Selling a business - how to know if you have a good purchaser
Selling a business - Who is the purchaser?
In this episode, Michelle and Stacey unpack the three big questions every seller must ask about a potential buyer: Can they run the business? Why do they want it? Can they pay for it?
They compare internal vs external buyers, share smart ways to research and validate a buyer (from ASIC checks to real-world references), and flag mindset clues—like values, problem-solving under pressure, and willingness to roll up their sleeves.
Plus, how to protect relationships, time and confidentiality while you figure it out. Perfect for owners preparing to sell a small business and wanting to avoid costly detours.
When it comes to selling your business, one of the most critical steps is working out who the purchaser really is. Not just their name or company—but their motives, capabilities, and resources.
In Episode 3 of our Selling Your Business series, we explore three key questions every seller should ask:
- Can they run the business?
Running a business is very different to working in one. A potential buyer may look good on paper, but do they have the problem-solving skills, resilience, and hunger to make it succeed? - Why do they want it?
Motivation matters. Are they looking for growth, a lifestyle change, or an opportunity to finally run their own show? Understanding their “why” helps you present your business in the right way—and spot any red flags. - Can they pay for it?
It sounds obvious, but it’s vital to establish early whether a buyer has the funds or finance in place. Time and energy are valuable—don’t waste them on someone who can’t deliver.
We also dive into the differences between internal buyers (such as employees) and external buyers, and share practical tips on doing your research—whether that’s checking ASIC records, asking the right questions over coffee, or simply observing how they interact with others.
At the end of the day, selling your business is not just a financial transaction—it’s about finding the right person to carry on what you’ve built.