The subject of selling companies is inundated with information and instruction, but unfortunately, a significant portion of it lacks real-world deal-making experience. Consequently, it becomes challenging for business owners to make informed decisions and maximise their returns on the most important sale they will ever make.
At INSIGHT, we firmly believe that selling a company requires a proactive sales and marketing approach, therefore over the next eight blog posts we are taking each of the eight principles that stem from that conviction. These principles are not just theoretical but have been repeatedly tested and validated over our extensive history of selling companies in a significant number of industries.
Principle Seven - Be Prepared to Negotiate
Negotiation is where deals are made or broken. It requires asking the right questions, anticipating objections, thinking on your feet, maintaining control, and avoiding pitfalls.
Unfortunately, even knowledgeable advisors can be poor negotiators, and business owners can make matters worse. That's why we highly recommend negotiation training early on in the process. At INSIGHT, we take our clients through a negotiation training meeting to prepare them for potential negotiations with us and potential acquirers. While we handle negotiations on behalf of our clients, there may still be times when direct discussions occur. A little preparation can make a big difference in securing a good deal.
For further information you can read our guidebook:
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