Some years ago, on my last run of the day, I tackled a hill at Lake Louise beyond my alpine skiing ability - happens occasionally. Upon checking my handheld at the bottom, I saw confirmation we had come to terms with a buyer on the sale of a client's business. It struck me as a little odd at the time that no meeting had taken place. More the norm today.
Face to face meetings have value particularly as it relates to establishing a level of trust and confidence with a prospective buyer. For years, I would never open discussions with a potential buyer I had not met. Facial expressions are often a much better barometer than actual words.
Meetings are now openly discouraged and with good reason. Talk is cheap in this business. With fewer meetings, business owners are well advised to take additional steps to screen buyers:
Selling a business is about more than tough negotiations and agreeing in value. The sooner the seller and the potential buyer become comfortable working with each other, the higher the chances of successful closure.
Rincroft facilitates the divestiture of medium sized businesses. Our clients are companies which are well established and profitable. Since its inception, our company has completed the sale of more than 50 business across a wide range of industries. We also provide advisory services assisting owners in building sustainable value even if they have no immediate plans to sell.
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