How to Find the Right Buyer for Your Business

Jason Huett
12 hours ago
8 min read

Quick Answer

Finding the right buyer for your business requires more than just accepting the highest offer. The ideal buyer combines strong financial capability, relevant experience, aligned growth objectives, and compatible personality traits that honor your business legacy.

Start by prioritizing your own exit goals — including sale price, financing structure, and post-sale involvement — then, systematically evaluate potential buyers against five critical criteria: financial capability, technical skills, professional background, growth objectives, and personality fit.

Working with an experienced business broker can help you identify, qualify, and connect with buyers who meet these standards while protecting your confidential business information throughout the process.

The Emotional Reality of Selling Your Business

For many business owners, selling their business can be emotionally difficult. Often, I work with owners who have been in business for 10, 20, or even 30 years. I operated my first business for 15 years and at the time, it seemed like an apocalyptic decision — both in a good and maybe not-so-good sense.

If you're feeling tension, know that this is very normal. After all, we tend to define part of our identity through the work that we do and for many owners it's work that had a positive impact on customers, employees, and sometimes, even investors.

While most business owners want to maximize their sale price, almost all of them have a strong desire to see their legacy carry on after they've sold the business. In this article we will explore just how to attract the right buyer for your business. But, before we do that, let's take a moment to highlight some of the more critical criteria that we will use to find that ideal buyer.

Step 1: Prioritize What You Hope to Achieve from Selling Your Business

Before you can identify the right buyer, you need clarity on what "right" means for you. Every business owner has different priorities, and understanding yours will guide every decision in the sale process.

Sale Price: How Important Is Maximizing Your Exit Value?

Generally, selling at or slightly below the valuation price leads to a faster closing while listing the business above the valuation price takes a bit longer. Consider your timeline and financial needs. If you need liquidity quickly, pricing competitively matters. If you can afford to wait for the perfect buyer who will pay premium pricing, that's a different strategy entirely.

Key consideration: A buyer willing to pay top dollar may have different expectations about transition support, earnouts, or performance guarantees.

Financing Structure: Cash at Close or Seller Financing?

Do you need 100% of the sale price to be paid at closing or will you provide some seller financing? This decision dramatically impacts your buyer pool.

Cash buyers are typically:

Private equity groups
Well-capitalized individuals
Strategic buyers (competitors or complementary businesses)

Seller financing opens the door to:

First-time business buyers with strong operational skills but limited capital
Buyers who can't secure full bank financing
Opportunities to potentially command a higher sale price in exchange for financing terms

In Wisconsin's small to mid-sized business market, seller financing of 10-30% is common and can actually attract more serious, committed buyers who have "skin in the game."

Post-Sale Involvement: Walking Away or Staying Connected?

Aside from the typical transition period, do you want (or need) to be involved with the business? Some owners want a clean break. Others want to consult part-time, maintain a small ownership stake, or ensure continuity for key employees and customers.

Be honest about this upfront. Buyers need to know if you're planning to:

Transition fully within 30-60 days
Stay on as a consultant for 6-12 months
Remain involved in an advisory capacity

These are all factors I would highly recommend documenting — if you don't, the buyer will, and you may find yourself in a position that you aren't excited about.

Step 2: Define the Traits Your Ideal Buyer Must Have

Once you're clear on your priorities, it's time to create a buyer profile. Not every qualified buyer is the right buyer for your business. Here are the five critical traits to evaluate.

1. Financial Capability

This is non-negotiable. Your ideal buyer must have the financial resources to:

Purchase the business (either through cash, financing, or a combination)
Operate the business during the transition period when revenue may dip
Invest in growth after the sale to maintain or improve the business

What to look for:

Verified proof of funds or pre-approval letters from lenders
Personal financial statements showing liquidity beyond the purchase price
A realistic understanding of working capital needs post-closing

In my experience working with Wisconsin businesses valued between $300,000 and $15 million, buyers who are undercapitalized often struggle during the transition period, which can damage the business you worked so hard to build.

Red flags:

✓ Buyers who are vague about their funding sources

✓ Requests to see detailed financials before providing proof of funds

✓ Unwillingness to engage with lenders or financial advisors early in the process

2. Technical Skills and Relevant Knowledge

Does the buyer have the technical competency to run your business? This is especially critical for specialized service businesses like accounting firms, water purification companies, HVAC operations, or healthcare services.

Relevant knowledge doesn't necessarily require that the buyer has all of the technical skills needed today, but they either need to bring a technical skillset or skills from sales, marketing, finance, or human resources — skills that will add value to the business.

Ideal scenarios:

Industry veterans: Buyers with 10+ years in your industry who understand operational nuances
Adjacent experience: Buyers from related industries who can transfer skills (e.g., a commercial cleaning buyer purchasing a window and gutter cleaning business)
Proven operators: Buyers who've successfully run other businesses, even in different industries
Professionals with unique backgrounds: Often, some of the strongest new owners come from Corporate America. While they may not have operated a business before, they bring other relevant skills to the business.

What matters most:

Can they maintain service quality your customers expect?
Do they understand the technical or regulatory requirements?
Will they need extensive training, or can they hit the ground running?

For Wisconsin service-based businesses, buyers with regional market knowledge often perform better because they understand local customer expectations, seasonal fluctuations, and the competitive landscape.

3. Professional Background and Management Experience

Beyond technical skills, evaluate their leadership and business management capabilities.

Strong candidates typically have:

P&L responsibility in previous roles
Team management experience (especially if you have employees)
Sales and marketing acumen to maintain and grow the customer base
Financial literacy to read reports, manage cash flow, and make data-driven decisions

Questions to ask:

Have they managed a team before? How large?
What's their experience with budgeting and financial planning?
How do they approach customer relationship management?
What's their track record with business growth?

