Buyer Readiness Questionnaire | Business Value Booster

Name *

First

Last

For detailed explanation of the questions

Consult "The Goldmine on the Corner: Seven Steps to Buying a Small Business and Getting it Right Your First Time" (available on this site if you do not have it already)

Email *

1. Your family understands and fully supports the TIME commitments you will need to make *

Completely 100% true: they have signed the page in the book/workbook
I told them about it and I am sure they will support it once they get used to it
I haven't told them about it, but they are going to have to get used to it
I've told them and they understand the opportunity but they are very anxious and somewhat opposed

2. Your family understands and fully supports the FINANCIAL commitments you will need to make *

Completely 100% true: they have signed the page in the book/workbook
I told them about it and I am sure they will support it once they get used to it
I haven't told them about it, but they are going to have to get used to it
I've told them and they understand the opportunity but they are very anxious and somewhat opposed

3. You can write (or get someone to write) a cashier's check for $20,000 in the next 72 hours *

True, I have immediate access
I have a relative or someone who has promised to back me
I have a great credit score and a good job so I can borrow the earnest money and pay it off
I'm going to buy a business with nothing down

If you can't put up the earnest money deposit, you won't be able to afford to full down-payment in 60 days, and you shouldn't be wasting the seller's' time

4. In addition to the earnest money, you have liquid assets you can turn into cash within 60 days *

Over $75,000
Over $50,000
Over $20,000
I'm going to buy a business with nothing down and it will fund itself with its cash flow

After you have bought the business, you will need working capital to cover unexpected costs or dry spells

5. How many years of successful experience do you have as direct supervisor of other people? *

Over 5
3-5
1-2
None so far

Your people ARE your business, and in a small business, much of your time will be spent managing them. The more experience you have doing that, the better you get.

6. How many years of successful experience do you have managing through others (vs. supervising)? *

Over 5
3-5
1-2
None so far

If the business is going to operate without your constant presence, you need to be able to lead through others. That's a very different skill from direct supervision.

ruthless the need

7. Be honest with yourself: how will the business deliver effectively for the customer? *

Usually I don't have time to show someone; it's faster and better if I just do it myself
The work we do requires skills that most employees don't have. Customers expect and deserve my level of expertise.
I put processes in place so everyone knows what they need to do and only come to me with major exceptions
I am counting on delegating! I want to be an absentee owner and make passive income

8. To what degree do your hobbies or personal interests align with the type of business you are thinking of buying? *

I would do this kind of work myself for free if I wasn't getting paid for it
I've fiddled with this kind of thing for fun but am by no means an expert
I'm in it to make money. I have or will hire capable staff to do the work.
They have nothing to do with each other. Your private life needs to be kept separate from your work or it will drive you nuts.

9. Be ruthless with this one: are you a people person or more of a loner? *

I enjoy interacting with other people and get bored very easily if I have nothing specific to do
I am sociable but I also need time to get on with my work or personal stuff
You can't run a business or sell anything without other people, so it's just part of the job. You do what you have to do.
I'm an expert in my field or a master craftsman. I do great work and people come to me when they want things done right.

10. What experience do you have with selling anything? *

I have sold products or services to paying customers for over 3 years.
I have sold products or services to paying customers randomly as part of my other work, but with some success
I have never sold formally, but I know it is important and I am willing to give it a try
Selling is sleazy. I will hire someone to make up lies so I don't have to do it.

This doesn't have to be in a business setting, and does not have to carry a "salesperson" title. It could even be non-profit, such as raising funds for a local charity. BUT having your mom sell scout cookies for you doesn't count!

11. Are you comfortable speaking to groups and being recognized in public? *

Don't get between me and the camera if you don't want to be trampled
I have made many presentations, webinars, podcasts, etc., and am quite comfortable
I don't like to show off in front of others, but I can give a talk when necessary
The idea of public speaking makes me break out in a nervous sweat

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