Business Buying Strategies from The Dealmaker's Academy

How to talk with confidence to a business seller

Mar 2, 2023

Andy Harrington, an expert on communication, influence and selling, joins to discuss strategies for influencing someone, building rapport, asking pain-related questions, and creating space for effective communication with a business seller. Learn the importance of asking the right questions, understanding motivations, and crafting a deal that addresses the seller's pain points.

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INSIGHT

Pain as a Motivator

Understanding the seller's pain points is crucial for negotiation. Many sellers have motivations beyond money, such as stress or personal issues.

INSIGHT

Self-Revelation Leads to Ownership

When sellers articulate their own ideas, they are more likely to take ownership of them. This reduces skepticism and fosters agreement.

ADVICE

Ask Open Questions

Start conversations with open questions to build rapport. This encourages sellers to share their stories, making them feel more comfortable.

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The role of communication

This week, something a little bit different. We are going to talk about the language to use, and the tools and techniques to adopt when negotiating. Andy Harrington is an expert on communication, influence and selling - so we explore with him the best strategies for influencing someone, how to build rapport, the language to use and the questions to ask.

Key Highlights

[01:40] Best strategies for influencing someone and building rapport

[04:08] Getting the seller to reveal themselves

[08:55] Dealing with defensiveness

[12:03] Pain related questions

[15:20] Doesn’t want to sell? Or doesn’t want to sell to you?

[18:51] Asking open questions

[24:20] Creating the space for them to move towards you

Notable Quotes

The big mistake everyone makes with selling is to open their mouth and speak too much.
The seller might have some idea what their problem is, but they haven't really fully explored, investigated, or even spoken to anybody about it.
You wanna start with their story, right? That's a great place to start.
Ask pain related questions, but make sure they are historical pain related questions
People are usually slow to admit that they may be the problem that prevents a deal from being done

Resources

Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on hello@thedealmakersacademy.com for more information.

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.

If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk

Each week I interview deal makers who have been on my business acquisition mastermind program and find out about their deals and behind the scenes of their acquisitions. If you want to know how to get started in M&A, then take my free online course. You can find it at: https://www.dealmakerspodcast.co.uk

You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/

If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast

Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy