Strong and consistent communication between key players of the Buyer and Seller is ideal to create an environment conducive to a business sale. Both buyer and seller have resources tied up to make the deal happen. So when miscommunication or lack of communication jeopardizes a deal, it can hurt both sides. Let me break down why communication is key when buying a company.
When negotiating the purchase of a company, keep communication on point by designating one person or team to coordinate and communicate. Otherwise you end up with Thanksgiving at my house: too many cooks in the kitchen, pandemonium, and an overcooked bird. Instead designate point people to keep the line of communication consistent. There are countless recipes to cook a turkey and you can get countless responses when you are cooking with too many people.
Identify and empower the folks who can orchestrate the sale. Their job will be to keep egos in check, coordinate financing requirements, apply for third party/governmental approval, and take steps to integrate the transition. Keeping communication open will give you something to be thankful for at the end of the sale.
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