Just as there are different sellers with different motivations, there are also buyers with different types of needs and personalities. If you’re the seller of a business or looking to buy, understanding these different personality types may help you be more successful.

1. Unemployed
This is the best type of buyer. But there are some catches. They need to have enough money as a down payment to buy the business. Zero down payment to buy a home hasn’t been successful. As well as the down payment, they need a good credit score (FICO 700 plus), good credit report and if they want to qualify for a third party loan such as an SBA loan; they need to have industry experience. If you are the seller of a business, the unemployed are motivated and generally want to move quickly to make a decision and start earning an income again.
READ MORE

We’re all familiar with the story about Dr. Jekyll and Mr. Hyde; the person with two completely different personalities. Just as there are different types of buyers with different motivations, there are also buyers with different types of personalities. If you’re planning on buying a business or if you own a business that you want to sell, here are some Dr. Jekyll “traits” that would discourage a seller revealing too much information about their business.

1. Job Seeker
Try to establish this one early on as they are a complete time waster. Asking for a financial statement generally takes care of them. They have no money and no ambition. They don’t like their current job so if they find the perfect business with zero down payment, they will be made. There are quite a few job seekers out there so flush these out early.
READ MORE