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It's Okay To Negotiate - REALLY!
Sarah is a young woman who attended one of my sales negotiation training programs shortly after taking a new job. When I asked her how she did with her salary negotiation, she replied, "Well, I didn't negotiate. I was offered $44,000 and I took it....
Preparing Your Home for Sale: Make Needed Repairs
Before a buyer considers your home seriously, it must meet his
needs in a variety of ways. It must be a suitable commuting
distance, neighborhood, design style, floorplan, size, number of
bedrooms, etc. If all or most of these needs are met, the...
Trade Credit: How to determine if you should offer net-30 terms to your business customers
What is trade credit?
One of the major differences between consumer and commercial transactions is that most, if not all, consumer transactions are paid in cash or by credit card at the time of sale. Because of this, most consumer businesses...
Why an Alternative to Debt Consolidation Cannot Compete
Watching your financial condition worsen, there will be many to offer you a word of advice along with their sympathy. The courses of action suggested will number as much as the number of sympathisers. This confuses the individual rather than...
Why Men Lie and Women Cry
I've just finished reading a great book by Allan and Barbara Pease entitled "Why Men Lie and Women Cry". A true and humorous account of the differences between the sexes and full of practical ways to communicate effectively.
I've enjoyed the...
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Buying A Business - 10 Important Items You Need To Know
80% of all business buyers never end up buying a business! Many
factors contribute to this statistic, but by following the
points below, you should be successful in locating and buying a
business that interests you and completing the transaction!
Know The Types/Sizes/Locations Of Businesses You Want To Buy
Before you start calling/contacting business brokers,
owner/sellers, and agents make sure you know what types, sizes,
and locations of businesses you are looking to buy. Make sure
you post a request by calling the www.USABizMart customer
support staff - this is a great way of getting the word out
quickly and efficiently to all parties selling businesses. If
you seem uncertain about your search criteria, brokers and
agents will not spend a lot of time with you. There are many
more buyers than sellers on the market and brokers/agents and
owner/sellers like to work with buyers, who are serious,
motivated, and know what they are looking for. Have available
and send/fax/email to potential sellers and brokers/agents an
Acquisition Criteria sheet that goes over your current search
criteria - it pays off and shows you're serious!
Know How Much Money You Are Willing To Put Down
When buying a business you need to know how much money you are
willing to spend on a down payment for a business. Most of the
time you will be putting down 30-100% down to buy a business.
Depending on the amount of money your willing to put down
determines the size of business you are able to purchase. Also
know in advance if you would be willing to pledge the collateral
in any real estate you own for a note the seller may be taking
back in the deal - this will save you a lot of time in the
search process and in negotiations.
Know Where The Down Payment/Purchase Money Will Come From
Money for a down payment or purchase can come from many
different sources. They are: cash on hand in savings, pulling
equity out of your home, your retirement funds, SBA loans,
seller financing/note. Knowing where and what you are willing to
do upfront will save you a lot of time in the search process.
You definitely want to get pre-approved/reviewed for SBA loan
and other financing options before you write any offers - you
need to know what your financing opportunities are early in the
process of buying!
Get Pre Qualified/Reviewed For Financing - Leverage That Purchase
Getting Pre-Qualified/reviewed for financing by lenders is very
important since many businesses want all cash for their
business. With financing you only have to put down 20%-30% and
you can get financing for the rest of the purchase. You will
need to submit personal financial info and a work/management
resume. In most cases depending on the size and type of
businesses you are looking to purchase they can tell you if you
would be able to get a loan to finance a business purchase. For
more business purchase financing tips and info go to:
www.bizbuyfinancing.com
Keep The Negotiating & Communications Moving Forward!
Remember - TIME KILLS DEALS. Make sure when you are negotiating
the contract, allocation of purchase price, new or restructured
lease, etc. always be moving forward. Don't let any situation
sit too long - it will most likely kill the
deal!
Confidentiality Agreements Are Important
To view or get any detailed information on any businesses for
sale you will probably need to sign a confidentiality agreement.
Respect this part of the process and keep the sale of all
businesses confidential. There are also legal ramifications if
it is traced back to you that you were the one who leaked the
word that the business was for sale!
Have Your Professionals Lined Up Before You Sign A Contract
You will be utilizing many professionals to buy a business. Make
sure you have a CPA or Due Diligence Consultant to help you look
at the financials and paperwork of the business to make sure it
is in order. You will also possible need financing (a loan for
the purchase), escrow services, an attorney to review contracts
and possible other services to assist you in the buying of your
business.
Make An Offer If You Like A Business! - Get The Process Started!
