictly
for the money usually are not realistic buyers
for small businesses. Keep in mind the following
traits of a willing buyer:
