Fewer than one-third of companies that come to market end up selling successfully. Deal-makers have long sought to improve the odds by adding to their contact lists, but Denise Logan argues that establishing deeper relationships is a better solution.
Logan is the author of “The Seller’s Journey,” a book she wrote based on her work advising business owners and their professional teams as they navigate the complex emotional journey of selling a business.
On the podcast, Logan describes how a lack of trust causes many deals to fall apart and offers tips for how private equity firms and investment banks can establish better working relationships. She cites examples of deals imperiled by family strife behind the scenes and professional vendettas between parties on both sides of the table.
“We can close way more deals with way less chaos when we have deep trusting relationships with each other.”
Ultimately, the trust required to close a deal successfully hinges on building stronger relationships, and Logan offers tips for how deal-makers can shift away from collecting new contacts and toward deepening their existing relationships. She suggests following the lead of basketball legend Michael Jordan, whose efforts to connect with referees paid off on the court.
“The Seller’s Journey” is available for purchase through Logan’s website.