When it comes to selling your business, numbers matter but trust is everything.
In a world where buyers are more cautious, informed, and risk-averse than ever, building genuine trust is the difference between an average deal and a standout exit. Whether you’re selling to a strategic buyer, private equity, or a management team, trust is the hidden currency that smooths negotiations, speeds up due diligence, and unlocks premium value.
So, how do you cultivate trust with potential buyers and create an environment where your business commands both confidence and top offers? Here’s what matters most…
1. Be Transparent and Forthcoming from Day One
Buyers are on high alert for surprises. If you’re upfront about your business’s strengths and its weaknesses, you establish credibility.
How to put this into practice:
– Share clean, accurate, and up-to-date financials – no “fudging” or unexplained numbers.
– Disclose any risks, challenges, or one-off events early, and show how you’re addressing them.
– Create a data room with organised, easy-to-access information.
Transparency breeds confidence, while withholding information, even unintentionally, can kill a deal.
2. Demonstrate Consistency in Words and Actions
Nothing undermines trust like mixed messages or moving targets. Make sure what you say in meetings aligns with what buyers find in your documentation.
How to stay consistent:
– Back up projections with data and historic trends.
– Ensure all stakeholders, such as your management team, accountants, and advisors, are aligned on key messages.
– Deliver on promises, even in the small things (like responding quickly or sending follow-up info as agreed).
Consistency turns scepticism into respect.
3. Show a Track Record of Reliability
Buyers want to know the business they’re acquiring won’t spring surprises once they take over. A history of delivering on commitments, stable performance, and low staff turnover are powerful signals.
What to highlight:
– Year-on-year performance and resilience through economic cycles.
– Long-standing customer and supplier relationships.
– Low staff turnover and strong company culture.
A track record of reliability makes buyers believe in your forecasts for the future.
4. Be Honest About Your Motivations
Buyers are always curious about why you’re selling. If your reasons are vague, evasive, or appear “too good to be true,” it raises red flags.
Best practice:
– Share your true motivations; retirement, pursuing other interests, or a new challenge.
– Explain your plans for transition and, if relevant, how you’ll help ensure continuity post-sale.
Authenticity is memorable and reassuring.
5. Support Your Claims with Evidence
The more you can prove, the more buyers trust.
– Use customer testimonials, case studies, and independent reviews to support your value proposition.
– Provide legal documentation for IP, contracts, and compliance.
– Be prepared to offer references (from customers, suppliers, or industry peers).
Evidence beats assertion every time.
6. Build a Relationship, Not Just a Transaction
Trust isn’t built in a day. Take time to understand your buyer’s motivations and priorities, and be genuinely interested in their goals.
How to foster relationships:
– Meet face-to-face or virtually, not just via email.
– Ask questions and listen to their vision for the business.
– Be collaborative, not adversarial, in negotiations.
Buyers are people too, and people buy from those they trust.
Final Thoughts: Trust Accelerates Everything
The process of selling your business is demanding, but trust turns obstacles into opportunities. It smooths the path, reduces friction, and helps both parties feel good about the outcome. In the end, trust isn’t just a “soft” skill; it’s the foundation for maximising your business’s value at exit.
Your Exit Starts Here
If you’re wondering whether you’re truly ready to sell, don’t leave it to chance. Take the Exit Readiness Survey today at www.chalkhillblue.org/exitreadiness-survey and get a clear picture of where you stand, and what to do next.
Looking for the complete roadmap to a successful exit? Order The Exit Roadmap by Chris Spratling on Amazon – a practical, step-by-step guide for ambitious entrepreneurs ready to maximise value, minimise stress, and exit on their own terms.
For more insights and real-world advice, follow Chris Spratling on LinkedIn. Start your journey to a successful exit with clarity and confidence.
