Business buyers generally take a very long period of time to make a decision about making an offer on a business. Most buyers go through an unproductive period of hesitation that makes the decision process even more difficult. Among the common mistakes are:

There are situations when buyers lost their first mover advantage and ended up in a much weaker negotiating position simply because they delayed the decision to buy the business.   This generally translated into a higher price paid to the seller. When a business stays longer in the market it generally attracts more than one buyer’s interest. This creates a multiple bidding situation where the price goes up.

Furthermore, business sellers frequently choose the buyer they connect better with and who was able to show motivation by rapidly making a offer on their business. It becomes a matter of pride not reason. Buyers who drag their feet before making an offer end-up generally loosing the bidding war.

Making a decision to buy (or not buy) a business in a reasonable time does provide a first mover advantage and enables a business buyer to pay a more reasonable price and get a better support from the seller. Business buyers should first spend time learning about themselves to know what they are really looking for in a business and learn more about the business purchase process before investigating real business opportunities. They would then be able to make decisions quickly and take advantage of great opportunities in the market.