
While some people may think, "that's ridiculous - of course a business owner understands their own products or services - if they didn't how would they succeed in business?" Yet, I find that some of the business owners I talk with may have a strong understanding of the features of their products or services, but may struggle to simply and clearly articulate the benefits that a customer derives - and perhaps if they did a better job of this their business may have been even more successful.
Your business broker or investment banker will need a clear understanding of your product and service offerings, and why they are relevant to customers. If you can't explain this to your business broker in a way that a six-year old can understand, there's a lower probability that your business broker will clearly understand it and be able to communicate it to buyers.