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Successful Acquisitions by David Braun

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BUYER PSYCHOLOGY 101

The first conversation with a prospect should only be exploratory and focused on the broadest vision. Nevertheless, this call actually opens the negotiation process. What is said here becomes part of the give-and-take of later, more direct deal making. As with any negotiation, the key to success is understanding the other party’s frame of mind.

Before you dial, you need to make some educated guesses about the person on the other end of the line, drawing on your company research. What you surmise should guide your approach. You need to talk to the fourth-generation owner of a family business quite differently from how you speak with the manager of a private equity fund who has held a company for only a couple of years. Age ...

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