If it’s Not Going to Work, Find out Fast
I recently had a deal collapse that showed great promise at first. It was disappointing, but after reflecting on this particular deal, some important insights became crystal clear.
- From the time the buyer and seller first spoke, until the time it became clear that the deal wasn’t going to work, only took a few days. By getting all of the issues out on the table quickly, we were able to make a good decision with as little disruption as possible.
- By not getting “tied-up” with the wrong buyer, we will be able to refocus our efforts on other candidates. This is huge. The opportunity cost is minimized.
- It is too important to get the right buyer in the right practice to take a chance at getting someone in the practice that won’t do well. There are a lot of people (clients, staff) that are impacted by the fit.
The bottom line is that getting the relevant issues to bubble up rapidly is of great benefit to all involved. The key issues almost never just magically go away. In fact, they tend to get bigger and multiply when ignored. When they are clear to see, the parties can brainstorm for logical solutions or realize that there is no good solution and it’s just not going to work. Whichever conclusion is reached, dealing with obstacles head-on saves everyone a huge amount of time and energy.
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