Where will you end up without a good map? And without knowing how to use it?
Buyers and sellers who don’t proceed according to a worthwhile trail map might as well stop locking their doors and disabling their online protection apps, and then be ruled by wishful thinking.
It’s important, actually vital, to work from a proven trail map when communicating with buyers and sellers of small and midsize companies, and with brokers and professional advisors.
Besides keeping you on track, the steps you take during dealmaking must enable you, the buyer or seller, to retain your advantages and give up little or nothing during due diligence and negotiations.
One of the most informative, and explicit, trail maps I’ve seen is from attorney, Nancy Fallon-Houle (Velocity Law). It’s a 10 page “Planning Checklist.” It enables buyers and sellers to see what’s coming, and what to do, during their interactions. It also lists the specific kinds of documentation necessary for a win-win purchase and sale agreement.
Whether you work with Ted Leverette or his associates, as your Business Buyer Advocate ® or Business Seller Advocate ™, or any other kind of advisor, be sure to get, upfront, a definitive and written trail map.
Our Street-Smart 2-Step Acquisition Sequence ™ is part of our secret sauce. Our Business Buyer Advocates disclose and discuss the steps with people taking our 90 minute course: “Business Buyer Training.”
Want to cut to the chase right now? Click to know 20 things savvy business buyers must discover from the employees of companies for sale. The employees of can be the buyer’s best reality check!
For business buyers asking this question:
What type and size business should I buy?
If you’re unsure, let me ask you this: Would you start a vacation by going to the airport, buying a ticket and getting on the next plane out? Wouldn’t you want to study travel brochures and get opinions from people who have been places, so you can learn what they liked and what mistakes they made, and then plan the best trip possible?
More reasons why it’s wise to know the type & size of business you want:
- Brokers show their best listings to people who know what they want.
- Brokers and sellers screen out buyers who don’t specify the type and size of business wanted, and the features it should have.
Let’s assume you’ve bought the right business at the right price.
Now it’s 5 years down the road. What’s happened between now and then that lets you know the business you bought was a good investment?
BTW, people can better-focus on business buying opportunities if they query their trusted advisors, preferably before venturing into the marketplace of businesses for sale. The more research you’ve done to narrow your choices, the better your advisors can comment.
Let’s close with one of my favorite (oops!) stories:
A knight returned to his king after a successful campaign. “Your grace,” he said, “I have waged war in your name these past months, and conquered many foes. I have led assaults on castle after castle. Their lands and riches are yours. Your enemies in the east have been subdued.”
The king, having taken the first part of this message with great excitement, suddenly widened his eyes. His jaw dropped. He sputtered, “But I have no enemies in the east!”
The knight swallowed, and quietly replied: “You do now.”
- Does this story convince you that enthusiasm isn’t always enough? Neither is acting on what you know, because if you are wrong or don’t know everything you should know, you can make a BIG mistake (i.e., oops!).
Email Ted J. Leverette, The Original Business Buyer Advocate ® Since the 1970s.
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