Responding to buyer enquiries

We know when you’re selling a business, you’re quite often still busy working in the business, so how do you find the time to do all the things? Now that your business ad is starting to attract buyer enquiries, finding the time to review, vet and communicate with buyer enquiries is critical.

Because we know buyers are generally exploring multiple opportunities at once and will lose interest fairly quickly if there’s no response to their enquiry, we’re here to help with some simple hacks to buy you time and keep buyers on the hook.

First of all, replying to all enquiries is highly recommended, even if you know that you’re not going to pursue a particular buyer enquiry. It’s not only good for your brand (savvy buyers may work out who you are), but it’s also the right thing to do. Remember, many buyers only make one or two enquiries, ever, so this is a big deal for them and you may be at the top of their list! Keep the momentum going and get in touch straight away.

The trick is…

• knowing that you don’t have to invest huge amounts of time up front with every buyer
• thinking about what you want from buyers in the first instance
• creating short cuts in your processes to save you time

The first step is to decide how you want to approach buyer enquiries. Do you need more time to respond? Do you want to screen buyers and if so, what do you want to ask? Do you want buyers to sign a Non-Disclosure Agreement before opening up a conversation?

Once you’ve decided on this, try tailoring one of the below sample emails to suit your needs, and have it ready in your drafts to send to buyers. If you’ve got a dedicated email address that you’re using to capture buyer enquiries, you could even set up an auto-reply. This will save you time and effort down the track.

Sample emails

The “I’ll be in touch shortly” email

Hello [name] and thanks for your interest in my business.
I’m tied up this week as I’m still working in the business, but I’m keen to touch base and hear more about what you’re looking for.
I’ll be in touch [next week/over the coming days/shortly] and look forward to speaking with you then.
Regards,
[name]

The “please answer these screening questions” email

Hello [name] and thanks for your interest in my business.
In order to help us understand whether you’re a good fit for this business, I’d really appreciate if you could get back to me with some responses to the questions below. This will help me understand more about what you’re looking for and hopefully save us both time in the long run.
Following on from this, should we both agree, I’d be more than happy to schedule a time for us to discuss the opportunity in more detail.
[list questions]
Thanks for your time and understanding.
Regards,
[name]

The “request to sign an NDA or confidentially agreement” email

Hello [name] and thanks for your interest in my business.
As a first step, I would appreciate if you could please sign a non-disclosure agreement (NDA) so that I can safely share business information with you. This not only protects me, but prevents my staff and suppliers from unexpectedly learning about the sale. This will also allow me to share more information with you in our early conversations, which should hopefully help you get a better understanding of whether this business is the right fit for you.
Thanks in advance for your understanding.
Regards
[name]

The “thanks but this opportunity is no longer available” email​

Hello [name],
Thank you for your interest in my business, however I wish to advise that it is no longer available.
Thank you for your enquiry anyway, and I wish you all the best in finding your perfect business.
Regards,
[name]

Whichever option you decide is best for you, make sure you get in touch as soon as you can – buyers may lose interest if they haven’t heard back within a week. Remember, it only takes one buyer to buy a business. This could be it!