People want to be around those they like and trust. This is so true when selling a business. When I first meet a business owner that would like to sell their company, I try to envision how they would come across when meeting a potential buyer.
The transactions that have the greatest opportunity to close are the ones in which the seller and buyer both like and trust each other. There are many hurdles in selling a business, especially once due diligence begins. As the popular saying goes “transactions die three times before they close.” A dead transaction has a better chance to be resuscitated if both the seller and buyer are honest with each other and are not holding anything back.
I always tell my clients, get all of the red flags out on the table right away. Let’s address any issues and lets have a plan for how they can be resolved.
Be friendly, be concerned for the well being of your company post sale, and most importantly be honest, always.