Good Communication Pays Off, Again

I’m sure you can think of a couple of times (more like hundreds) when you and a very important person in your life had a miscommunication about … when you would be home for dinner, how much your assistance was needed to clean toilets prior to a dinner party (geez I mowed the lawn!), household budget, etc., etc. That miscommunication is innocent and without malice, but it doesn’t keep you from getting into hot water. Does it?

Clear communication is important in buying and selling businesses too. To keep everyone on the same page, we start with a target closing date, set time limits for due diligence, and applying for financing. However, this is just the beginning. The process can take many twists and turns, so whether you are a buyer or seller or broker, it is critical to keep everyone abreast of current activities even if that means agreeing to adjust the target close date.

We just had a closing on a deal that took over 6 months to get completed. There were plenty of times that the various parties got nervous, but the banker, buyer, seller, broker, and attorneys stayed connected. Relationships are stronger and transitions are smoother when there is open communication between all parties.

Contact your Apex Business Advisor to answer your questions regarding buying or selling a business.