Business Owners: What are the 2 Most Important Things When Selling?

Short and simple. Here are the 2 absolutes you need on your side when selling. 

1. Optionality

We’ve received one too many phone calls from strata business owners backed into a corner. The common thread in the story goes: 

• They’ve appointed some broker from somewhere who promised them an x ‘multiplier’.

• Months into the process, they have one offer and one option, which the broker strongly encourages them to take. (And, of course, they get the deal done and move on – even if it’s a raw deal for you as the business owner). 

2. Adaptability

In an ideal world, everything stays on track, goes to plan, and has no surprises. Even when it comes to strata business sales, the reality is that unknowns and can’t-be-knowns can happen. So, what do we mean by adaptability?  

Yes, the shape of the deal looks good and should go through, but from experience – our advice is this: 

• As the vendor, you need to have some adaptability; 

• As the hopeful, successful purchaser, you need to have some adaptability; 

• And as an experienced broker – you need to have: 

• • Adaptability and, more importantly, the ability to get the vendor and potential purchasers to see and act on adaptability. i.e. what happens when there are strata clients not on under contract at all? 

• • As the broker you need to problem solve, deeply understand the issues, create solutions, have the plan a, b, c, and d, and ultimately deliver for your client. 

Conclusion 

There is no doubt that strata management business deals and body corporate management sales occur without these 2 elements. However, when things aren’t done right, it’s often the strata business owners who get the raw end of the stick. 

Whether it’s because they left things a bit at the last minute, they were ready to get out, they’re over the drawn-out process, and they entrusted the wrong person. That is the sad and untold reality where a lot of these deals are being cobbled together, like forced marriages.