How Not to Be a Turkey in Getting to a Deal
Frank Williamson
Investment banker serving entrepreneurs, venture-backed companies and nonprofits
Closing a deal can often feel like navigating a Thanksgiving family dinner, where everyone has their own agendas and interests.
Without the right strategy, you risk making costly mistakes. So it's essential to arrive at the table well prepared, with all the skills and tools you'll need to have your greatest chance of success.
Here are key steps to take to close your best deal yet.
Don’t Press for the Deal Before Getting Agreement on What Happens After the Deal
This is like coming to Thanksgiving for the food but not the family relationships – it’s the immediate thing but really not the point. Deals emerge from a shared vision of how to work together, not the other way around.
Don’t Manipulate Someone Else’s Alternatives to Doing a Deal as a Substitute for Just Knowing Your Own Walk-Away Conditions
Deals happen when the outcome is better than either party’s next best alternative. But trying to make no-deal options nasty for your deal partner is like taking the last piece of pumpkin pie and then trading it. The goal is to make doing the deal better for both parties than either could do on their own, given sharing and goodwill.
Don’t Re-Trade
Post-deal relationships work best when everyone moves closer to a future when everyone thrives. Moving close, seeming committed, then pulling back to get more for yourself in order to finish the deal is like saying you’ll bring a dish to feed the crowd to a potluck Thanksgiving dinner, then showing up with 2 deviled eggs and a big appetite.
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M&A | Private Equity Investor | Board Member | Wealth Creator | Trusted Advisor to Top Middle Market Decision Makers
4 个月Great perspective Frank!
We work with business owners and executives who make $500,000 annually in personal income to eliminate the finger pointing that occurs between their insurance, tax, estate planning, financial and real estate advisers.
4 个月Closing a deal really can feel like preparing for the holidays—stressful, but so rewarding when it all comes together! Your five-step guide sounds like a great resource for navigating the process and maximizing ROI. Looking forward to reading your article and picking up some valuable tips!