Seller Legacy Mindsets

When selling a business, there are two distinct types of sellers, each requiring different approaches and considerations.

Core Seller Types

• Those who care about business legacy after sale
  • Deeply concerned about company's future
  • View business as their "baby"
  • Names closely attached to business
  • Worried about community impact
  • Fear community backlash if business changes
• Those who don't care about post-sale outcomes
  • Primarily focused on financial transaction
  • Less emotional attachment to business
  • More straightforward negotiation process

Trust Building with Legacy-Focused Sellers

• Requires significant trust exercise
• Need to demonstrate:
  • Understanding of business value
  • Commitment to maintaining business integrity
  • Clear vision for future growth
  • Respect for existing community
  • Ability to preserve company culture

Deal Structure Considerations

• Price isn't always the primary factor
• Legacy-focused sellers often prefer:
  • Lower price from trusted buyer
  • Stronger guarantees about business future
  • Continued involvement post-sale
  • Protection of employee interests
  • Preservation of company values

Negotiation Approach

• Must adapt strategy based on seller type
• Legacy-focused sellers need:
  • More relationship building
  • Longer trust development period
  • Detailed plans for business continuation
• Non-legacy focused sellers prefer:
  • Direct financial discussions
  • Faster transaction timeline
  • Simpler deal structures