We are often asked what makes a deal successful? We decided to share our thoughts and experiences to help buyers and sellers have a more successful deal making process.
This blog is for informational purposes only. This blog is not legal advice, and no attorney – client relationship is intended or formed by this blog. For more information or to contact an attorney at Foreman Law, please email firstname.lastname@example.org.
How to maximize the value of your deal budget?
Tips to get the most out of your deal budget:
- Focus on value first, budget second. Focusing on value first and budget second is often a good way to make sure your money works hardest for you in the long run.
- Maximize the value of your time. Prioritize your time to things that will create the most value for you. Go to people with experience and ask for guidance before you start.
“Think less about how I can save 5-10k on this deal and think more about how can I make this 5-10k turn into 100k. Always keep value at the top of the list in the deal process.”
- Plan enough time to allow for managing the process. Create margin so you can allow time to create value. Time allows you to manage the process effectively around your priorities.
“When things are too rushed, you don’t get ‘time to sleep on it.’”
- Make a budget at the start. Planning and organizing at the beginning will help build value because you have all the information up front to make the best decisions.
- Ensure each deal team member has a clear scope of work. Make sure you have a lot of communication with the members of your deal team. Also, make sure your team understands your risk tolerance. There is no perfect deal, but communication makes a big difference!
- Ensure your team has provided you with budget ranges. Give them enough information to give you a good estimate. Make sure it is a range or a fixed price, and that you have clear expectations on any changes in budget. Understand any limitations on scope or service if there are flat fee service providers.
- Be really good with relationships. Take care of relationships and it will help create value for this deal and future ones!
- Be really organized. Get the most out of your deal budget by being organized. Be meticulous about timelines and communication. Understand that every part of the deal is important. Putting the pieces in place and keeping them organized will help create value in the end.
Jacob – You maximize the value of your deal budget. Your actions will determine how much value is created.
Sam – Be really good with relationships. Nothing creates more value in the deal whether its with your team or the other party. Trust is the currency that gets deals done.
Have confidence to know the value of your own time.