Create Buyer Competition To Switch Dynamics In Your Favour
Rob Goddard of Evolution CBS argues that it’s critical to have multiple buyers for your business, and to have them competing against each other. Given that buyers hold most of the cards, it’s important for sellers to regain some control and Rob presents what he believes is the best way to do it.
Of course many business owners receive unsolicited offers, usually from a competitor. Although its tempted to proceed. Why? The moment a buyer gains exclusive access to your business, most of your negotiating leverage as a seller is lost. Moreover, it will leave you with few (and mainly unappealing) alternatives to transacting with that party.
You need to keep the dynamics in your favour and the only way to do that is to create a structured process, whether you choose to do that yourself or instruct a third party to handle it for you.