Negotiations for buying a business can be very stressful. Even those with experience in negotiating may feel they are unprepared to negotiate the purchase of a business. Here are some things to keep in mind during the negotiation process, according to Entrepreneur Magazine.
- Price is not Everything: The terms of the sale matter and should be considered. Thinking about how the payout will occur, your future commitment to the business, and what relationship you may have with the former owner are all things that your should think about before the final sale.
- Make Strategic Concessions: Sometimes to get what your really want, you’ve got to give away something valuable. This builds good will between you and the buyer. Additionally, you have leverage to ask for something just as or even more valuable than what your just gave up.
- It’s OK to Walk Away: It’s very easy to get tunnel vision when it comes to the negotiation process. Keep in mind a specific number that defines your comfortable cash investment. By keeping that number in mind, you help prevent you from getting into a situation beyond your means.
How can Gateway MA assist me during the negotiation process?
By utilizing a Gateway Representative, you can establish a buffer between yourself and a Seller. Both Buyers and Sellers are protected and able to keep negotiations at arms length. Additionally, but just as importantly, the Buyer and Seller can establish and maintain a working relationship. Utilizing your Gateway Broker to handle your negotiations, you can trust that your interests are always been kept in mind. Our Brokers and Intermediaries have significant experience negotiating successful terms and conditions for the transfer of businesses, with the minimal amount of stress for the Buyer and Seller.