Buying a business - how to keep existing suppliers?
I'm thinking of buying a little online business which sell some specific products. Current owners already have suppliers that give them a certain retail discount.
The product is quite unique, so there are only a couple of suppliers. I would like to make sure that as a new owner I will be able to have at least the same agreement, if not better, with suppliers.
Do you have any suggestions, how I should go about it? Does anybody have any experience in matters like this?
Obviously, I will tell the sellers that I'm only interested if the suppliers will continue to work with the business, no matter who the owner is. Is it a possibility that they introduce me to suppliers and let them know about the new arrangement? Is this a good practice, or am I really alone on this one and it all depends on how suppliers will like me?
Any suggestion are appreciated.
Re: Buying a business - how to keep existing suppliers?
Complete data collection and review of existing learning supplier base. This helps you establish the baseline for further analysis. This could be a very tedious process and some form of automation helps tremendously.
Finding a reliable and competitively-priced supplier is vital to the success of any business.
The terms that you negotiate with your supplier need to be based on:
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Having great suppliers as part of your business improves both your service to your customers as well as your efficiency.
A good relationship with a supplier can also provide you with a much-needed business supporter who can provide a fresh perspective and encourage business to come your way.
After all, if your business is growing, so will your suppliers’ business.
To maintain a great supplier relationship, you have to approach it in the right way.