We find in business buy-sell deals some people think less is more, and that’s wrong. An example of what’s right came up during a meeting with our client and his attorney on information the buyer of the company wants. The attorney’s advice was, “When in doubt, give more information.”
This attorney also said, “If the buyer’s law firm took the time to learn about the business (industry) our work would be cut in half.” FYI, the firm has done multiple deals with this buyer, all in the same industry.
Knowledge is power, right? So why then do:
- Business owners/sellers sometimes object to sharing everything about their business (open kimono)?
- Some business buyers think they don’t have to show how much money they have to put into a deal?
- Why do both buyers and sellers think it’s only about the numbers not relationship and the non-financial factors?
When there’s information concealed, in any dealings not only buy-sell, it raises suspicion and lowers the chances of a successful transaction.
“Make no little plans.” Daniel H. Burnham
“Life can only be understood backwards, but it must be lived forwards.” Soren Kierkegaard
