Are you ready to meet your buyer face to face?
Preparing a business owner to meet a potential acquirer for the very first time is one of the most important stages of the deal-making process. Our negotiators – known at BCMS as Deal Leaders – are passionate about making sure they give our clients the best chance of showcasing their business in exactly the right way, at that very first meeting.
That’s why we take time to train, coach, and develop our clients for face-to-face negotiations, even creating an intense role-play style training environment. We call these sessions “dry runs”, and our clients often tell us they are one of the most enjoyable parts of the whole sale process.
How does a dry run work? I asked James Pugh, one of our senior Deal Leaders, to identify the three key areas that he looks to address in that crucial meeting:
1. We don’t want any surprises
Make sure the client knows exactly what is going to come in the face-to-face acquirer meeting. How should they be answering questions? How are they being perceived? And what signals are they sending out?
2. There isn’t a one size fits all
Help the client in the areas he/she needs help, from changing body language (apparently only 7% of all human communication is verbal!) right through to planning specific answers to specific questions.
3. Don’t hide your weakness
It may surprise you, but we coach clients to be clear about any perceived weak spots in their business. If the client can’t fix the weakness but the acquirer thinks they can, then they will see this as a value-add.
James is a former business owner himself, and joined us having sold his own company. He knows how it feels to sell, and he knows how seemingly little things can make a big difference when it comes to the deal table.
Selling your business will most likely be the biggest deal of your life, something you only get to do once. Which is why the dry run is such a valuable session, and why some clients can spend up to three days preparing for that first crucial meeting.
And if that’s how long it takes to get it right, then that’s how long it takes.