When speaking with an owner for the first time about acquisition, knowing what to say (and what not to say) can be tricky. It is even more challenging in the case of “not-for-sale” acquisitions because you will have to change the owner’s mindset. How do you begin the conversation? When do you address price? And how do you handle disagreements?
Before you even begin a conversation with the owner, make sure you take the time to understand the owner’s perspective. There is an inherent symmetry between buyers and sellers. You, the buyer, can purchase as many companies as you want, but the owner can only sell their company, which is often their life”s work one time. This is why doing your homework on the owner to understand their likes and dislikes, family situation, hobbies, and passions is an important step. Having this background information will set you up for success when you make initial contact.
Making first contact with an owner is a critical step in the acquisition process and your opportunity begin a positive relationship that may lead to deal. Learn more about contacting owners and first meetings in our upcoming webinar. In this webinar we will discuss different contact strategies, how to gain credibility with an owner, and outline steps to a successful face-to-face meeting with an owner.
Date: Thursday, April 19
Time: 1:00 PM EST / 10:00 AM PST
CPE credit available.