In this episode of the Fueling Deals podcast, I take you through the very important (and sometimes challenging) step of finding the right deal for your business. It is important to go into this step with a clear understanding of your goals and expectations, so that you can be certain the deal you are considering will fit your needs.
There are many options for locating a potential deal, and many companies turn to both business brokers and investment bankers to help facilitate these connections. However, other options include networking within your industry, reaching out to influencers for sponsorships or brand deals, and even talking to other professionals in your day-to-day life such as your attorney. The options for finding a deal are almost as varied as the types of deals themselves.
For this episode, I highlight some of the key things to keep in mind as you’re looking to procure a deal, to ensure that you go into this important step in the process fully informed, aware of your options, and aware of potential pitfalls and challenges you might face.
Being Prepared Before You Begin
Before you ever get started searching for a deal, you need to ask yourself a few key questions. What are you hoping to accomplish from this deal? Accelerated growth? Marketing possibilities? An exit from your business? Access to new customers or clients? Knowing what you want from a deal is necessary to be certain that any potential deal you find will fit your business needs.
Additionally, once you are clear on your needs and goals, you also need to do research to ensure that your deal will be fair to all parties involved, and so that you understand any associated fees, costs or drawbacks that may come with the deal. Analyze other deals completed by similar businesses in your area or industry. It is even worthwhile to reach out to your competitors to ask them about their experience with similar deals.
By taking these important early steps, you can better evaluate potential deals to ensure that they meet your criteria, and you can more confidently complete the deal knowing what to expect from the process. Understand the benefits and risks of a potential deal and be clear on whether it satisfies your current business needs, and you will be able to move to the next step in the process in a much stronger position.
Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.
If you want to find out how deal-ready you are, take the Deal- Ready Assessment today!