More often than not, the buyer-selling meeting is a make or break experience. One of the most important things to understand is that there are hardly any offers made before the buyer-seller meeting, only serving to elevate its importance. You should do everything in your power to ensure that the meeting is as productive and positive as possible.
In this piece, we’re going to provide important meeting tips for parties on both sides of the deal. Let’s dive in.
Meeting Tips for Buyers
Here’s a rundown of the meeting tips for buyers:
- Understand the process of selling a business and familiarize yourself with what’s expected of you in the process.
- Take your time for clearly expressing and explaining your organization’s background and financial capabilities.
- Avoid the mistake of diving into questions before discussing your own qualifications.
- Make sure to follow the advice of your M&A firm or a business broker.
Meeting Tips for Sellers
Here’s a rundown of the meeting tips for sellers:
- Be forthcoming and honest during the meeting
- Make sure to avoid what one would consider strong-armed sales tactics.
- Do your best to make the buyer feel comfortable in their investment. Many buyers are rightfully cautious in the current environment brought about by the COVID-19 pandemic.
Ask the Right Questions
If you’re a buyer who’s preparing to meet a seller for the first time, it’s critical that you ensure the questions you ask are logical and appropriate. Try to see things from the perspective of the seller before going into the meeting.
Make sure to do your homework on the seller before meeting them. Prepare questions beforehand and take care to have everything you’ll need with you.
Build a Rapport and Relationship
Make sure that you are respectful and polite for the entirety of the meeting. This may come as a surprise but avoid talking about religion and politics as they often prove to be flashpoints for confrontation—stay on topic. Sellers that don’t like prospective buyers tend not to place their trust in them, ending in botched deals. It’s important to understand that sellers value their businesses and the hard work and finances that went into building it over the years. For some, it may represent an extension of themselves in a way. It’s important for buyers to respect that.
Sellers, on the other hand, must take care not to come off as a salesperson. They should instead try to be as open and honest as possible. Don’t pretend like there isn’t any competition. Lean into it and be honest about the unique advantages you believe your business can bring to the table.
To precisely determine the value of your company and its goodwill, you need to work with a mergers and acquisitions professional.
As a veteran M&A advisory firm and business brokers, we’re dedicated to helping you leverage the best possible deal when selling your business. We’ve helped numerous clients buy and sell businesses throughout the US. The Gulfstream team has garnered a stellar reputation for conducting thorough and accurate business valuations.
Contact us for more details or call 1-704-892-5151.