What Every Deal Maker Needs to Know The examples portrayed in fiction about businessmen have nothing to do with reality. They are very misleading. Those who negotiate over the sale of a business are expected to shy away from all the vices displayed in such fictional works. What is actually needed is a calm temperament, […]
What Every Deal Maker Needs to Know
The examples portrayed in fiction about businessmen have nothing to do with reality. They are very misleading. Those who negotiate over the sale of a business are expected to shy away from all the vices displayed in such fictional works. What is actually needed is a calm temperament, sense of humor, and the ability to leave your sentimental attachments out of the equation.
A review of previous performance reveals that those who choose to remain calm and rational as the negotiations proceed, as well as being sincere, honest and approachable manage to land the best deals. Leaving emotions out of it went a long way. Seating across the table from an emotional person did not inspire any confidence from the sellers. Knowing this can be of great help to any potential negotiator.
If the negotiating parties get emotional, they tend to see every move by the other party as a wrongful tactic, and a chance to shortchange them. This also gives the other parties a hard time guessing what these individuals will do next. It becomes hard to take the offer and devise ways to make the most out of it. Their emotions curtail their ability to maximize their gains. It is possible, though not common, to use emotions to your advantage. Nicer negotiators make for better counterparts. This will give you better gains.
A nicer outlook helps a buyer when the seller takes the time to listen to your lower counter offer. The the step of putting your offer on the table is not an easy one. A nice personality will ease the blow to the seller, especially if the offer is low. A nice personality makes it easier for the seller to stomach your offer. They shall be willing to stretch to accommodate your needs. Negotiators lacking in this quality are not people brokers of such buys wish to see again. They have proven to be detrimental to their trade.
If you happen to be selling, the imperfections of your business will be easier to overlook. It is a common practice for a buyer to finds out all they can about the business they are about to invest in. A key area is the software you use for accounting purposes. There is a chance what you have in place is substandard according to them. Your nice personality is what could convince them to overlook such issues. Your honesty throughout the negotiating process could mean the difference between success and failure. This open nature makes it believable when you point out the benefits of the buy to them.
To achieve the desired likeability, a buyer needs to first respect the place where the seller has taken the business. It was not an easy achievement. The respect does not wend with the negotiation. Unless the seller sees some effort into safeguarding their investment, they shall be difficult to handle.
A seller will have to display patience. The buying process tends to take a long time. Buyers will be very inquisitive, and the seller needs to reciprocate adequately. That alone can make or break the sale. the buyer is only trying to acquaint themselves with their new acquisition.
It is important to present all your information in an organized manner. You can tabulate all this, and be available should they need an expert’s view in future.
All through the process, offer compliments to the seller. This will help the process of accepting the change.
It is always preferable to deal with nice negotiators. More business tips can be found on the Cheval Capital blog, where their managing director Hillary Stiff offers more of such great advice.