Compromising and Countering When It’s time to Sell Your Pharmacy
Compromising and Countering
When you work with COLONY RX, we will outline our process with you (and you can find it elsewhere on our website). We will tell you what to expect from the other party and how we act to be most effective. But, in general, there are three ways that a deal progresses:
- First Offer is Final – One party makes the offer that is their first, best and only offer, regardless of what the other parties terms are. This is rare, but sometimes we have to deal with it. And sometimes, the other party is 100% firm when they say that their first offer is final.
- Splitting the Difference – This is when you and the seller split the difference between your asking price (or other issue) and theirs. We rarely use this, except for smaller things. The reason is the middle point is arbitrary and we find other metrics to back our counteroffers with objective data.
- This for That – This is called horse trading. We know a very specific trap that 99% of buyers, sellers and brokers fall into and how to avoid it to win at horse trading. This one secret has made our clients millions and millions of dollars. No, we are not sharing it online. The reason is that its so simple that we don’t want other people using it against us.
It’s not uncommon for a buyer to give a verbal offer early on, which gives the seller an idea of how negotiations in the deal will unfold. This is usually a good practice and we follow it wherever we can.
Examining the Issues and Trade-Offs
One thing we do very well is listen to the other side. People thing negotiations are won by what is said. More often, they are won by listening and not giving away too much information. This is the most common mistake made by amateur sellers that don’t use professionals. They either don’t say enough and sound like they are hiding something or say too much and hurt themselves.
Remember, not every deal is meant to be. In every negotiation lies the possibility that you will have to walk away. You could be a tough negotiator, but that doesn’t mean you will have a successful transaction. Understanding the goals and needs of the other party are paramount to completing a deal. Sometimes, the buyer and seller won’t see eye to eye, and it’s better to move on to the next option.
Colony has facilitated countless transactions, and will assist you in negotiate properly with the other side. Don’t settle for anything less than the best. Call Colony today for a no-obligation, free consultation.