Mistakes I Made When Buying a Business, Part 2
Entrepreneurship through acquisition (ETA), small business acquisition, and buying a business have exploded in popularity. More people than ever are entering the market as potential buyers.
That sounds great—until you realize what it means in practice.
Sellers and business brokers are flooded with inbound interest.
And if you don’t stand out immediately, you won’t get a response at all.
This was one of the most painful lessons I learned during my own search.
The Mistake: Assuming My Background Spoke for Itself
Early on, I thought my credentials would do the work for me.
When I reached out on listing sites, my messages often looked like this:
“Interested. Please send NDA and CIM.
Wharton MBA, 15 years in consulting.”
That was it.
What I didn’t understand was that I was not just evaluating the business —
the seller and broker were evaluating me.
And by their standards, I wasn’t presenting myself as a serious, qualified, or competitive buyer.
Brokers Aren’t Ignoring You—They’re Filtering You
Business brokers receive dozens (sometimes hundreds) of inquiries for a single listing. Their job is to quickly filter out:
tire kickers
underfunded buyers
people chasing unrealistic “passive income” fantasies
buyers who haven’t done basic homework
By sending generic, copy-and-paste inquiries, I was putting myself squarely in that bucket—despite being fully capable of buying the right business.
Buying a Business Is Like Applying for a Job (With Higher Stakes)
Think back to how people used to apply for jobs.
Yes, you submitted a résumé—but you also included a cover letter. That letter explained:
why you were a fit
what you brought beyond credentials
why you cared about that company
Requesting an NDA or CIM is the same thing.
Your résumé alone (education, job titles, years of experience) isn’t enough.
You need to sell yourself as a buyer.
That means clearly communicating:
your relevant experience
your intent to be an active, responsible owner
your financial readiness
why you’re a good fit for this business
The Dangerous Myth Buyers Fall For
Many buyers have been influenced by social media narratives that promise:
$500K+ cash-flowing businesses
no money down
passive ownership
a hired general manager from day one
I understand why that story is appealing. But for most real-world deals, it’s fantasy.
From the seller’s perspective, that type of buyer raises massive red flags.
Remember:
This business is their life’s work.
They’ve spent years—sometimes decades—building it. They care deeply about:
their employees
their customers
their reputation
their legacy
When sellers see a buyer who:
hasn’t demonstrated financial readiness
doesn’t want to run the business
hasn’t done basic diligence
has unrealistic expectations
…they don’t see opportunity.
They see risk.
What I Should Have Done From the Start
Here’s what actually works:
1. Only pursue deals you can realistically buy
Before requesting anything, confirm:
the business is in your price range
the industry aligns with your experience
the deal structure is plausible
2. Lead with credibility, not credentials
A strong buyer message includes:
proof or statement of available capital
relevant operating or leadership experience
clarity on your role as owner
genuine interest in the business itself
3. Treat the outreach like a first impression
Your initial message sets the tone for the entire process. Make it thoughtful, specific, and professional.
Want to Become a Buyer Sellers Actually Want to Talk To?
Most buyers don’t lose deals because they’re unqualified.
They lose deals because they don’t present themselves well.
At Team Rise Consulting, I help buyers:
identify the types of deals that are a good fit for them
position themselves as serious, credible buyers
avoid common ETA myths
focus on deals they can actually close
👉 Subscribe to this Substack to catch Part 3 of this series, where I’ll share another mistake I made—and how to avoid it before it costs you time, energy, or credibility.
Buying a business isn’t just about finding the right deal. It’s about becoming the right buyer.