True Story:

 

 

I once coached an entrepreneur who wanted to buy an established business.  She was bored with what she was currently doing and looking for something new.  Concurrently, I was coaching an entrepreneur who wanted to sell his business.  He provided organic certifications for farmers, and the two were a perfect match.  I introduced them.

 

After a long period of due diligence, both parties were ready to transact the sale.  Toward the end of the process, the seller learned that the buyer didn't have a college degree, but a degree is required in order to be a certifier. The buyer was an intelligent experienced entrepreneur, and most people who met her would have assumed she had advanced degees from prestigious universities.  In fact, she had taken a few courses a community colleges after high school.

 

This seller didn't qualify his buyer at the beginning of the process, and the whole experience was disappointing for both parties.  Many industries have weird requirements.  Know what requirements your business requires and qualify your buyer up front.