Negotiating to Buy a Business | Jonathan Jay | 2024

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Want to know how to buy an established business?

Check out this behind-the-scenes video of business acquisitions expert Jonathan Jay interviewing Ed Brodow, an American negotiation expert and author of Negotiation Bootcamp.

In this interview, Ed Brodow shares his valuable insights on the art of negotiation, making it accessible to everyone. Discover how to approach business acquisitions, develop a negotiation strategy, and position yourself for a successful outcome.

Ed Brodow explains how he draws on his extensive background in the computer business and showbusiness. His journey from actor to negotiation expert demonstrates the power of leveraging skills and experience to excel in a new field.

Throughout the interview, Ed Brodow emphasises the psychological aspects of negotiation and common mistakes people make. Many individuals perceive themselves as having no power, allowing the other party to dominate the negotiation.

Ed Brodow stresses the importance of setting clear objectives and doing thorough homework to understand the seller's perspective.

One key lesson is to always be willing to walk away from a negotiation. This mindset enables negotiators to maintain control and avoid being forced into unfavourable deals. Having alternative options or a Plan B is crucial to create flexibility and leverage during negotiations.

When it comes to buying a business, Ed Brodow advises clarifying your objectives and doing extensive homework. Understanding the seller's position, motivations, and financial situation is essential.

He suggests reaching out to industry contacts, conducting interviews, and utilising online resources to gather information. By leveraging insights from multiple sources, negotiators can gain a comprehensive understanding of the business and make informed offers.

Regarding pricing, Ed Brodow emphasises the importance of justifying your offer with valid reasons. He acknowledges the fear of upsetting sellers but advises negotiators to focus on presenting reasonable justifications rather than being swayed solely by emotional concerns.

Jonathan Jay and Ed Brodow explore the misconceptions and challenges surrounding negotiation. They emphasise the importance of having good reasons and presenting well-thought-out evaluations when making an acquisition offer. They also discuss the internal negotiation individuals often have with themselves and the significance of maintaining a positive mindset.

Ed Brodow encourages individuals to be assertive rather than aggressive, emphasising the importance of respect and considering the other party's perspective. He concludes with his top tips for negotiation, including expecting to do well, having alternatives, being a good listener, asking open-ended questions, and taking your time.

Join Jonathan Jay and Ed Brodow in this enlightening discussion on negotiation strategies for business acquisitions. Gain valuable insights into positioning yourself for success and maximising your negotiation outcomes.

Don't miss out on this behind-the-scenes interview that will empower you to master the art of negotiation.