Previously, we explained that it’s important to understand why a business is being sold and the importance of completing your due diligence. Once you’re done with those, it’s time to negotiate a deal.
Get the best price
This is it! You’ve looked into the motives of the business’ sale and have done your homework on the entire business that’s on the table. It’s now time to seal the deal. Now, I understand that the initial steps were rather tedious but, fret not. All that info wasn’t just simply done to give you a green light on the purchase. All that research and information will also help you at getting the BEST price that you can for this deal. If you found ANYTHING that was a bit “undesirable” about the deal but wasn’t enough to completely turn you off, you can now use those findings to negotiate some additional terms to your deal – whether it be a lower price, an alternative payment option, or anything else.
Now, as an entrepreneur, you should know that this is a skill that is required as negotiations for businesses happen A LOT – be it with business partners, suppliers, employees, or customers. You’ll also know that negotiation is somewhat of an art. It’s a mix of what you know and how you carry yourself throughout the entire thing. Always remember that confidence is key to gaining the upper hand and, with all of that data that you’ve researched, you know exactly what things you can use as reasonable negotiation points.
All the same, if this is your first time doing this for a business purchase, we’d like to help you out by giving you some guidelines at the very least and give you some additional tips to help you. Once you’ve got it down pat, the next part will just be for both you and the seller to sign on the dotted line and you’ve got yourself a business!
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.