The importance of self-confidence

If you want sellers or buyers to believe what you say when negotiating a business deal, it’s critical that you appear self-confident. In this short video by Jonathan Jay, founder of The Dealmaker’s Academy, you’ll discover:

• Why self-confidence is so critical to your success as a dealmaker
• How you can project self-confidence
• How to get the upper hand in any negotiation

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Prefer to read this? Here’s the transcript:

Hi, this is Jonathan Jay from the Dealmaker’s Academy.

Let me give you a massive tip today which will really help your whole deal making, whether you’re buying businesses, whether you’re selling businesses.

And that is the way you perceive yourself, it’s your self-confidence, it’s the way you present yourself, right down from the way you have a conversation with someone on the phone or face-to-face, the way you dress, the way you shake their hand, the way you look them in the eye.

And when you have self-confidence, that places you in a very, very strong position when negotiating simply because when you say something with confidence, people tend to believe you.

What you mustn’t be is nervous, is hesitant, and all of these things come with practice.

So the good news is that when you practice deal making in an environment where you can make mistakes, it doesn’t matter when you make those mistakes.

What you want to be able to do is to go out and speak to buyers and sellers in such a way where you have that superb sort of confidence that means that you always have the upper hand when negotiating.

For the next tip, hit the subscribe button.

I’ll see you next time.

Change your negotiator to get unstuck

Don’t despair if you’ve suddenly found that your business buying deal has reached a stalemate. There is a solution, as Jonathan Jay, founder of The Dealmaker’s Academy reveals in this short video. He explains:

• Why bringing in someone else to negotiate on your behalf can get the deal back on track
• What your representative should say at the outset of the meeting to move things forward

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The power of taking a 5 minute break

There are times during a negotiation when things seem impossibly tense, but you can release the tension in the room by suggesting everyone take a short, five-minute break. In this video, Jonathan Jay, founder of The Dealmaker’s Academy, reveals:

• What to say when things get tense
• Why a five-minute break is the ideal tension-breaker
• Why sellers will be willing to break the tension and get you back to the negotiating table

Prefer to read this? Here’s the transcript:

Hi, Jonathan Jay here from the Dealmaker’s Academy and welcome to this video, this Top Tips video on buying and selling businesses.

Sometimes when you’re meeting with a seller, it depends on the rapport that you’ve got, but sometimes things can get a little bit tense especially if they bring someone else into the meeting.

And that person doesn’t have the rapport with you, and maybe they don’t like you very much. They don’t want to do the deal as enthusiastically as the seller does.

Maybe it’s the FD or the office manager or someone who thinks that maybe they will lose out as a result of the business being sold. And it can get all a little bit tense.

And no one knows quit what to do. And it becomes a bit awkward and a bit embarrassing.

This is my Top Tip. My Top Tip is let’s take a five minute break.

All you have to do is say, “Let’s take a five minute break. “I need to go outside. “I’ve got some calls to make.”

Go and walk around the block.

Get some fresh air.

They’ll calm down.

They’ll have a conversation.

And when you say let’s have a five minute break, it releases all the tension in the room.

And when you release all the tension in the room, everyone comes back together.

And they’ve had an opportunity to talk.

And maybe the thing that you were getting stuck on, they’ve agreed between them.

The seller has said to his FD, “Look, I want you to agree to this, “because I want to do this deal. “Please don’t be so awkward. “Otherwise Jonathan might walk away.”

Because remember, they always know that you’ve got another deal happening. Jonathan might walk away.

So the five minute break is the tension releaser.

