One of the most demanding phases of selling an online store is the negotiation phase. This is where the buyer gives reasons why you should lower your selling price or compromise on the terms while you try to defend yourself. Often, emotions get in the way, and entrepreneurs make mistakes that force buyers to pull out of the deal. To avoid losing the best buyer, you should leave the negotiations to an experienced business broker for online stores San Diego trusts.
Hiring a business broker for online stores San Diego recommends is not enough. Your business broker will still involve you in major decision-making. You are the only one that can approve offers given by a potential buyer. Considering you will still have a part to play in the negotiations, learning a thing or two about negotiating with buyers is important. Here are a few points you need to understand about negotiating.
Always get something in return
Great negotiators ask a lot, talk less and listen well. The point of being a good listener is to read between the lines to know what the buyer may be willing to compromise on. When sharing information with a buyer, you still need to get something in return. A good negotiator will also ask twice as many questions as the counterpart. The goal is to ensure you clearly understand the buyer’s demands, claims, and promises.
The quickest way of losing a good buyer is being dishonest. If a buyer finds out that you lied to them, they will lose confidence in you. This may cause them to drop out of the negotiations or make unfair demands. So make sure you never lose the trust of buyers.
Bring in the right team
Negotiations take time. In addition to having your business broker on the table, you will need the help of top staffs in your team. Bringing in a transaction attorney will also help you understand the terms given by the buyer/investor. The right team will ensure you cover all the aspects before the negotiations start. This means you will be prepared for anything the buyer throws at you.
Show interest in what the buyer wants
The worst thing you can do during negotiations is to act as if the other party doesn’t matter. Everyone wants to feel valued. If you seem not to care about the interests of the buyer/investor, you will lose them. Empathy helps create a better climate for negotiations. As much as you have to be strict in your demands, you also need to be understanding of the other parties.