It's easy to forget that buying a business isn't just about finding the right company—it's about convincing the seller that you're the right buyer.
While you're evaluating business opportunities, owners are evaluating you.
The most attractive businesses often have multiple interested parties, and in these situations, being the highest bidder isn't always enough to win the deal.
Business owners don't just sell to the highest bidder; they sell to the buyer they trust most to continue their legacy, take care of their employees, and maintain relationships with customers.
When you acquire a business, you're not just purchasing assets—you're adopting the owner's life's work.
The Human Element of Business Acquisition
Most business acquisition advice focuses on spreadsheets, due diligence, and negotiations.
But equally important is the human element—building genuine relationships with business owners and understanding what truly matters to them beyond the sale price.
Remember that small businesses are the product of someone's blood, sweat, and tears.
Most sellers want to know their "offspring" is going to a good family.
By positioning yourself as the ideal steward for their business, you create opportunities for more favorable terms and potentially even seller financing that might not be available to other buyers.
Face Time: The Irreplaceable Ingredient
The foundation of seller rapport is simple but often overlooked: you will have to put in some face time and build real relationships with owners for this to work.
When you identify potential acquisition targets, make the effort to visit in person.
Walk into their businesses, introduce yourself, and have genuine conversations when they're not busy.
If physical visits aren't possible, phone calls or personalized emails can open the door to discussion.
Digital communication has its place, but nothing replaces face-to-face interaction for building trust.
As one successful acquirer notes, "The deals I've won weren't because I had the highest offer—it was because the seller felt I understood their business and would respect what they built."
Asking the Right Questions
Engaging with sellers requires thoughtfulness and emotional intelligence.
This isn't an interrogation—it's the beginning of a relationship. As you build rapport, weave these questions into natural conversation:
Understanding Their Journey:
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How did you get started in the business?
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What inspired you to choose this line of work?
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What were you doing before this?
Finding Their Passion:
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What do you love about being in this industry?
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What's your favorite part of running this business?
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What's the most important thing for your customers to know about you?
Learning from Experience:
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If you had it all to do over again, what would you do differently?
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What's the toughest part of being in the business?
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What's a typical day like?
Exploring Their Future:
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Have you considered selling the business? How come?
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What are you hoping to do next?
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What matters most to you—your legacy, employees, customers, sale price, or reputation?
The key is to ask these questions naturally throughout the conversation, not rapid-fire like an interview. You're getting to know them as a person, not just as a business owner.
The Two-Way Street of Seller Meetings
Keep in mind that the seller is likely just as interested in your motivations and capabilities. Be prepared to clearly articulate:
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Why you're interested in their specific business
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How your background and skills make you a good fit
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What your vision is for the company's future
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How you plan to take care of existing employees and customers
The most underrated part of getting to know owners is actually getting them to like you.
People sell to people they connect with—those who share their values and vision.
As obvious as it sounds, owners want to sell to someone who genuinely appreciates what they do for a living.
Showcasing Your Value
Knowing your skills, passion, and expertise is valuable to you, but it's crucial when selling your acquisition bid to the seller.
The best predictor of future behavior is past behavior, so be ready to share your relevant accomplishments.
This isn't a job interview (please don't bring a PowerPoint presentation), but in a non-boastful way, mention experiences that demonstrate your:
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Ability to learn and grow
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Track record of success in relevant areas
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Resilience through challenges
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Commitment to values that align with the business
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Upward trajectory in your career or previous ventures
Focus on how you've won in the past, not just what duties you've performed.
Concrete examples of overcoming obstacles or achieving growth tell a far more compelling story than a list of responsibilities.
Understanding the Seller's True Motivations
Learning a seller's genuine motivations requires patience.
Their reasons for selling are often nuanced and may not be fully revealed in initial conversations.
You may need several meetings to build the trust necessary for them to share their real motivations.
Sometimes what sellers say they want and what actually matters most to them are different.
For example, a seller might emphasize sale price in early discussions, but their deeper concern might be ensuring their long-term employees are protected.
By taking time to build trust, you'll uncover these underlying priorities.
Key motivators to listen for include:
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Concern for employee welfare
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Desire to preserve company culture
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Interest in maintaining community relationships
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Legacy protection for the business name or reputation
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Retirement planning needs
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Health or family considerations
Becoming the Preferred Buyer
When you understand what truly matters to the seller, you can structure your offer to address their specific concerns and desires.
This might include:
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Offering employment contracts to key team members
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Proposing a gradual transition period
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Committing to maintain the company name or core values
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Structuring payments to support the seller's retirement plans
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Including the seller in strategic decisions during a transition period
Remember that price is just one factor in the seller's decision.
A slightly lower offer that addresses their deeper concerns may win out over a higher bid that ignores these priorities.
The Personal Connection Advantage
The most successful business acquisitions often happen when buyers and sellers develop genuine personal connections.
This doesn't mean forced friendliness—it means finding authentic common ground.
Shared interests, values, or backgrounds can create bonds that transcend business transactions.
When a seller sees you as someone who "gets" them and their business, they're more likely to choose you even when other factors are relatively equal.
As one business owner who sold to a non-highest bidder explained: "I could tell they understood what made our business special.
The highest offer came from someone who saw us as just numbers on a spreadsheet.
The difference in price wasn't worth risking everything we'd built."
Your Next Step
Ready to start connecting with business owners and positioning yourself as their ideal buyer?
Begin by practicing your personal story and preparing thoughtful questions for seller conversations.
Then explore our current listings of successful businesses for sale at BusinessForSale.com.au