Our Ten Commandments of Business Acquisitions has been so popular that we have decided to break it down.
To briefly discuss each of the Ten Commandments, and its import and impact.
The Tenth Commandment: "Be Ready to Adapt"
Compromise (or the appearance of compromise) is an essential negotiating skill, and as a prospective buyer you want to avoid the situation where you feel compelled to "plant your feet."
Carefully avoid phrases like "deal killer" and "never" and "out of the question" all of which connote an intransigence and unwillingness to compromise.
A skilled negotiator will always find areas for compromise and will negotiate the acquisition in such a way as to produce, at the end, a transaction which is a "win win" for both parties. Intransigence and inflexibility will undermine the necessary acquisition memontum. A prospective buyer also needs to keep in mind that he or she or it will be working with the owner/ seller post closing in the transition.Accordingly it is in everyone's best interests to work in a collegial and cooperative manner towards the closing of the purchase.
Experience is the process of learning by doing, and much of what the most successful deal makers know is the result of (often painful) experiences.
A prospective buyer can avoid unnecessary pain and exponentially increase the prospects for acquisition success by adhering to the Ten Commandments f Business Acquisitions.