Buying a Business Ep3 Top 10 Skills to Negotiation
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In this episode, Shaz shares great advice and tips on how to negotiate effectively.
\\nIt’s a numbers game so it’s important to not get emotionally involved but effectively use your negotiation skills to get the best deal.
\\nThere are always multiple factors involved as to why someone is selling and building rapport and respect through communication is the best way to understand the motivation of the seller.
\\nUsing Shaz’s great practical advice is a great way to get started with negotiations that will get you the deals you want.
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KEY TAKEAWAYS
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- Communication is key and this is how you build rapport and respect \\n
- What is their motivation for selling? \\n
- Don’t agree to the price they first put forward this is a negotiation \\n
- Go in with a low figure but have a rationale and justification \\n
- Price is not the only factor the seller will be considering \\n
- Negotiations take time don’t try and rush a sale. \\n
- You need to have multiple deals going on at different stages because any deal takes time. \\n
- Think about your ideal position, realistic position and fallback position \\n
- When you understand the reasons for the sale then you have potential leverage in the situation. \\n
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BEST MOMENTS
\\n‘The more motivated they are to sell the better the deal’
\\n‘Put your cards on the table facing up at the beginning’
\\n‘It’s a numbers game so don’t get emotionally involved’
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VALUABLE RESOURCES
\\nshaz@aaa-accountants.co.uk
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ABOUT THE HOST
\\nShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
\\nShaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
\\nHe is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
\\nYou can find Shaz on:
\\nThis show was brought to you by Progressive Media
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