One of the most common mistakes I see from aspiring business buyers is showing up unprepared. Sellers — and their brokers — are evaluating you from the first interaction. If you want to be treated as a serious, qualified buyer rather than a tire-kicker, you need a basic package ready before you ever sit across the table from a seller.

Here's what that looks like in practice:

Proof of Funds. You don't need to disclose your entire financial life — but you do need to demonstrate you can actually close. A bank statement or bank letter confirming you have sufficient capital for the down payment or full purchase price is the floor. If you're financing part of the deal through an SBA loan or line of credit, have that pre-approval or letter of commitment ready as well. Sellers aren't looking for a detailed balance sheet — they're looking for confidence.

A Short Buyer Profile. This doesn't need to be a lengthy. One to two pages including the following information:

Search Criteria
A brief statement outlining your search criteria — specific business types, business size, geography; your process and timeline; and your philosophy on preserving and building upon what the seller has built — employees, key relationships, operational continuity, long-term plans — goes a long way. In my experience, sellers aren't just selling a business. They're selling something they built, often over decades. Showing that you've thought about what happens after closing matters more than people realize.

Relevant Experience
You don't need an MBA. But you do need to demonstrate that you're capable of running what you're buying. A brief summary of your background — industries you've worked in, businesses you've managed, even key operational or leadership roles — gives the seller (and their broker) the confidence that this isn't going to blow up six months after closing.

Professional Representation
Have your attorney and CPA identified before you need them. Nothing slows a deal down faster than a buyer scrambling to find a lawyer after a Letter of Intent is signed. Sellers and their advisors feel significantly more comfortable when they know a professional team is on your side — it signals you're serious and that the transaction will be handled properly.

References
One or two credible people who can speak to your character, business integrity, and ability to execute. These don't need to be industry celebrities — a former business partner, a mentor, or a respected member of your professional network is plenty. In tight-knit business communities like Southwest Florida, a credible word of endorsement can absolutely move the needle.

The bottom line: sellers are evaluating three things — can you pay, can you run the business, and will you protect what they've built. This package addresses all three. You don't need to overcomplicate it. Get these five elements organized before you start making offers, and you'll immediately separate yourself from the majority of buyers in the market who show up empty-handed.

Contact Eric J. Gall at 239.738.6227 or [email protected] if you would like additional information on preparing a winning buyer profile.