A strategic buyer is one who is buying a business to expand an existing business to increase their competitive advantage. These buyers have a history of appearing to be smarter than the vendors. That is a big statement but think about this: strategic buyers come to the table already knowing a big part about your business models and business realities. They typically have a business or businesses operating in a similar market sector as you do. Even before they come to the table they know the clients, the priorities, the competitors, the pricing, the future risks, the upside potential and the down side risks.