17 Nov The Importance of Creating Win-Win Situations
In our November BBP webinar entitled “Controlling the Process,” Greg Kells, President of Sunbelt Business Brokers, Inc. (Canada), joined us to discuss the finer points of what Business Brokers need to do in order to rise to the pinnacle of the profession.
Greg Kells is an industry veteran, who has achieved success as an international entrepreneur. Since joining Sunbelt Business Brokers in 2002, he has opened 27 offices across Canada and is currently developing business brokerages in 10 other countries. He has served as president/chairman of numerous companies in a diverse range of fields from the high-tech industry and manufacturing to real estate development, entertainment and more. Kells has been a guest lecturer at many prestigious universities across the United States and Canada, including Harvard and Yale and is the founding Chair of the Canadian Institute for Conflict Resolution.
One of the key points that Mr. Kells feels that every Business Broker and M&A Advisor should understand is that it is your job to create win-win deals. His philosophy has been proven over the years via his own experience. Kells believes that by creating win-win deals, you will boost your reputation and referrals. It is through this boost in reputation and referrals that you can see your businesses grow in a consistent and organic fashion.
One way to achieve win-win situations for clients is to work with both the buyer and the seller as a dual agent. Kells explained, “We double in almost every deal we do. And we make sure it’s a win-win deal…we create a high level of satisfaction for both the buyer and the seller, and this builds a positive reputation which is critically important for the future…we focus beyond the sale.”
He notes that he doesn’t have to worry about marketing. Instead, Kells depends on the success of his referral network, noting that there is more business through referrals than his company can handle. A key part of building the kind of robust referral network that ensures ongoing business is to invest in building relationships with all the potential influencers that can, and do, have an impact on deals. These influences range from accountants, lawyers and wealth planners to spouses. In short, anyone that may influence the psychology of the buyer or seller should be factored into the equation.
In our next article, we will further explore what brokerage professionals need to do to create win-win situations for their clients. By consistently creating win-win situations, you can build impressive referral networks and achieve lasting levels of success.