First-time business buyers aren't automatically disqualified, but they need to demonstrate strong transferable skills and a willingness to learn. Pairing a first-time buyer with a longer transition period can be a win-win.

4. Growth Objectives That Align with Your Vision

What does the buyer plan to do with your business? Their growth strategy will determine whether your legacy continues or gets dismantled.

Buyer types and their typical objectives:

Strategic buyers (competitors or complementary businesses):

Often looking to acquire customer lists, eliminate competition, or expand service areas
May consolidate operations or rebrand
Usually pay premium prices but may not preserve your business identity

Financial buyers (investors or private equity):

Focused on ROI and scaling operations
May bring in professional management
Often preserve the brand if it's strong in the market

Individual buyers (entrepreneurs or owner-operators):

Want to preserve the business culture and customer relationships
Often committed to long-term ownership
May grow more slowly but with greater care for legacy

Key questions to explore:

Do they plan to keep the business name and brand?
Will they retain your key employees?
Are they planning to expand, maintain, or eventually flip the business?
Do their growth plans align with the capacity and culture you've built?

For many Wisconsin business owners I work with, finding a buyer who will care for employees and maintain community relationships is just as important as the sale price.

5. Personality Traits and Cultural Fit

This is the intangible factor that many sellers overlook—but it matters tremendously.

What to assess:

Communication style: Are they responsive, transparent, and professional?
Integrity: Do they honor commitments and follow through on promises?
Work ethic: Will they put in the effort needed to succeed?
Values alignment: Do they share your commitment to quality, customer service, and ethical business practices?

How to evaluate personality fit:

Multiple conversations: Don't rely on one meeting. Have several discussions in different settings.
Meet their references: Talk to people who've worked with them before.
Observe their diligence process: How do they treat your employees and customers during site visits?
Trust your gut: After decades in business, you've developed good instincts about people.

A buyer with perfect financials but misaligned values can destroy your legacy faster than an undercapitalized buyer with great intentions.

Step 3: How to Actually Find These Ideal Buyers

Knowing what you're looking for is half the battle. Here's how to actually connect with qualified buyers who meet your criteria.

Work with an Experienced Business Broker

A professional business broker has access to:

Proprietary buyer databases with pre-qualified, serious buyers
Confidential marketing networks that protect your business identity
Screening processes that filter out tire-kickers and unqualified prospects

At Collaborative Commercial Business Brokers, we maintain a database of active buyers and use nearly a dozen demographic, financial, and intent-based databases to identify ideal matches for each business we represent.

Uniquely, our sister firm, Fifth Degree Marketing, provides the data and analytics power to help strategically identify and locate buyers who match the criteria you provide.

Leverage Strategic Networks

Industry associations: Buyers often come from within your industry
Professional networks: Accountants, attorneys, and bankers often know buyers seeking opportunities
Local business groups: Organizations like BNI (Business Network International) connect you with serious entrepreneurs

Maintain Strict Confidentiality

Never publicly advertise your business sale without proper confidentiality protections. The right approach:

Blind listings that don't reveal your business name
NDAs before disclosure of any identifying information
Pre-qualification of buyers before sharing financials

This protects your relationships with employees, customers, and vendors while you search for the right buyer.

Be Patient and Selective

The average business sale takes 6-9 months from listing to closing. Rushing the process or accepting the first offer rarely leads to the best outcome.

Remember: You're not just selling assets—you're transferring a legacy. The right buyer is worth waiting for.

Step 4: Qualifying and Vetting Potential Buyers

Once you've attracted interested buyers, implement a systematic qualification process:

Initial Phone Screening
Financial Verification
Background Checks
In-Depth Discussions

Common Mistakes to Avoid When Finding a Buyer

Choosing the highest offer without evaluating the buyer: Price isn't everything. A lower offer from a better-qualified, better-fit buyer often leads to a smoother transaction and better legacy preservation.

Failing to document your priorities: Without clear criteria, you'll struggle to evaluate buyers objectively and may make emotional decisions under pressure.

Skipping proper vetting: Accepting a buyer at face value without verification can lead to failed transactions, wasted time, and potential damage to your business.

Ignoring cultural fit: A buyer who doesn't align with your values can destroy employee morale and customer relationships during the transition.

Going it alone: Selling a business is complex. Working with experienced professionals — brokers, attorneys, and accountants — protects your interests and increases the likelihood of a successful sale.

Your Next Steps: Finding Your Ideal Buyer

Selling your business is one of the most significant decisions you'll make as an entrepreneur. Finding the right buyer requires:

Clarity on your own priorities (sale price, financing, involvement)
A detailed buyer profile (financial, technical, professional, growth, personality)
Strategic outreach through professional networks and experienced brokers
Rigorous qualification to verify capabilities and fit
Patience and selectivity to wait for the right match

The right buyer exists—someone who has the financial capability, technical skills, professional background, growth vision, and personality traits to honor the business you've built while taking it to new heights.

Ready to Find the Right Buyer for Your Wisconsin Business?

At Collaborative Commercial Business Brokers, we specialize in connecting Wisconsin business owners with qualified, vetted buyers who are the right fit—not just financially, but culturally and strategically.

With over 20 years of experience and access to a healthy list of pre-vetted, active buyers, we will help you:

Define your ideal buyer profile
Maintain confidentiality throughout the process
Pre-qualify and vet potential buyers
Negotiate terms that protect your legacy
Close your transaction in 6-9 months on average

To your success,

Jason Huett Business Broker | CEO Collaborative Commercial Business Brokers