A Seller’s Diary – Month 7 – Meetings With Potential Acquirers
Met with Prism earlier in the week to get some coaching on initial meetings with potential purchasers. They pointed out that negotiation begins with the first contact and I am now much more conscious of how my comments, pauses etc. may be interpreted by the other side. That said the essence of these first meetings is simple – tell them a bit about the business, whilst finding out more about the other party and their motivations.
The nature of the meetings does vary – some feel more like an interrogation and others a friendly chat. I was impressed with Prism’s mastery of the detail – while keen to avoid getting bogged down in the minutiae, they have been able to answer most questions straight off the cuff.
Chemistry is clearly important also – we’ve had four meetings this week and whilst I could work with any of them, a couple do seem to present a better fit.
Meetings have been held off-site in neutral venues booked by Prism. The scheduling has been important as we’ve been meeting mostly in London and whilst easy to get to, it does take time. Fortunately the schedule has been quite compact so my absence from the office isn’t going to cause any eyebrows to raise (it helps that I’ve been spending a little more time out of the office in recent months).
We have a couple more meetings next week then Prism will be requesting indicative offers. I’m keeping my feet firmly on the ground in that regard but I do look, with more interest, at that beautiful Coach House on the outskirts of the village!