Selling Outreach Templates
Selling Your Own Business
Asking a Broker What It Would List For
An owner's opening email to a broker, asking for an opinion of value and the engagement terms before committing to anything.
Subject: Considering a sale, [INDUSTRY] in [REGION]
Hi [BROKER FIRST NAME], I own [BUSINESS DESCRIPTION] in [REGION], doing roughly [REVENUE] with about [SDE] in seller's discretionary earnings. I am considering a sale in the next [TIMEFRAME] and I am talking to two or three brokers before choosing one. Three things I would like from a first conversation: where you would expect this to price and why, what you would want fixed before it goes to market, and your fee, minimum and tail in writing. If you have sold in this trade recently I would like to hear how those went, including anything that did not close. I am not in a hurry and I would rather start right than start now. [YOUR NAME] [PHONE] · [EMAIL]
Approaching a Buyer Yourself
Writing first to a named acquirer who already buys in your trade, when you would rather start the conversation than wait to be found, and without naming a price or sending anything before an agreement is in place.
Subject: Introduction from [BUSINESS NAME] in [CITY]
Hi [BUYER FIRST NAME], I own [BUSINESS NAME], a [INDUSTRY] business in [CITY OR REGION] trading since [YEAR]. I am writing because you have bought in this trade before, including [COMPANY YOU ACQUIRED], and I would rather introduce myself than wait to be found. I am not running a process and I have not set a price. What I am doing is starting early enough to be selective about who I talk to. [ONE TRUE SENTENCE ABOUT THE BUSINESS, for example the crews who have been here longest or the customers who renew without being asked.] I am glad to share numbers once a confidentiality agreement is in place. Before that, I would value a short call about how you work with owners after a purchase and what you look for. [YOUR NAME] [PHONE] · [EMAIL]
Reply to an Unsolicited Buyer
Answering someone who approached you out of the blue about buying, in a way that keeps the door open and gives away nothing.
Subject: Re: your note about [BUSINESS NAME]
Hi [BUYER FIRST NAME], Thank you for reaching out. The business is not on the market and I am not running a process, but I am willing to have a conversation. Before I share anything, help me understand who I would be talking to. Are you buying for yourself or on behalf of a firm, what have you bought before, and how would a purchase at this size be financed? If you are represented, I would like the name of the adviser. If that all makes sense, the next step from my side is a mutual non-disclosure agreement, and after that I can share a summary. Nothing detailed goes out before then, which is not about you. [YOUR NAME] [PHONE] · [EMAIL]
Countering on Terms, Not Price
Answering an offer whose headline is close enough but whose structure is not, which is where most of a seller's real money sits.
Subject: Re: your letter of intent for [BUSINESS NAME]
Hi [BUYER FIRST NAME], Thank you for the letter. The headline number is close enough that I would rather work on structure than argue about price, so here is where I need movement. Cash at close: I need [CASH AT CLOSE] rather than [THEIR CASH AT CLOSE]. The note: [NOTE AMOUNT] over [TERM] at [RATE], and I need to understand exactly what standby your lender will require, because a note on full standby is a different price than one that pays. The working capital peg: I want it set on a trailing twelve month average with the calculation written into the agreement rather than agreed later. Transition: [YOUR TRANSITION COMMITMENT], defined in weeks and hours. Move on those and I think we have a deal. I would rather give you one honest counter than trade small revisions for a month. [YOUR NAME] [PHONE] · [EMAIL]
The Other Stages
Every stage has its own emails, because what you write changes completely between hunting a listing and papering a deal.