The Value of Trust
What a month of sport – Wimbledon, The Lions Rugby tour, Tour de France and of course, the Euros.
Trust plays an important element in sport – trust and belief in yourself (Mark Cavendish is a great example) and trust in others (Gareth Southgate et al.). So too in business. It can be easy in a sale or purchase transaction to forget just how important it is to build trust. However, the due diligence and legal process engenders the opposite of trust, with the approach typically being one of “we want to check everything to ensure you’re not hoodwinking us.”
Clearly it is important to know what you are buying, but assuming that everything is untoward is a very unhelpful attitude to have. No wonder owner-managers sometimes feel so abused in the process.
We are currently in a transaction where trust levels are high and the whole process is so much more pleasant (and also speedy). In just the same way that working with people you like is so much more enjoyable, so it is with company sales. Getting to know each other at the beginning of a deal is an essential step and one that will bring rewards.