There are a lot of things to consider when making an offer for a business – price and terms are two of the big ones. But you'd be wrong to assume price, cash, scheduled payments, and ability to finance are the chief considerations of any deal.
People are the most important consideration in every deal.
Business is about people. People are the business. People have needs, wants, desires, requirements, obligations, fears, hopes, dreams, and disappointments. Most of us have a little bit of all of them�…all at once. That's where the art of the deal comes in. People tell you what they want because that's what they've concluded addresses whatever urgency, emotion, obligation, or opportunity they are most concerned about. The art of the deal is to understand what's motivating the people involved in the transaction and working a solution that satisfies all parties.
Business deals are about satisfying people's needs, wants, and desires – both good and bad. The more you can satisfy the people in the deal, the stronger your offer. And the less the deal depends on price, cash, scheduled payments, and ability to finance.
Login to the member area of JSLogan and discover what we did to win the rights to manufacture portable floors and establish Master Portable Floors, Inc. Once logged in, a menu will appear that leads to the registered Master Portable Floor posts. Inside, I'll tell you exactly what we did and how we won. Win-win-win – a three way deal that left us all happy and led to the creation of Master Portable Floors, Inc. This is by far the most transparent post I've ever published.
We didn't have piles of cash or the ability to secure large financing to close the deal – our competition did. We had something more powerful than our competition; we had the ability to satisfy people.