“Someone Wants to Buy My Business!” (Now What?)

Author: Larry Chester

“I got a call out of the blue—someone wants to buy my company.”

I hear this more often than you might think. And almost every time, it’s delivered with a mix of excitement, pride, and just a little bit of disbelief.

And it makes sense.

You’ve spent years building something. Long hours, tough decisions, probably more than a few sleepless nights. Then one day, someone you don’t even know—or maybe someone you know very well—calls and says they’re interested in buying it.

It feels like validation.

Like you’ve made it.

And that’s exactly the moment when things start to go wrong.

Because, this Isn’t a Compliment—It’s a Strategy

The first thing to understand is simple:

This isn’t a compliment. It’s a business move.

Buyers don’t make unsolicited calls because they’re curious. They do it because they see something:

• Value they can capture
• A strategic fit
• A way to strengthen their position
• Or sometimes, a weakness they can take advantage of

If it’s a competitor, they’re thinking about market share.
If it’s a private equity group, they’re thinking about returns.
If it’s a customer—which happens more often than you’d expect—they’re thinking about control, margin, and supply chain.

And I can promise you that they are not showing up unprepared.

Which means you shouldn’t either.

The Emotional Trap

Here’s where most owners get into trouble—and it has nothing to do with finance.

It’s emotional.

• “I must be doing something right.”
• “This could be my exit.”
• “I don’t want to lose the opportunity.”
• “I want to be open and honest.”

All completely reasonable thoughts.

But they lead to one very predictable behavior:

You start answering questions.

You explain your business.
You walk through your numbers.
You give context.
You fill in the gaps.

And before you realize it, the conversation has shifted.

You’re no longer evaluating them.

You’re educating them.

The Biggest Mistake: Answering Too Much, Too Soon

In that first meeting, most owners think their job is to present the business well.

It’s not.

Your job is to control the process.

Because the moment you start answering detailed questions, a few things happen immediately:

• The buyer learns where your margins really are
• They understand your dependencies
• They start identifying risks and pressure points
• They begin forming a view of value—on their terms

And here’s the problem:

You end up giving them more clarity on your business than you have on their intentions.

That’s not a good trade.

The Financial Information Trap

This is the most expensive mistake I see.

An owner says:
“Let me at least give them a high-level look at the numbers.”

Seems harmless.

It’s not.

Because once numbers are out there, they don’t just inform the conversation—they anchor it.

And here’s the part that matters:

You don’t get a second chance to give your numbers to them the first time.
The first version is considered real. The second version is considered adjusted.

If you later come back with:

• Add-backs
• Normalized earnings
• Adjustments for owner compensation
• Investments that impacted short-term profitability

It doesn’t land the same way.

Even if it’s completely valid.

Because now it feels like you’re explaining and defending, not presenting.

And that changes the dynamic.

Most businesses are not “ready” to present their financials in a sale context without some level of reframing. That’s not manipulation—that’s clarity. It’s making sure the economics of the business are understood properly.

But if you skip that step and share numbers too early, you’re negotiating against your own first impression.

What the First Meeting Should Actually Be

The first meeting is not:

• A presentation
• A data dump
• A mini diligence session

It’s a filter.

You’re trying to answer one question:

Is this a real buyer, or just an interested party?

That’s it.

And the only way to do that is to stay in control of the conversation.

A Better Approach

Go into the meeting with a simple shift in mindset:

You are not there to sell your business.

You are there to evaluate the buyer.

That changes everything.

Stay in Question Mode

Instead of answering everything they ask, start learning about them:

• Why are they interested in your business?
• Have they completed acquisitions before?
• How do they typically value a company?
• What does their process look like?
• What’s their timeline?

You’re not being evasive—you’re being disciplined.

Control the Flow of Information

Keep your responses:

• High-level
• Conceptual
• Non-specific

No documents.
No detailed numbers.
No deep dives.

There will be a time for that. This isn’t it.

Use Deferral Language

This is where most owners struggle.

They feel like they need to respond in real time.

You don’t.

Simple phrases work:

• “Let me get back to you on that.”
• “We’d want to organize that properly before sharing it.”
• “That’s something we’d provide at a later stage.”

There is no penalty for being thoughtful.
There is a cost to being too responsive.

Pay Attention to the Dynamic

Not all buyers are equal.

If this is:

• A customer → they already understand your business better than most buyers ever will
• A competitor → they are as interested in learning as they are in buying

In both cases, the information imbalance is real.

Which means your discipline matters even more.

The Mindset Shift That Changes Everything

Most owners walk into that first meeting thinking:

“I hope they like my business.”

That’s the wrong mindset.

The right one is:

“I’m going to decide if they’re worth engaging with.”

That subtle shift moves you from reactive to controlled.

Final Thought

Being approached to sell your business is a great position to be in.

It means you’ve built something of value.

It means people are paying attention.

You should feel good about that.

Just don’t let that feeling drive your behavior.

Because the fastest way to lose value in a sale is to start answering questions too early.

Or put more simply:

Being flattered is fine.
Just don’t let it cost you a few million dollars.