I recently read an article in an industry newsletter about key factors in getting a buy-sell deal done and it struck me it was applicable to most, if not all, of our businesses.
The statement catching my attention was,
“If you ever get a knot in your stomach during the negotiations that is the time to throw in the towel….”
So true, so true. I have told (buy-sell) clients for years that if their gut tells them something’s wrong it’s time to get away, no matter how good a match the other appears to be on the surface.
Headline: THIS APPLIES TO ALL BUSINESS AND LIFE SITUATIONS
When you feel something isn’t clicking, you’re going off kilter, or there’s a basic uneasiness, then it’s time to get out. Doesn’t matter if it’s (on paper) a great business to buy, (on paper) a great buyer for your business, a seemingly great customer, or anything else – go with your gut feel.
A buyer client told me recently he didn’t trust a business broker/intermediary. I told him to forget it, move on and work with the other ones. I’ve not pursued clients because the feeling wasn’t right. As Alan Weiss says, “You can always make another dollar but you can’t make more time.” And a bad client or customer sucks time (and energy).
God gave us the intuition to sense what’s right and wrong. Don’t ignore it based on the superficial.
“Most human beings have an almost infinite capacity for taking things for granted.” Aldous Huxley