Kindness and Professionalism: Qualities of a Great Negotiator
The examples portrayed in fiction about businessmen have nothing to do with reality. They are very misleading. 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.
A review of previous performance reveals that those who choose to remain calm and rational as the negotiations proceed, as well as being sincere, honest and approachable manage to land the best deals. It helps when they keep their emotions in check. If you are buying, the seller needs to view you as someone who is working with will not be a stressful experience. 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. The negotiations will also suffer, as no reasonable steps will be taken. Emotions also make it hard for people to see a situation clearly and think of possible options. Their emotions curtail their ability to maximize their gains. Emotions can actually benefit a negotiation, but that is rarely the case. When people choose to be nicer instead, such negotiation bear better fruits. This will give you better gains.
Whatever figure a buyer presents to a seller will be heard only if they are nice about it. During negotiations, presenting an offer is one of the hardest things to do. A nice presenter makes their offer more palatable. This will get your offer through the door. They shall be willing to stretch to accommodate your needs. Negotiators lacking in this quality are not people brokers of such buys wish to see again. They have proven to be detrimental to their trade.
Since no business is perfect, a nice personality makes up for a lot on the seller’s part. Before sitting down for the negotiation, the buyers usually do their homework on your business. A key area is the software you use for accounting purposes. There is a chance what you have in place is substandard according to them. Being nice will improve your chances. Honesty is a good policy to adapt when negotiating. Honesty helps a buyer to accept what you point out as the good bits of the business.
Part of being nice involves the buyer showing a lot of respect to the efforts the seller put into their business. They invested a lot into it. Do not limit your respect to the negotiations; they can tell. A seller needs to feel reassured that the business will be in good hands.
Sellers need to be patient. The buying process tends to take a long time. Buyers will be very inquisitive, and the seller needs to reciprocate adequately. This is crucial to the sale. 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. As part of your induction into the business, you can offer to train them on what normally happens in the business.
All through the process, offer compliments to the seller. This will help the process of accepting the change.
To make the most of such opportunities, it helps to be a nice negotiator. More business tips can be found on the Cheval Capital blog, where their managing director Hillary Stiff offers more of such great advice.