Here’s a simple and neat little negotiation tip for you when it comes to selling your business that you may not have thought much about before. Worth noting down and paying attention to because we have used it many, many times to help our clients sell their businesses for top dollar.
Always leave something up your sleeve!
This is particularly handy to have in place when selling your business and is something we always look for when working with vendors. If negotiations start to get â€œtightâ€ or look like they are going to stall, then by having a â€œbonusâ€ you can add into the deal can often keep the negotiations moving along, or just by throwing in a bonus, this can often be enough to sweeten the deal enough to get the buyer to commit.
In a way its similar to the idea of â€œAct now and get these 3 exciting bonusesâ€ that you see used so successfully in direct mail offers. Important! Dont word them as â€œbonusesâ€ -just use the concept!
The best way to explain exactly what we mean here is with an example. An ideal one we like to use is if you know thereâ€™s an good upcoming contract or big sale that you are likely to get, then dont reveal it too early in the negotiations with the buyer. Just â€œkeep it up your sleeveâ€ for a later point in the negotiations as an enticer to get the buyer to say yes to your price.
Another one we will commonly use is stock or excess stock. If you have excess or aged stock you can often turn it into your bonus. You can simply â€œofferâ€ to hand it to the buyer for FREE. But keep this up your sleeve until the last point. Sometimes, you even keep this one up your sleeve until the signing of the contract.
IMPORTANT: Remember to use these bonuses strategically: Make sure you build up the value in the buyers eyes and donâ€™t just hand the bonuses away as a minor concession.