17 Nov How to Achieve Greater Client Satisfaction
In our previous article, “The Importance of Creating Win-Win Situations,” we covered some points explored during Greg Kells’ recent webinar entitled “Controlling the Process.” He discussed with business brokers and M&A advisors need to do to create a brokerage that generates both happy clients and a constant stream of referrals. Now, let’s turn our attention to Mr. Kells’s thoughts on additional practical steps that brokers can employee to maximize their success.
Mr. Kells, who is the founding Chair of the Canadian Institute for Conflict Resolution, wants you to understand that “dealing with conflict is part of the role of being a business broker.” He stated that “you must be comfortable dealing with conflict.”
It’s true that conflict is going to emerge as a byproduct of the process of buyers and sellers meeting; however, it is critical to note that the status of negotiations is not solely influenced by the buyers and sellers alone. The simple fact is that there are many influencers who impact buyers and sellers alike. It is in your best interest to identify these people who will undoubtedly influence buyers and sellers and work to understand them and their needs. These influencers include everyone from professionals, such as lawyers, to spouses.
In many of our previous articles, industry experts have noted that psychology plays a simply enormous role in how successful brokers interact with clients. Mr. Kells wisely notes that “buyers and sellers are scared to death. They are paranoid that they are going to get ripped off, or buy something that doesn’t work…that they will end up losing and end up on the streets.”
There is a degree of fear for buyers and sellers alike, and this fear is both natural and understandable. After all, for the vast majority of buyers and sellers, the decision to buy or sell a business stands as the single greatest financial decision of their lives.
A key part of your role is to highlight your expertise and knowledge in the buying and selling of businesses; this means that you should prove themselves to be knowledgeable regarding the industry in question. Be sure to come into every meeting well prepared and well read.
Amongst the most important things you can do is to understand human psychology, in particular, the nature of fear. Fear can both motivate and hold back buyers and sellers.
Business brokers and M&A advisors should always act in the best interest of their clients. Showcasing to clients and their influencers, that you are always acting in the best interest of your clients is of paramount importance in building trust, winning referrals, and ultimately, building your brokerage.
