Always in the movies, you see some angry businessman sitting in their office suite negotiating some important deal, yelling, screaming, and dictating orders into the phone. It’s easy to look at this type of media and think that this is the way that business deals go down in real life, and to believe that perhaps this is the only way. Fortunately, that isn’t the case.
It has been shown that having a good sense of humor, a level head, an easy tone, a good temperament and the capability to not take everything said and done around you personally are great stepping-stones towards possessing a personality that will allow you to win in any negotiation and secure your dream business. Here are 4 things to keep in mind when talking your way through an online business deal to help you go about negotiating in a kinder way, a way that is guaranteed to get you better results than the angry guy yelling into the phone.
1. Take Away Emotion from the Deal
While it is easy to get emotional and passionate while negotiating a deal that might give you the online business you have always wanted, it is not always wise. Passion for something can sometimes be translated as anxiousness, overzealousness, rudeness and impatience. Keeping a level head while negotiating for the ownership of the business in question helps you out by positioning you as likable, sincere, and honest, three qualities that are going to get a better response out of the potential seller.
Just like any other situation, emotions influence a business deal profoundly. Depending on how you act, you can have the seller feeling excited, anticipatory, happy and eager to strike a deal with you, or you can make them uncomfortable and dread having any further contact with you. Knowing this, it is up to you to school your emotions before walking in that door, and you can further your chances of securing a deal before you have even said hello for the first time with just a shift in attitude.
2. Show Respect for What the Seller Has Created
When you are buying someone’s business, you have to keep in mind that the business is his or her pride and joy. This business was either started by them from the ground up, or they have acquired it and watched it grow and flourish, spending countless hours, nights, weekends, and pouring their blood, sweat and tears into making it into what it is today. They aren’t going to want to hand it over to just anybody, especially if that somebody is crass or unkind.
Any potential buyer who comes in the door criticizing the business, noting what they perceive as downfalls or negatives of the business isn’t going to get a pleasant response. The seller wants to know that the person they are selling the business to will treat it well and know that their pride and joy has found itself nestled in excellent hands. They want to be sure that you are going to love and care for what they have created as much as they have. By giving the seller confidence in your ability to take over, maintain and grow the business, you can make them feel great about handing over the online business to you instead of being concerned about the direction you might take it.
3. A Kind Attitude and Its Effect on Low Offers
Choosing how much you want your opening offer for the business to be is always nerve-wracking, and it can cause a lot of anxiety among those looking to purchase a business for understandable reasons. You never want to insult the seller with an offer that is far too low, as that might say that you aren’t taking the negotiation seriously or that you don’t believe the business is worth that much. It could also suggest that you are attempting to exploit the business and the negotiation by trying to pin the seller down with an offer they aren’t comfortable accepting at a lower price point than they anticipated.
If you have been an unpleasant person to work with and you decide to go in for a low offer, you run the risk of doing exactly what you want to avoid–insulting the seller. That said, if you have made yourself out to be a friendly, kind and professional buyer from the get-go, complimenting their business, product, and company, then the seller may be more willing to look past the low offer, followed by a counter offer that would work better for them, because at this point, they do want to do business with you. They might even go out of their way to figure out a way to sell the business uniquely in a way they would not consider doing for anyone else, simply because you have been kinder and friendlier to them than the other prospective buyers they have interacted with.
4. Make Yourself Memorable with the Broker
Brokers will always keep in mind those buyers who have been the most pleasant to work with. Not all business sales are going to be listed officially; some are sold by the broker to clients who they know would be a perfect match before it has ever been listed. This known, it is a good idea for the buyer to make a good impression with the broker they are dealing with if they want to have themselves cast in a positive light and be told of a new listing before someone else hears about it. Brokers like to pair clients with a buyer who will participate in a fair deal, and if a broker feels like you are hard to do business with, they wouldn’t want to introduce you to their private listings. Kindness pays off during all aspects of the deal.
If you are looking to buy an online business, consider following these tips to make yourself more likable to the seller. Money is not the only thing that you have to offer when purchasing an online business, and your attitude truly can make or break any business deal. When thinking about buying an online business, consult with an online business broker and let them help analyze your unique situation and assist you on the path to securing your new business. To get started, contact an online business broker on our team today.