A strategic buyer is an operating company that wants to add your business to its business to drive its strategic objectives.  A “financial” buyer is a venture capitalist, private equity fund or family office (an investment vehicle for wealthy families).  What looks to be a “strategic” buyer may well be an operating business owned by a “financial” buyer.   Generally, “strategic” buyers are thought of as publicly traded or family owned businesses – mainly because these buyers will often pay more than “financial” buyers when they have identified a company that is critical to the achievement of their respective strategic plan.