In the Deal Room: Patience

 A hot button around our office this week has been the dreaded “timeline” – and the point I wanted to discuss surrounding that topic is simple – be patient.

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You would think when two parties have the same objective there would be an easy path to follow, but the reality is that sellers and buyers have vastly different routes to the closing table.

Unfortunately, there’s a lot of “hurry up and wait” that goes in the acquisition process, and the sooner sellers and buyers can come to realize that the smoother the transaction will go.

Buyers, for example, need to understand that sellers are doing everything they can to wrap up year-end numbers and produce those financial reports – it just takes some time to get this completed, and the seller is not his CPA’s only client requesting the same thing right now. Be patient, it will get done.

Sellers, for example, need to understand that just because a buyer is taking their time to put together a proposal doesn’t mean they aren’t interested in the business anymore – maybe it simply means they want to make sure what they deliver is well thought-out and something they can commit to. Be patient, it will get done.

At the end of the day, of course sellers want buyers to make decisions faster, and at the same time buyers want sellers to provide information when they ask for it. And that’s where we, as business intermediaries, fit in.

Our job is to make sure progress is being made in the deal – and what I’ve learned over the years is that progress doesn’t necessarily mean that something happens every day, but it does mean the wheels are in motion. This is why business intermediaries are critical to successful transactions – we’re not too close to the deal and are not emotionally wrapped up in it, so we can keep an objective view. Buyers and sellers both need someone involved who can steer the ship towards the port, and understand that just because there’s no land in sight doesn’t mean we’re all lost at sea and should turn around.

So don’t get frustrated. Be patient. Let us do our job. Trust us, knowing that if the ship is sinking we’re not going to let you go down with it.

Jeremy Furtick is a senior business advisor with Huntington Business Group, Inc. in Dallas, a VR Business Sales, Mergers & Acquisitons office. Jeremy has been nationally ranked as a top-five associate five times, including the No.1 spot in 2007. He can reached at jeremy@vrbigd.com or 214.442.6706.

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About Dallas Business Broker

Jeremy comes from a long line of entrepreneurs – his great-grandfather ran a Dallas dairy farm at the turn of the 20th Century, his grandmother founded one of Dallas’ oldest private schools in the 1950s and his parents started a specialty advertising firm in Garland in 1982 that is still in operation today. So it’s no surprise that Jeremy would find himself working directly with business owners today. He understands the unique challenges business owners face and knows how important business transaction services are to their futures. Jeremy’s education, creativity and experience, along with his straight-forward, meticulous personality are all keys to his success. Prior to Sigma Mergers & Acquisitions' ending its contract with VR Business Brokers, the world’s largest business sales franchise organization, and becoming an independent firm, Jeremy became one of the most decorated and successful agents in the 35-year history of that franchise. Starting in 2007, his first full year with Sigma, Jeremy was named VR’s No.1 worldwide agent – the first “rookie” to achieve this prestigious feat in franchise history. He finished No.1 a second time in 2013, becoming the franchise’s only repeat winner. And in 2014 he was well on his way to another No.1 ranking before Sigma ended its franchise relationship. Jeremy was also a top-ten agent three other times, and received the franchise’s quarterly National Victory Register award 25 times in 33 quarters. Jeremy graduated from Texas A&M University in 1998 with a B.S. in journalism and a marketing minor, before earning an MBA from The University of Texas at Dallas in 2003. Prior to joining HBG, Jeremy spent seven years at KRLD NewsRadio 1080 and the Texas Rangers Radio Network in advertising sales and sales management, then served as vice president of accounts with Reef Securities, an oil and gas broker-dealer. Jeremy is also a licensed real estate salesperson in the State of Texas.
This entry was posted in Buying a Business, In the Deal Room, Selling a Business and tagged , , , , , , , , , . Bookmark the permalink.

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