Q: How do I negotiate effectively when selling my restoration company?
JT says: Please know the best negotiations start well before buyers are ever approached. It’s most effective to first get your business in a solid and defensible position- resolve variables that lessen value, receive answers in advance for likely outcomes and scenarios, and gain clarity on financeability, deal structures, AR’s, WIP, Working Capital, taxes, and wealth preservation.
With clarity the best buyers can be identified (and why), for both the business ‘transaction’ and your personal ‘transition’. You then negotiate from a position of strength, not emotional reactions to buyer requests.
Ultimately, clarity and answers offer control over many buyer objections and eliminate costly surprises. This is the foundation of effective negotiating.
Get Answers + Get Prepared = Get Retired
Have a question for JT? Don’t worry, all questions will remain anonymous! You can email JT at email@example.com.