The Myth of the Perfect Buyer: Why Flexibility Matters More
When selling an SME, many owners imagine that somewhere out there is a perfect buyer who will pay a premium price, preserve the business’s legacy, and guarantee a smooth transition. While it is natural to want the ideal match, the reality of the M&A market is very different. Waiting for the perfect buyer can delay a sale, reduce competitive tension, and ultimately cost you value. Flexibility is often more important than perfection.
1. Perfect Buyers Rarely Exist
Every buyer has strengths and weaknesses. A trade buyer may understand your market but could plan redundancies or integration that you are uncomfortable with. A financial buyer may bring capital and expertise but may expect an aggressive growth strategy. Searching for perfection can leave you chasing an option that does not exist.
Check out our article on why the highest offer isn’t always the best offer.
2. Limited Buyer Pools in the SME Market
Unlike large corporations, SMEs do not have hundreds of potential acquirers. The buyer pool is often limited to a handful of serious candidates. Ruling out buyers because they are not perfect can drastically reduce your options and weaken your negotiating position.
3. Deal Certainty Often Trumps Price
A buyer who offers slightly less but can fund the deal, move quickly, and complete without issue may be a better choice than a higher bidder with uncertain financing. Flexibility allows you to recognise that certainty and deal security are worth more than chasing a headline number.
4. Over-Focusing on Legacy Can Cost Value
It is common for owners to want a buyer who will preserve staff, branding, and company culture. While these factors matter, insisting on them at the expense of commercial reality can reduce competitive tension. A pragmatic approach can achieve a balance between protecting legacy and maximising value.
5. Adaptability Creates Stronger Negotiations
Owners who remain flexible throughout the process are better positioned to negotiate. Whether that means accepting alternative deal structures, adjusting timelines, or considering different types of buyers, adaptability creates leverage. The perfect buyer is rarely the one who pays the most, but the one who offers the best combination of value, certainty, and alignment with your goals.
Final Thoughts
Chasing the idea of a perfect buyer can hold back progress and cost value. In reality, most successful SME sales are achieved by balancing different buyer strengths and structuring a deal that works for both sides. Flexibility, preparation, and strong advice are what deliver results.
