Question

What are the two or three things that you would want most out of a sale or succession negotiation?

Answer 1

A sale or succession plan can be successfully completed if certain strategies are followed and the required outcomes are clearly defined. One of the most important things that I would expect from a sale or succession is recovery of goodwill that has been created for the business over a period of time. As an owner of the business I would expect at least compensation which will cover the amount of goodwill. The selling price is the most difficult and central portion of the negotiation and as a seller I would expect the highest and best possible price.

The second important expectation that I would have from the sale or succession negotiation is a clear timeline and plan for transition. This includes dealings with customers, current employees and vendors. During the negotiation I would expect a clear cut plan to ensure a smooth transition so that the business is least affected.