 

Always have multiple deals happening at any one time

As a dealmaker, you should be pursuing not one, but multiple deals as Jonathan Jay, founder of The Dealmaker’s Academy explains in this short video. He reveals why you should tell prospective sellers about your multiple deals and how that will:

• Strengthen your negotiating position
• Elevate your professionalism in the eyes of a seller
• Have a lasting psychological impact on a seller

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Use references to build trust

Discover how to overcome any prospective seller’s suspicion of you by offering to provide them with a reference from one of the owners you’ve bought a business from. In this short video by Jonathan Jay, founder of The Dealmaker’s Academy, explains:

• How you can use this strategy after you’ve done your first deal
• What to say to overcome a business owner’s initial suspicion
• Why a reference will help to make a business owner more open to your offer

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Prefer to read this? Here’s the transcript:

Hi, this is Jonathan Jay.

Welcome to the Dealmaker’s Academy.

Welcome to these videos, where I’m sharing with you some top tips, things that you will not read in books on mergers and acquisitions because these are things that I learned from experience, from being in the trenches, from actually being there at the conference, doing this stuff day in day out.

Here’s a great tip for you today.

Let’s say you’re with a seller who is, has a business that you have an interest in.

But they are slightly suspicious of you.

They’re slightly, they’re not entirely sure whether they’re going to get a great deal with you.

Are you going to waste their time? And you can feel that they are a little bit cautious of you.

Well, why don’t you get a reference? And say look, why don’t you speak to Mr. Smith?

I bought Mr. Smith’s business last year and Mr. Smith will tell you how we did the deal. Mr. Smith, I’ll ask him to be very open with you. And he’ll tell you what it was like working with me.

And he’ll tell you that I was fair. And that’s a really important word, fair.

He will tell you that I was fair.

And if you have done a great deal with Mr. Smith and Mr. Smith thought you were fair, Mr. Smith is your reference, then you give Mr. Smith’s phone number.

They’ll phone Mr. Smith and Mr. Smith will say yeah, I did a deal with Jonathan and you know well, he was very fair.

And that’s the word that he’ll use, that’s the word that you use, and as a result they now then relax because they realise they’re not going to be taken advantage of.

You’re not going to mess them around, you’re not going to waste their time.

And that’s really, really important to people.

So, use previous deals that you’ve done as a reference.

All you need to do is do one deal.

From that moment onwards, that great deal can be a reference point for the next seller that you speak to.

What do you do when a seller is stubborn?

There are times in a negotiation when you and the business owner reach an impasse, and in this short video, you’ll learn how to get the deal moving forward again. In it, Jonathan Jay, founder of The Dealmaker’s Academy explains:

• What to say when you reach an impasse
• The suggestion you should make to the prospective seller
• Three reasons why your suggestion is likely to make the seller more amenable

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Make two offers

If you want to achieve more success in buying businesses, then consider making not one but two offers to a business owner. In this video, Jonathan Jay, founder of The Dealmaker’s Academy, reveals

• How to phrase your two offers to make them more appealing to business owners
• Why making two offers make it more likely a business owner will say ‘Yes’ to one of them
• How making two offers for a business speeds up the acquisition process

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Brainstorm ideas together with the seller

Take a collaborative approach with a business owner and brainstorm ideas to ensure both parties have a winning deal, recommends Jonathan Jay, founder of The Dealmaker’s Academy. In this short video, Jonathan reveals:

• Why this approach could help you and the seller reach an agreement faster and with less hassle than if you took the traditional negotiating approach
• Find out what questions to ask the prospective seller at the outset of your brainstorming session

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Maintain open communication

As a prospective business buyer, it’s up to you to drive the deal through to completion and in this short video you’ll discover a very easy to accomplish that. In it, Jonathan Jay, founder of The Dealmaker’s Academy reveals:

• How to ensure you drive the acquisition of the business with regular personal contact with the business owner
• What to say in emails, texts or phone calls to maintain your seller’s interest in the deal

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Every Concession is Contingent

Find out why you should never give a seller a concession without demanding something in return in this short video from Jonathan Jay, founder of The Dealmaker’s Academy. He explains:

• Why before agreeing to anything you should defer to a ‘Higher Authority’ (a business partner, legal adviser, etc.)
• What to say when you’re asked for a concession from a seller

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