The power of taking a 5 minute break
There are times during a negotiation when things seem impossibly tense, but you can release the tension in the room by suggesting everyone take a short, five-minute break. In this video, Jonathan Jay, founder of The Dealmaker’s Academy, reveals:
- What to say when things get tense
- Why a five-minute break is the ideal tension-breaker
- Why sellers will be willing to break the tension and get you back to the negotiating table
Prefer to read this? Here’s the transcript:
Hi, Jonathan Jay here from the Dealmaker’s Academy and welcome to this video, this Top Tips video on buying and selling businesses.
Sometimes when you’re meeting with a seller, it depends on the rapport that you’ve got, but sometimes things can get a little bit tense especially if they bring someone else into the meeting.
And that person doesn’t have the rapport with you, and maybe they don’t like you very much. They don’t want to do the deal as enthusiastically as the seller does.
Maybe it’s the FD or the office manager or someone who thinks that maybe they will lose out as a result of the business being sold. And it can get all a little bit tense.
And no one knows quit what to do. And it becomes a bit awkward and a bit embarrassing.
This is my Top Tip. My Top Tip is let’s take a five minute break.
All you have to do is say, “Let’s take a five minute break. “I need to go outside. “I’ve got some calls to make.”
Go and walk around the block.
Get some fresh air.
They’ll calm down.
They’ll have a conversation.
And when you say let’s have a five minute break, it releases all the tension in the room.
And when you release all the tension in the room, everyone comes back together.
And they’ve had an opportunity to talk.
And maybe the thing that you were getting stuck on, they’ve agreed between them.
The seller has said to his FD, “Look, I want you to agree to this, “because I want to do this deal. “Please don’t be so awkward. “Otherwise Jonathan might walk away.”
Because remember, they always know that you’ve got another deal happening. Jonathan might walk away.
So the five minute break is the tension releaser.