In this episode of the Steps To Sells podcast, Brandon Bourgeois and Chris Sater discuss the critical importance of seller involvement after the sale of a business. They emphasize that signing the Asset Purchase Agreement (APA) is not the end of the journey, but rather the beginning of a new phase that requires careful planning and execution. The conversation covers various aspects of post-sale transitions, including buyer concerns, the significance of training and knowledge transfer, the role of consulting agreements, and the necessity of setting clear expectations. The hosts highlight the importance of maintaining relationships and ensuring continuity for the success of the business and the legacy of the seller.

00:00 The Journey Begins: Understanding Seller Involvement After Sale
02:51 Reality Check: Life After Closing
05:50 Buyer Concerns: Ensuring Continuity and Relationships
08:57 Transitioning Main Street Businesses: The Handoff Process
11:42 Training and Knowledge Transfer: A Two-Way Street
14:42 Lower Middle Market Transitions: The Importance of Seller Involvement
17:39 Licensing and Certification: Navigating Seller Obligations
18:51 The Importance of Clear Timelines in Transactions
21:40 Consulting and Employment Agreements: Key Considerations
24:40 Seller Involvement: A Critical Asset
28:15 Navigating Post-Sale Relationships
31:54 Understanding Non-Compete Agreements
33:46 Setting Expectations for Post-Closing Involvement
39:05 The Legacy of Seller Involvement

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the complexities of the lower middle market, focusing on the different types of buyers and their characteristics. They discuss the importance of understanding buyer types, the role of funded searchers, and the significance of transparency in the acquisition process. The conversation also highlights the red flags to watch for in buyer behavior and offers valuable advice for sellers navigating the Letter of Intent (LOI) process. The hosts emphasize the need for commitment and the importance of surrounding oneself with the right advisors to ensure a successful transaction.

00:00 Understanding Lower Middle Market Buyers
02:58 Identifying Buyer Types
05:58 The Role of Funded Searchers
08:57 Private Equity and Family Offices
11:35 Traits of Successful Closers
14:46 Red Flags in Buyer Behavior
17:28 The Importance of Transparency
20:24 Advice for Sellers
23:15 Navigating the LOI Process
26:33 Final Thoughts on Buyer-Seller Dynamics

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the complexities of the buyer landscape, particularly focusing on the differences between various types of buyers in the lower middle market. They discuss the importance of identifying serious buyers versus tire kickers, the necessity of financial preparedness, and the red flags that indicate a buyer may not be serious. The conversation emphasizes the role of brokers in screening buyers and the traits that define a good closer. Ultimately, the episode serves as a guide for both buyers and sellers to navigate the business acquisition process effectively.

00:00 Understanding Buyer Types
02:52 The Buyer Landscape in Lower Middle Market
05:32 Identifying Serious Buyers vs. Tire Kickers
08:30 The Importance of Financial Preparedness
11:45 Red Flags in Buyer Behavior
14:35 Traits of a Good Closer
17:21 The Role of Brokers in Buyer Screening
20:20 Navigating the Buying Process
23:03 The Importance of Communication and Transparency
25:58 Closing the Deal: What It Takes
28:56 Final Thoughts on Buyer Preparedness