When you find a business that you like in the businessfor sale Edmonton list on some business websites, you will see an asking price offered by the seller. However in the business process you must be prepared to tackle the task of challenging this price. This can be a very tough process that might need the presence of a lawyer or a financial professional. The main aim for you as the buyer is to get the most reasonable offer and having an amicable resolution with the seller. The seller on the other hand will be working to hit as closely as possible to the price that they were asking for.
In order to come to an agreement there needs to be a consensus on the current worth of the Edmonton business and how much it will be worth further on down the line. There will be many aspects that need to be considered when deciding the value of the business and there are many routes that might be taken when deciding its value and as the buyer you must research and prepare yourself to deal with this. You should also do some research into the Edmonton business before embarking on the negotiation process so that you can have information that will support your offer.
Here are a few other tips to ensure that the negotiation process goes successfully for you:
- A rule of thumb is to never accept the first offer that is put on the table, always prepare to try and get a better price than this.
- Try to start off the discussions with as low a price as you can. Ensure that the price you propose can be supported and this is where your thorough research will come in. If your offer is too low then this might throw the seller off and might lead to them not taking you seriously.
- During the discussions a good way to challenge a price point is to create hypothetical situations that may help to undermine them. A good example is asking a seller what will happen if they lose a major supplier if he proposes his supplier list as a valuable asset for the company.
- Do not try to sell yourself short in order to make the negotiations more amicable. This is a sure way to be taken advantage of in the negotiations. This will encourage the seller to get the sale for the most inflated price that they can get.
- If asked, avoid giving answers to inquiries about the amount of funds that you have available to pay for the business. This gives the seller control of the negotiations and will lead them to make decisions as to how they will have you cover the price that they are asking, whether it be through financing or payment plans. You should try to use this only in the case where you see it as a fit strategy at a fitting point of the negotiations to lower the cost.
- Be stern but not aggressive and impolite, this will turn the negotiations southward and result in a conflict rather than a compromise.
- Do not be overly expressive of your opinion of the seller’s offers are statements. Do not show disappointment or excitement at anything that is said. Keep your composure.
- Do not be influenced by any goodwill efforts by the seller. When offered discounts or other privileges you might be swayed to respond with offers of your own. However do not forget that the main aim of the negotiations is to ensure that you get the best price possible.
Once you keep these tips in mind you will be ready to take on the negotiations. Remain calm and exude confidence and ensure that you always remind yourself of the end goal of the negotiations; the more composed you are throughout the process, the better a deal you are likely to strike with the seller.
