Search process and deal criteria

Most business owners assume their buyer will be a private equity group or a strategic acquirer. But if you run a smaller business in a niche category, the person most likely to buy you is an individual — someone who likes what you've built, can see a path to improve it, and is willing to put their own name on the line to finance the deal.

This week on Built to Sell Radio, Joe Soelberg joins the Inside the Mind of an Acquirer series to pull back the curtain on what that kind of buyer actually looks like — and what it means for you as a seller. Listen and you discover how to:

• spot the tells of a real buyer versus "capital partners" theater

• pressure-test proof of funds without turning it adversarial

• use a seller note as a credibility filter, not just a concession

• understand why individual buyers consistently misread the cash down, seller note, bank structure and how to use that to your advantage

• ask questions that surface risk early, before lawyers get involved