When you are a buyer, choosing the right corporate partner for your business can be intimidating. You want to make sure you carefully select a company and partner that you can trust and that meets your specific needs and requirements.

Now, let’s say you are on the other side of the transaction. As a seller, you’re working hard to position your business as the best fit for the potential buyer. That can also be daunting. Chances are, the buyer will be in multiple conversations with other business owners in the industry, so it’s important to know how you’ll set your company apart from the competition.

No matter which side of the deal you’re on, you want to make sure that both parties are completely comfortable before engaging in a partnership. Here are some strategies to help you determine if a company is the right fit:

Listen

Everyone wants to be heard. Rather than diving immediately into the technical aspects of legal documents or negotiations, take the time to actively listen to your counterpart’s needs – even if it’s simply talking about what they want out of a business partnership. Talk through your strategies, watch their body language, and learn what is important to them. Get a good idea of their office culture, how many employees they have, and make sure you’re both on the same page when it comes to company values. This personal touch is important and can potentially make or break a deal.

Connect

Once you learn about the client and their needs, you can then connect their passions, culture, and emotions to your own company. Do they hold themselves to the same standards that you do? Do you share the same vision and work ethic? You may find that your companies just click and the decision to work together is simple. Taking the time to connect your work and values will strengthen your partnership and establish a foundation of trust from the start. And, if it isn’t the right fit, it’s better to figure that out sooner than later.

Communicate

In any relationship, communication is key. Continue to stay in contact with one another, even if it is by making a phone call to catch up on what happened over the weekend and then talk business. Video conference software like Zoom and Teams help make communication easy when parties are not in the same location. Remember: They’re putting their trust in you as a business, so being open to communication will reassure them that they made the best choice for their company.

As an M&A advisor, it’s critical to listen to our clients, understand their needs and the needs of the buyer, and then keep the lines of communication open between both parties. And from a seller perspective, it’s important to communicate to your representation – whether it be your attorney, accountant, or an M&A firm like Osage Advisors, about any concerns you have, so that all parties are satisfied with the outcome.

For more information from Osage Advisors you can listen to our Podcast, The Ins and Outs of Selling Your Business or watch us on YouTube!