Hey, sell-side superstars! So, you’re ready to hand over the keys to your business—congrats on building something worth selling! But here’s the million-dollar question (maybe literally): who’s the right buyer? Picking one isn’t like swiping right on a dating app—though, let’s be honest, it’s just as nerve-wracking. I’ve sold pieces of my own ventures, from real estate hustle to Owen Capital’s mini-empire, and I’ve learned the hard way that not every handshake is a match made in heaven. At Icon Business Advisors, we’re pros at finding “the one” for your company, so let’s break down how to spot the right buyer—with a little Nashville flair and a lot of laughs.
1. Know What You’re Looking For (No Wishy-Washy Allowed)
First things first: what do you want from this deal? Cash to fund your lake house dreams (Center Hill Lake, I’m looking at you)? A legacy preserved? A quick exit so you can binge Yellowstone guilt-free? I once sold to a group that didn’t get my vision—felt like handing my kid to a babysitter who
only feeds ‘em candy. Get clear on your must-haves—price, culture fit, or future plans—before you start shopping. Vague goals get you vague buyers, and nobody’s got time for that.
2. Look for the Love, Not Just the Loot
A fat check’s nice, but the right buyer’s gotta get your business. Are they a competitor who’ll keep your team humming? A private equity firm that sees your growth potential? Or maybe a family friend who’ll call you when the printer jams (true story—I’m still the paperclip guy). When I sold parts of Five Doors, the best buyers weren’t the highest bidders—they were the ones who vibed with the mission. Dig into their track record—do they nurture or gut? Your gut’ll tell you more than their balance sheet.
3. Dodge the Tire-Kickers and Time-Wasters
Ever met a buyer who talks big but can’t pay up? They’re like that friend who always “forgets” their wallet at dinner. Look for serious players—folks with cash or financing lined up, not dreamers hoping to flip your company like a fixer-upper on HGTV. I’ve wasted too many coffees on “maybe” meetings—now I vet hard. At Icon, our AI magic (shoutout to Betty!) filters out the flakes, so you’re only shaking hands with contenders, not pretenders.
4. Test the Chemistry—It’s Not Just Business, It’s Personal
Selling’s a relationship, not a one-night stand. Do you click with these folks? Can you trust ‘em to treat your baby right? I’ve had buyers who seemed perfect on paper but gave me the heebie-jeebies in person—like a bad blind date with worse stakes. Chat ‘em up—ask about their plans, their values, how they handle hiccups. If they dodge questions or smell like a used car salesman, run. The right buyer feels like a partner, not a predator.
5. Match Their Vision to Your Exit
What’s their endgame? If you’re a $10 million widget-maker, a buyer who wants to turn you into a TikTok empire might not fit. I’ve seen deals tank because the buyer’s “big idea” was miles from the seller’s reality—think oil and water, not peanut butter and jelly. Ask: Are they growing your business, merging it, or stripping it for parts? The right buyer’s vision should line up with your “why”—whether that’s legacy, profit, or just peace of mind. Icon’s got the tech to scout matches that stick.
Why This Matters (and Why We’re Obsessed With It)
Picking the wrong buyer’s like marrying the wrong person—expensive, awkward, and a lot of regret. The right one? It’s a win-win that leaves you smiling, not stressing. I’ve lived this—my $125 million real estate sales flex wouldn’t mean much if I’d sold to jerks who trashed it. Your company’s your legacy, and it deserves a buyer who’ll carry the torch, not torch the place.
At Icon, we don’t just throw you a list and say “good luck.” We use our tech wizardry to source legit buyers—400+ boutique investment banks in our network, anyone?—and our been-there-done-that team to vet ‘em. We’re like the matchmakers of the lower middle market, pairing $5 million to $50 million businesses with their perfect fits. No ghosts, no duds—just solid handshakes.
Your Next Move
Take a beat and sketch out your dream buyer—cash-heavy, hands-off, whatever works. Then let’s talk. I’ve got stories from the trenches and a team ready to play Cupid for your company. Drop me a line at Icon—let’s find the buyer who’s worth more than a swipe right. Because selling’s not just a deal; it’s your next chapter, and we’re here to make it epic.
Daniel Askew is the CEO of Icon Business Advisors, a Nashville squad turning lower middle market sales into love stories. When he’s not playing buyer matchmaker, he’s dodging his sons’ chaos or dreaming of his next boat day.