When it comes to selling a business, buyer interviews are critical. It's your chance to showcase your business and build trust. However, certain comments or revelations can quickly undermine a deal. Whether you're new to selling or a seasoned entrepreneur, knowing what not to say during buyer interviews is just as important as knowing how to pitch your business.

For many business owners, this can feel overwhelming - that’s where an experienced business broker can help. At Chinook, we guide you through the sale process, ensuring you avoid the common pitfalls and present your business in the best light.

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Here are five key tips on what to avoid when speaking with a potential buyer:

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1. Don’t Apologize for Your Business’s Shortcomings

What not to say: “Sorry, our financials haven’t been great the last couple of years.”

Every business has ups and downs, and while transparency is important, framing your business negatively can create unnecessary doubt. Buyers will naturally scrutinize financials, so there's no need to preemptively apologize. Instead, focus on the growth opportunities and the steps you’ve taken to improve. A buyer is more likely to be intrigued by potential rather than concerned about past struggles.

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2. Refrain from Overpromising on Future Success

What not to say: “This business will easily double in size in the next two years.”

While optimism is a great selling tool, buyers are often wary of grand promises that aren’t backed by hard data. If you overpromise and the buyer doesn’t see those results after purchasing, it could lead to issues down the line, including potential legal battles. Focus on presenting facts, such as market trends or historical data, and let buyers make their own projections based on that information.

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3. Don’t Say You’re the Only Reason the Business is Successful

What not to say: “Without me, this business wouldn’t survive.”

While it might be true that you play a key role in the business, saying this can make buyers think the operation won’t run smoothly without you. The goal is to present your business as self-sustaining, with processes, systems, and a strong team in place. Buyers want to know that the transition will be smooth and that they won’t have to reinvent the wheel after taking over. Highlight your team’s strengths and any documented procedures that can ensure continued success.

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4. Don’t Undermine the Buyer’s Ability to Run the Business

What not to say: “This industry is really hard to break into, so you’ll have a tough time.”

Even if the industry is challenging, the last thing you want to do is create unnecessary doubts about the buyer’s capability. Instead, encourage them by discussing the valuable experience they bring to the table and how it could benefit the business. Buyers need to feel confident they can succeed. Focus on how the foundation you’ve laid will make it easier for someone new to step in and take the reins successfully.

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5. Don’t Dismiss Buyer’s Concerns Too Quickly

What not to say: “Oh, you don’t need to worry about that.”

Every buyer has concerns - whether it’s about finances, operations, or market competition. Dismissing these concerns without providing a thoughtful answer can make you seem evasive or untrustworthy. Instead, acknowledge their questions and provide transparent, detailed responses. Addressing concerns head on helps build trust and strengthens the buyer’s confidence in the business.

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‍6. Refrain from Making Negative Comments About Employees, Suppliers, or Clients

What not to say: “We’ve had issues with our suppliers in the past.”

‍Negative comments about the people or organizations involved in your business can damage a buyer's perception of its reliability and smooth operations. Even if there are challenges, it's important to frame these in a constructive way, emphasizing how you've addressed or are addressing the issues. Buyers want to see that they’re stepping into a business with healthy relationships and systems.

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Final Thoughts

Selling a business is about more than just the numbers; it's about understanding why this opportunity will resonate with the right buyer. While many businesses may show similar financials, few will speak to a buyer’s deeper motivations. Highlight the reasons that make your business unique - the opportunities for growth, the strong foundation you’ve built, and why this is an exciting prospect for them. Buyer interviews are pivotal moments, so focus on inspiring confidence and showing the potential that lies ahead. Remember, it's not just about what your business does; it's about why a buyer will want to take it to the next level.

Contact us today for a complementary consultation.

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