Kindness and Professionalism: Qualities of a Great Negotiator
The examples portrayed in fiction about businessmen have nothing to do with reality. Those are usually elaborate lies. What is required is a calm personality when negotiating the buy or sale of business. What is actually needed is a calm temperament, sense of humor, and the ability to leave your sentimental attachments out of the equation.
Those who have handled such negotiations will tell you that being calm and reasonable, honest and sincere, as well as nice helped them throughout the process. It helps when they keep their emotions in check. Those who were too emotional made for terrible negotiating counterparts. Knowing this can be of great help to any potential negotiator.
If the negotiating parties get emotional, they tend to see every move by the other party as a wrongful tactic, and a chance to shortchange them. It also makes reading a situation difficult, as emotional people are not predictable in their behavior. It becomes hard to take the offer and devise ways to make the most out of it. They are so focused on their emotion, they see no way of making more out of the deal. It is possible, though not common, to use emotions to your advantage. When people choose to be nicer instead, such negotiation bear better fruits. There are many advantages to this.
A nicer outlook helps a buyer when the seller takes the time to listen to your lower counter offer. The the step of putting your offer on the table is not an easy one. It greatly helps when the presenter has a nice personality, so that the seller does not feel insulted or exploited. A nice personality makes it easier for the seller to stomach your offer. They shall be willing to stretch to accommodate your needs. In case you are buying through an agent, they tend to call on parties that were previously nice, for future business. They make businesses lose faith in their abilities to bring them and buyers together.
Since no business is perfect, a nice personality makes up for a lot on the seller’s part. It is a common practice for a buyer to finds out all they can about the business they are about to invest in. Your accounting methods shall be analyzed. There is a chance what you have in place is substandard according to them. A nice personality adds points in your favor. Your honesty throughout the negotiating process could mean the difference between success and failure. This open nature makes it believable when you point out the benefits of the buy to them.
To achieve the desired likeability, a buyer needs to first respect the place where the seller has taken the business. They invested a lot into it. The respect does not wend with the negotiation. When the seller understands that you mean their business well, they shall oblige.
A seller will have to display patience. The buying process tends to take a long time. Buyers will ask many questions, which they will have to answer professionally every time. This is critical to the process. The buyer does not know a lot about the intricacies of the business.
There has to be a high level of organization in your argument. You can tabulate all this, and be available should they need an expert’s view in future.
All through the process, offer compliments to the seller. They will come to appreciate the fact that you mean well.
To make the most of such opportunities, it helps to be a nice negotiator. You will find a rich source of business material when you visit the Cheval Capital blog, especially the articles posted by their managing director, Hillary Stiff.