Make sure all decision makers are present
The importance of making sure all decision makers are present
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Hi, this is Jonathan Jay from the Dealmaker’s Academy.
Welcome to this next Top Tip video. This one is about getting all of the decision-makers present.
Now you see, what typically happens with an amateur deal-maker is when they’re talking to someone on the phone, they assume that the person they’re talking to is the decision-maker. They assume that they are the 100% shareholder.
And quite often it’s actually a minority shareholder who’s been sent off with the mission of selling the business, and you need to find out who are the owners, who are you dealing with, who are you talking to, and you need to get everyone around the table to make sure they’re all aligned. Sometimes you get two or three partners, and one partner doesn’t want to sell.
It’s not your job to convince them if you have a reluctant seller, you have a torturous deal. It could fall apart at the last minute. It’ll cost you time and money.
So you need to find out who is actually selling to you, and you sit down with all the sellers and make sure that they are aligned and they all want to exit the business.
That’s very, very important.