Weinstein Couture PLLC
for Victims of
Brian Weinstein is the only asbestos
lawyer in Washington to be named
one of the Top 100 Trial Lawyers
in the U.S. by the National Trial
Lawyers. If you are looking for the
most effective legal representation
for clients with a diagnosis of
mesothelioma or other asbestos-related diseases, call Weinstein
Couture (206)508-7070 or email
pecting one is impractical if you’re trying to hook a young entrepreneur. Most
buyers simply won’t have the cash or the
means to acquire it. Willingness to provide seller financing is a huge draw and
can raise your asking price by approximately 15%. Weigh the pros and cons of
the different structures early and choose
which ones you’re comfortable with. Be
able to fluently deliberate the topic with
your buyer when the time comes.
The Buyer’s Perspective
Similarly, anyone seeking to buy a business needs to make preparations as well.
You, as the buyer, assumedly have an
agenda and know what you’re looking for
in a business. If you don’t, create one and
specify that now. Make sure that agenda
covers these items.
What kind of business do you want?
This is less self-explanatory than it
sounds, mainly because it is so easily
overlooked. When you consider buying a
house, you have a list of criteria including size, condition, location, appliances,
accessibility, history, and most definitely
price. The same applies to purchasing a
business. For example, do you want to
slide into a fully functional operation or
would you rather revamp one in your own
image? Are you looking for a gentle transition or a quick takeover? Be upfront and
honest when conveying these wishes.
What can you afford? Unless you are
one of the lucky few rolling in wealth,
start talking with a lender immediately.
As stated above, you need to establish
your search criteria early on. There is no
point investigating potential sales that
you can’t afford, that are way below your
price range, or that are just plain incompatible with your carefully crafted plans.
At the Table
All of this preparation is designed to orchestrate a well-matched pair, to puzzle-piece the wants of both buyer and seller
as snugly together as possible before any
actual negotiations ever take place. In
other words, by the time the buyer and
seller meet to begin negotiations, both
halves should already be aiming at the
same general goal. As I said before, this
is a collaborative game.
Now comes the second most impor-
tant step after defining your own wants
and needs: you must understand your
counterpart also has their own sets of
wants and needs. Egos need to be put
away, something that is more easily said
than done for many, and all relevant facts
— good and bad — need to be on the table.
For sellers, this means acknowledging
that your potential buyer is not just an
employee collecting a paycheck, but an
invested peer. For buyers, this means
toning down your gunner instincts and
respecting the seller’s infused efforts and
hard-won expertise. Wait until you’ve
built solid rapport before delving into
your grand schemes for change and im-
provement. Remember, that’s their baby
you’re talking about.
Further, for sellers and buyers, when
speaking to each other, take care with
the way in which you communicate.
Educate yourself and be able to speak the
language of the deal at hand. Personal,
non-digital, direct communication is best
for developing personable relationships,
but busy schedules don’t always permit
face-to-face meetings. If you can’t meet
in person, call. If you can’t call, email, but
do so timely and with intent. Just as nothing is more irritating than someone who
doesn’t listen, exchanging emails with
someone who doesn’t read attentively
can be equally aggravating. Recall your
pre-school days and treat others the way
you wish to be treated.
Like breeds like. If you bring enthusiasm, trust, respect, and a willingness to
be flexible to the negotiation table, everyone else is likely to follow suit.
Four Seller Don’ts
1. Don’t wind down your business first.
… YOU MUST
HAS THEIR OWN
SETS OF WANTS AND
NEEDS. EGOS NEED
TO BE PUT AWAY …