Lesson 710: What To Do Before The Buyer Calls

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Many owners assume they will have time to prepare once buyer interest appears. In reality, serious interest can show up before the owner has organized the business, clarified the story, or decided how to respond.

That is why preparation matters before the buyer calls. Readiness is not just about having documents available. It is about being able to enter an early conversation with clarity, control, and enough preparation to avoid being pushed into a reactive position.

A buyer inquiry can create opportunity, but it can also expose weakness. Owners who are not prepared may reveal gaps in records, leadership depth, or strategic thinking before they have had a chance to strengthen them.

John “Murph” Murphy’s core lesson is that owner readiness must begin before outside interest becomes active. The owners who are best positioned in a buyer conversation are rarely the ones who start preparing after the first inquiry arrives. They are the ones who have already strengthened the business, organized the facts, and thought clearly about what they want.

That matters because early preparation improves leverage. When owners are organized, they can respond thoughtfully, protect their options, and keep the discussion on solid footing. When they are unprepared, the conversation can become rushed, incomplete, or tilted in the buyer’s favor.

The mistake many owners make is assuming that interest alone creates value. It does not. Interest only becomes useful when the owner is ready to respond with credible information and sound judgment. Murphy’s broader point is that readiness rests on several foundations: a strong management team, a believable growth story, and financial records that are credible, verifiable, and consistent over time.

He also emphasizes that owners must think about fit, not just price. A buyer opportunity should be evaluated against the owner’s financial goals, risk preferences, and emotional connection to the business. The smarter way to think about readiness is that it includes both business preparation and owner preparation. The owner needs to know not only how to present the company, but also what kind of outcome actually makes sense.

For business owners, founders, and leadership teams, buyer readiness is a strategic issue, not an administrative one. The earliest stage of buyer contact often shapes how the entire process unfolds.

Owners who prepare in advance are more likely to communicate clearly, provide the right information, and avoid preventable mistakes that weaken confidence. They are also better positioned to protect leverage, manage timing, and evaluate whether a buyer is credible or simply fishing for information.

That distinction matters. Not every buyer call deserves equal attention. Murphy warns owners to be cautious with unsolicited outreach that feels generic, vague, or overly aggressive. A well-researched and personalized inquiry is very different from a boiler-room style approach designed to pressure the owner before the business is ready.

When preparation is done well, owners gain more than efficiency. They gain the ability to respond from a position of strength, assess the opportunity more objectively, and protect the quality of the eventual outcome.

In practice, this means preparing the business before any serious inquiry arrives. Owners should know what information a credible buyer is likely to request first and whether that information is accurate, current, and easy to produce. That includes having several years of solid financial records that can withstand scrutiny.

It also means preparing the business beyond the numbers. A buyer will want to see leadership depth, not excessive dependence on the owner alone. Strong management teams and protected key employees make the business more stable and more attractive. If continuity depends too heavily on one person, readiness is weaker than it appears.

Owners also need to prepare the narrative. A buyer will want to understand the company’s growth prospects, its sustainability, and the reasons it performs the way it does. Owners who have already thought through that story are less likely to answer loosely or inconsistently.

Operationally, readiness shows up in disciplined habits: financials are credible, key documents are accessible, likely questions have been anticipated, and the owner has decided how unsolicited outreach will be screened and handled. The business is not scrambling. It is prepared to engage selectively and respond with confidence.

Use this OWL Action Report as a simple working checklist to apply the lesson in your business.

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