So, you have an offer?
Congratulations on your accepted offer, it’s a big deal!! 🥳 🎊 We’re excited to be part of this moment. But, before the champagne pops, there are some things left to make this a successful sale. Don’t worry, we’ve got your back every step of the way, so feel free to reach out with any questions or concerns. We’ve handpicked the best tips and tricks from our experience in selling businesses to help you nail the negotiation process. They’re sure to come in handy and ensure you’re ready to handle anything that comes your way. These pointers have been game-changers for others like you, and we’re confident they will be for you too.1. Keep your eye on the prize
Selling a business can elicit a range of emotions, but it’s important to stay focused on the end goal. The sale is a means to achieving your desired outcome, whether that’s retirement, a new business venture, more time with family, or something else. By keeping the bigger picture in mind, you can maintain a clear head and make good decisions in the process.2. Keep your emotions in check
It’s natural to feel emotional in the process, but it’s important to remain professional and focus on the bigger picture. One way to do this is to take breaks and step away from the negotiation table when you feel overwhelmed. Additionally, try to approach the negotiations with a solutions-oriented mindset, rather than getting bogged down in any disagreements. Finally, consider your lawyer & business broker to provide guidance and support throughout the process – they are great assets to you!3. Work closely with your lawyer and business broker
Inform them of any significant updates and reach out to them directly as needed. Limit communication with the other party until the appropriate time, such as after all conditions have been met or on the settlement date. This helps to prevent any misunderstandings and keeps communication channels clear and reduces the risk of the contract falling through.4. Be Flexible
Stay open-minded and willing to negotiate with the other party on special conditions and the contract of sale. This will ensure a fair and reasonable deal for both parties and increase the chances of a successful settlement. Your lawyer can provide valuable insights and guidance for critical decisions.5. Choose a settlement date that works for you!
Choosing the right settlement date is a vital aspect of the process, and it’s important to feel confident about this date before signing the contract. Make sure to review your calendar for any potential scheduling conflicts regarding the proposed settlement date and training. If you need to shuffle things around, speak to your business broker and lawyer for guidance.6. Be patient
It’s essential to exercise patience during the negotiation process, especially if complex issues need resolving. It may take time to come to a mutually beneficial agreement, so persistence is key. Don’t be discouraged if negotiations take longer than expected and remain committed to finding a solution and the end goal in mind.7. Be confident and reasonable, not unreasonable
To negotiate effectively, one needs to be willing to compromise and remain flexible, but there will always be important issues that require a firm stance. In these situations, it’s crucial to have a strong rationale for your position and collaborate with your lawyer to present a compelling case. However, it’s equally important to maintain a reasonable attitude during negotiations, as being too inflexible can impede progress and harm the relationship between the parties. By balancing flexibility, conviction, and reasonableness, you can increase the likelihood of achieving a fair and beneficial agreement for all involved.8. Put a smile on your dile 😁
Stay positive and keep the faith that a successful sale is within reach (because it is!). Remember to smile and celebrate each step forward as you get closer to your desired outcome. With the right mindset and a can-do attitude, you can overcome any challenges and reach a successful settlement. So, stay positive, believe in yourself, and keep smiling!
Jade
Jade is the founder and leading business broker here at Sunset Business Brokers. She is an experienced agent that covers Queensland, including areas like Brisbane, Gold Coast, Sunshine Coast, and beyond. She’s committed to making sure your business sale goes smoothly and is stress-free. No drama, no fuss, just good old-fashioned service that delivers results.
