The 4 C’s of Buyers Who Actually Close

After years brokering business sales, one pattern keeps repeating: the buyers who close share four traits. I call them the 4 C’s—and if any one is missing, the deal usually doesn’t happen.

1. Conviction

The buyer must want this deal. Not just casually like it—they need to feel this is the one. Conviction is what pushes a buyer through uncertainty, due diligence fatigue, and deal friction. When the fear of missing out on this opportunity outweighs the comfort of waiting for the next one, they move decisively. Strategically aligned buyers tick this box more easily than most.

2. Credibility

This isn’t about resumes or LinkedIn profiles. It’s about the buyer’s ability to run the business. They need to show a believable pathway to success post-acquisition. That might be operational experience, a strong management team, or a plan to transition in. Without it, first-time buyers often pull out during diligence, overwhelmed by what they can’t see themselves running.

3. Capacity

Deals demand time. If a buyer is working 50 hours a week, has two kids under five, and can’t carve out serious time for site visits, reviews, negotiations, or planning—they’re not deal-ready. Even under management, businesses take time and focus to acquire and integrate. No capacity, no deal.

4. Cash

You don’t need to buy the whole business with cash—but you do need real liquidity. Buyers need funds for deposits, diligence, legal work, settlement and later, working capital. Is the buyer finance ready having spoken with their bank or finance broker? Equity tied up in property or retirement accounts doesn’t cut it. No cash, no commitment.

Bottom Line: If you’re preparing your business for sale, qualify buyers through this lens. If you’re a buyer, pressure-test yourself on these four traits before diving in. Deals happen when the 4 C’s line up.