Between You And The Buyer, Who Should Name The Price?
In naming the price of your business, invite offers to start with. This will give you two things.
Firstly, this gives you feedback, an understanding of what the perception might be out there as to what people think your business is worth. This gives you an opportunity to actually respond and say, “Well, there’s a great business over there that you might like to look at because that’s probably in your ballpark whereas our business is at a much higher level than that.” You can use some wording around that without actually giving away the price.
You will then have a next step when someone lowballs you. You can say, “Thanks, that’s interesting that you should say that. What made you think that that was a reasonable, fair offer?” Find out the information. You don’t even have to engage any further. You can say, “Look, that’s really terrific. I’m going to contact my business broker and would you like to take this further? I can introduce you.”
You can then pass the information off to the person handling the sale and they can do the proper negotiation for you.
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