{"id":1808,"date":"2017-05-22T08:24:16","date_gmt":"2017-05-22T13:24:16","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/cincinnati-oh\/?p=1808"},"modified":"2022-07-05T18:22:23","modified_gmt":"2022-07-05T18:22:23","slug":"building-trust-key-winning-deal","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/cincinnati-oh\/building-trust-key-winning-deal\/","title":{"rendered":"Building Trust Is a Key to Winning the Deal"},"content":{"rendered":"<p>Occasionally, we run into prospective Buyers who think they have all the leverage and are condescending and combative throughout the acquisition process.<\/p>\n<p>&nbsp;<\/p>\n<p>Other times, we have Buyers who need Sellers to commit to providing some financing via a seller note or a long transition period, but don\u2019t feel they need to win the Seller over, that the Seller will do whatever it takes to get a deal.<\/p>\n<p>&nbsp;<\/p>\n<p>These are somewhat extreme examples, but are used to emphasize the need for Buyers to build a trusting relationship with the Seller.\u00a0\u00a0 Deals get made when there is respect, an understanding of each party\u2019s goals, empathy and most importantly Trust.\u00a0 Buyers need to prove themselves worthy of buying the business in much the same way that Sellers need to prove the accuracy of the business\u2019 financial statements.\u00a0 Here are a few reasons why:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>It\u2019s still a Seller\u2019s market. There are more interested Buyers than there are quality businesses for sale.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Seller notes are often requested, but not guaranteed to be acceptable to the Seller. If a Buyer wants or needs the Seller to participate in the financing, they need to prove their ability to successfully operate the business in order to pay the Seller Note back.\u00a0 This is a loan, no different than working with the bank, and the Buyer should conduct themselves accordingly.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>A number of years ago, we had a deal blow-up because the Seller didn\u2019t think they would work beside the Buyer during the transition phase. Conversely, we\u2019ve seen Seller choose a Buyer\u2019s offer, even though it wasn\u2019t the best price, because they felt more comfortable with one Buyer over the other.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Finally, don\u2019t ever forget the emotional attachment many owners have their business. Even if there are some areas of the business that need work, show respect for the blood, sweat, risk and capital the owner put into the business.\u00a0 Nobody wants to hear their baby is ugly.\u00a0 A Buyer wouldn\u2019t be interested in acquiring the business if there weren\u2019t some positive attributes to the business.\u00a0 Issues of the business should be discussed, but not with a hammer or an \u201cI\u2019ve got you where I want you\u201d attitude.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>A Buyer needs to be prepared to prove themselves as a good candidate to the Seller, both with their business acumen and financial ability to get a deal done \u2013 even if it takes a little help from the Seller.\u00a0\u00a0 I\u2019m not suggesting the Buyer shouldn\u2019t negotiate the best deal and terms possible, they should.\u00a0 However, I believe the bottom line is \u201cTreat others the way you want to be treated\u201d and you\u2019ll improve your chances of winning the deal for the business you want.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Occasionally, we run into prospective Buyers who think they have all the leverage and are condescending and combative throughout the acquisition process. &nbsp; Other times, we have Buyers who need Sellers to commit to providing some financing via a seller note or a long transition period, but don\u2019t feel they need to win the Seller [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":11700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[3,17],"tags":[],"class_list":["post-1808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-business","category-general"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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