We recently interviewed Iain Horne from Benchmark Business Brokers. Iain won the REIQ Business Broker of the Year award this year, and in 2011 was named AIBB Australian Senior Business Broker of the Year. He has personally settled over 120 deals over the past few years and knows a thing or two about getting deals over the line.
Our question for Iain was “what would you say is the most important factors to making deals settle?”
Iain’s answer …
“A key component to getting your deals across the line is quite simply … communication. Communication is key. I do know how frustrating it can be to have one fall over. So to avoid the pitfalls here are my top 7 things to do to make deals settle:
- Know the exact process from signing a contract to settlement. Map it out on a “Timeline” for all parties so that they can follow the path to completion.
- Identify the problems that will arise early in the transaction and clearly communicate the solutions before they become a problem.
- Know what to say to a client and when to say it … Or just zip it … Silence is golden when required!
- Never let buyer and seller communicate directly.
- It is good to communicate clearly to your clients the importance of sticking to deadlines, for example finance, leasing, settlement, the longer it drags on the more likely it will fall over.
- Talk to your clients solicitors and accountants via phone and email so that everyone is kept in the loop.
- As a broker you need to filter the communication so you do not offend any parties in the transaction.”
From our perspective, we certainly agree that regular communication and the setting of expectations in advance help.
Iain specialises in the Hair & Beauty Sales throughout Australia. He is contactable on 0413 903 595 or [email protected]
You might also like:
- Deals Subject to Contract – Really?
- Heads of Agreement in Business Sales
- A Practical Legal Guide to Selling a Business
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