Page 11 - NBIZ December 2023

strategy, etc.) Always keep in will likely have to take a few steps on exit planning for business owners.
mind that this other party is to make sure he/she is ready before Patrick is also the author of two books
either a competitor or may be proceeding. N to help owners get ready for their
one in the future. exit: Dance in the End Zone, and the
u Do NOT state what price you Patrick Ungashick is the CEO and award-winning A Tale of Two Owners.
would take to sell the compa- founder of NAVIX Consultants. He is Patrick can be reached via email at
ny—some aggressive inquirers nationally recognized as the authority pungashick@navixconsultants.com.
will ask, and you cannot fall
into this trap. Any number
a business owner gives will
reveal too much and sets the
ceiling for the maximum price
this party will ever pay for the
business if the conversation
SWAG?
ever gets that far. Some people
believe it’s good to name your
price up front, because you Need
save a lot of time if the buyer is
unwilling to pay your amount.
This is wrong. Buyers ask
because they know the negotiat-
ing rule that “Whoever speaks
first loses.” You need to remem-
ber this, too.
• At the end of the call, if one’s
company is incompatible with their
search profile, simply state this
and thank them for their time. Do
NOT explain why the company
does not fit their profile, such as if
the company is too small. Again,
remember that the person one is
talking to is a competitor or possi-
ble future competitor. Do not give
them sensitive information.
• If one’s company seems to fit their
search profile, and if one wishes to
continue the discussion, ask them
to send you an NDA (non-disclosure
agreement) as the next step. Let
them know you will get back to
them after you and your attorney
have reviewed the NDA.
Once a business owner states that
he/she wishes to continue the con-
versation, the potential buyer will be
eager to get more information from
the owners and/or set up a follow up
call or meeting. After all, the owner
is a fish nibbling on their hook. One
must politely resist until he/she is
ready to proceed. Additionally, it is 832-766-1546
important to understand that most debra@nbizmag.com
owners are not ready to proceed.
One’s company was not for sale (at
least not yet) and, therefore, one

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