Most business owners, particularly those who have founded and grown their company from scratch, are very protective about their firm. It's their baby, and even though they're entertaining the idea of selling it, they want that baby in good hands. They want their employees protected and secure. They want their customers taken care of.
The first question they're going to ask, at least in their own mind, are, 'Who are you?'... and 'How do I know you can run my company the way it should be run? ' They do not want to sell it to a kamikaze pilot who's going to drive it into the ground. That's why it may be best for your lawyer or your (…) accountant to make the initial call on your behalf. You get instant credibility. Or, if you prefer to make the first call, and you detect those questions bubbling around, offer as references the names and numbers of your lawyer, your accountant and maybe one or two of your directors whose names he may recognize. (…)
Another method that is equally good is to send a short letter which includes the profiles of your board of directors, much as you did when seeking your accounting firm. This also gives you instant credibility, and should remove any hesitancy on a prospective seller's part.
What if your prospect cuts to the bottom line, just to see if you're serious? He says, 'Well, I may be willing to sell, what are you willing to pay?' You say something like, 'Oh, three to eight times your after- tax earnings, but of course we have to look at the books. I'd probably do an acquisition audit. But we can talk about that later.' You've sidestepped his probe with an answer that tells him you know what the hell you're talking about, so don't ask any more stupid questions!
Regardless of the deal you eventually hammer out, here's a key point. Make the other side part of the transaction, so that his net worth increases. If it makes the deal, factor the seller into future revenues for a specified period. Give him cash or stock. Or cash and stock. Pay him a consulting salary for a specified time. But give him his spoonful of sugar. Make his departure from his company as honorable and as painless as you can. And the most comforting balm you can apply is... money.
What if you find the dream company, meeting your criteria beyond your expectations, and the owner says it's not for sale. And means it. (…)
Virtually every company in business has debt. Your target has $300,000 of credit with $60,000 outstanding. You find out which bank is holding the paper and pay the banker a visit. You negotiate to purchase the note at a premium from the bank - yes, you can do that because banks enjoy profit as much as you do - and then visit the reluctant prospect. You ask him nicely once more if he'd care to sell, and when he says no, but before he throws you out, you advise him you own his note, you're calling it, and you demand immediate payment in full. Now, sir, let's talk quietly about buying your company.
"That’s chilling, "you think. "Somebody could do that to me." Not if you have your lawyer draw up your own lending document which specifically forbids purchase by a third party. You don't have to use the bank's "standard" document; most companies just do without questioning it - and without reading the fine print. (…) Another tactic is to contact your prospective customers, and offer them a deal which makes you a more attractive supplier than the present ownership.
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