This selling tip is designed to enhance your M&A sales strategy. Many are surprised their involvement doesn’t end after the closing date.
You may think that when the sale is complete, you’re on the fast track to a never-ending vacation. The truth is, very often, you’ll go back to work, at your own company. It’s part of the transition period, when you help the new owner get up and running.
It makes sense for you to make sure the company continues to be successful. You owe your employees and customers for supporting you over the years. And if you plan to start a new venture, you want as many friends in the marketplace as possible.
To make the most of the transition, consider these selling tips:
You’re No Longer the Boss
Ultimately, you’re not going to be giving the orders. You’ll be following the buyer’s orders. Their vision may differ from yours but you’ve got to support it.
You’re on Their Timetable
The new owners will likely be part of a larger corporate structure and it will take longer for them to make decisions. Just sit back and adjust to their pace. It pays to be patient and you’re being paid to be patient.
Give Thanks
Your new owners have invested in your life’s work. Be thankful for their faith in what you’ve built.
There may be some bumps during the transition. Rather than think about what’s wrong, focus on gratitude and how you can be resource to the new owners.
Know Your Role
During the negotiations, you should have spelled out your role in the new company. If you have not, then try and establish those parameters as soon as possible, so there are no misunderstandings.
Being part of the new team is a critical, big deal for the seller. Make it a win-win situation that extends beyond the closing date. Follow this selling tip and much of your transition will be a lot smoother.
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