Most people think that closing a sale is an art form. The truth, however, is that the majority of deals closes by science. There are many factors in play when it comes to business sales. There are also countless ways for things to go wrong.
The Buyer and Seller Are in Agreement From the Beginning
You want to make sure that any deal you enter into is one that will be successful. This means making sure that both you and the other party are in agreement from the beginning, and that all of the details of the sale are spelled out. This can help to avoid any misunderstandings down the road that might lead to the deal falling apart.
It’s important to remember that a successful sale is one in which both parties are happy with the outcome. So make sure that you take the time to get everything in order before making an offer. By doing so, you’ll give yourself the best chance for a smooth and successful transaction.
The Buyer and Seller Don’t Lose Their Patience
When it comes to making a successful sale, patience is key. Both the buyer and the seller need to understand that there are a lot of details that go into a sale going through – and that not everything happens overnight. If they’re using outside advisors, it’s important that those advisors focus on getting the deal done – within the bounds of legality and ethics, of course.
The buyer and seller should also be sure to keep track of their advisors’ progress. They must also be willing to stick to the original closing date unless something comes up beyond their control. By doing these things, both parties can ensure that their sale goes as smoothly as possible.
No One Likes Surprises
Honesty is the key to a successful close. Business owners should disclose any potential problems or implications up front, in order to avoid any surprises down the road. This includes talking to an accountant about any potential tax implications of the sale, and being upfront about any financing issues. By dealing with any potential issues head-on, the closing will be just a technicality.
The Buyer and Seller Must Both Feel Like They Got a Good Deal
If everyone understands and accepts the terms of the agreement, and feels that the sale is a win-win, then the closing is a mere formality. So what makes for a good deal? The chemistry between buyer and seller is key- if it works, everything else falls into place.