A majority of business buyers are too timid when buying a
business and are not willing to "pull the trigger" and sign a
purchase agreement to start the process of buying a business.
Many serious buyers lose out on great deals because they're too
analytical or pensive about writing up an offer. Writing up an
offer also usually "locks out" other potential buyers (your
competition) for a period of time so you can take a look at
important business records and info. After signing the purchase
agreement there will be a Due Diligence period with
contingencies that will have to be met before the deal is
closed. If those contingencies are not met or the books and
records are not exactly as represented you are in most instances
able to pull out of the deal and go on searching for other
businesses - make sure you have all contracts/agreements
reviewed by an attorney before signing.
Get The Signed Purchase Agreement Into Escrow
Get the signed purchase agreement into escrow immediately (there
is a list of excellent Escrow Companies on www.USABizMart.com)
and sign off any contingencies as they are removed- remember
TIME KILLS DEALS. Make sure you go through the Allocation of
Purchase Price in the beginning of the escrow process not at the
end which happens most of the time. By getting into the escrow
process usually takes the deal out of play and out of reach for
other potential buyers.
Keep The Escrow Moving Forward At All Times!
On good businesses for sale there will probably be multiple
offers to buy the business - even when it goes into escrow there
will be potential buyers who will want to "get in line in case
things bog down". You want to make sure you move the process
along so that you aren't perceived as getting second thoughts
about buying the business! Open communications, setting
expectations and keeping things on schedule gets deals to close
smoothly.
About the author:
Peter Siegel is author of the book "Businesses For Sale - How To
Buy Or Sell A Small Business! A Guide For Business Buyers,
Business Owners, & Business Brokers". Visit his website
www.usabizmart.com to search a listing of US businesses for sale and
www.bizbuyfinancing.com for small business loan
information.
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| Negotiation - Wikipedia, the free encyclopedia |
| The first step in negotiation is to determine whether the situation is in fact a negotiation ... The book's approach, referred to as Principled Negotiation, ... |
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| Program on Negotiation at Harvard Law School |
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| PON: Harvard Negotiations Project |
| Please visit the Harvard Negotiation Project website for complete information and ... The Harvard Negotiation Project's mission is to improve the theory, ... |
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| The Negotiation Skills Company, Inc. |
| www.negotiationskills.com/ - 3k - Cached - Similar pages |
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| Global Trade Negotiations Home Page |
| The Global Trade Negotiations Home Page at the Center for International Development at Harvard University - a centralized information resource on global ... |
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| Principled Negotiation |
| Principled negotiation is the name given to the interest-based approach to negotiation set out in the best-known conflict resolution book, Getting to Yes, ... |
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| Salary Negotiation and Job Offer Tutorial |
| Job-seekers: Learn the basics (and advanced techniques) of the art and strategy of salary negotiation (getting the salary you want) in this tutorial. |
| www.quintcareers.com |
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| Salary Negotiation and Job Offer Tutorial -- Map of the Tutorial |
| Site map to an expert (and free) tutorial on the art and strategy of salary and job offer negotiation. A guide to assist every job-seeker with salaries. |
| www.quintcareers.com |
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| Win-Win Negotiation - How to reach a fair compromise - Negotiating ... |
| This article and free worksheet help you negotiate fair compromises with people whose goodwill you need. It highlights the importance of good negotiation ... |
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| negotiation journal |
| www.springerlink.com/link.asp?id=102591 - Similar pages |
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| Apache Content Negotiation |
| Apache's support for content negotiation has been updated to meet the ... Apache 1.2 supports 'server driven' content negotiation, as defined in the ... |
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| JobStar--Salary Negotiation Strategies |
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| Monster.com: The Negotiation Coach |
| Salary Negotiation Advice from HR Managers · Negotiating Your Future Salary Today · Overlooking Their Interests -- A Big Mistake in Salary Negotiations ... |
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| Negotiation Articles |
| Negotiation articles for the busy entrepreneur written by a diverse group of experts, speakers, professionals, consultants, and marketing companies. |
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| CareerJournal | Negotiating Tips - Salary Negotiation Tips ... |
| Salary Negotiation Tips - When it's time to negotiate salary changes, trust Career Journal to give you the best and most current career salary information. |
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| PON Clearinghouse |
| Welcome to the Program on Negotiation Clearinghouse, a resource center for people interested in learning and teaching about negotiation and alternative ... |
| www.pon.org |
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| :: Negotiations Affairs Department :: |
| Information on the issues, history, developments and positions regarding Palestinian-Israeli peace negotiations. |
| www.nad-plo.org |
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