The importance of understanding time-scales
Knowing the time-scales the owner of a target business wants can help you to create an appealing offer says Jonathan Jay, founder of The Dealmaker’s Academy.
In this short video, he discusses how:
- A seller’s time-scales will reveal how desperate he or she is to get the deal done
- How a highly-motivated seller can help you to achieve a better deal
Prefer to read this? Here’s the transcript:
Hi this is Jonathan Jay from The Dealmaker’s Academy.
This tip about buying business is all about understanding the time schedule of the seller, finding out whether there are any deadlines or any situations which are putting pressure on the time schedule.
Let me give you an example.
Let’s say, for example, they seller is emigrating and they’re moving abroad, they’ve got the flight booked to Australia and they’re going to be leaving on a certain date so they’ve got to do the deal before then.
Very useful when you know those time scales because it allows you to manage your time and either work very quickly or work at a slower pace.
But understanding the time scales also means that you understand the motivation of the seller to get a deal done.
And when the other side wants to get the deal done quickly, they end up with a worse deal and you end up with a better deal.
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