You have already invested the money, time, tireless efforts, nurturing, and dealt with the blows. Now, you have decided the time is nigh to reap the rewards of your labor of love and sell your Amazon FBA business. This article seeks to guide you to avoid some common mistakes people make during the negotiations while putting their Amazon FBA business for sale.
Not Being Prepared
“Wise men say, only fools rush in.” One of the biggest mistakes one can make is not being thoroughly prepared for the negotiation process. It can be a long, arduous, and testing one. It can be taxing on your mind and body. The majority of negotiation actually occurs before you ever get to the table. So, be clear about why you are selling your Amazon FBA business. Be crystal on what you hope to achieve by the end of this negotiation process. Also, be ready with the best possible alternatives that will be agreeable to you in case your primary desire is not met.
Focusing Only On Your Own Win
Negotiation, unlike bargaining, is a holistic and mutually inclusive exercise that includes key tenets of trust, collaboration, rapport, and the concept of Win-Win for all involved. While everyone will have their own needs and preferred ideal outcomes; negotiation is usually more than just haggling over the right price. You are finding common ground regarding the perceived value. Plus, there can be legal issues, long-term future gains, brand name retention, supplier continuation, and onboarding, and so on and so forth. Make sure that your best-case scenario considers all these aspects as well. Empathy is a powerful tool in successful negotiation. Try to understand the buyer’s position and their needs as well. However, never forget that you have invested years into building this Amazon FBA business that you’re now selling, making it in some ways a representation of yourself. Don’t act out of desperation and always be prepared and willing to walk away for the cause
Becoming Emotional or Letting Your Impatience Take Over
“The most difficult thing in any negotiation, almost, is making sure that you strip it of the emotion and deal with the facts.” – Howard Baker
A negotiation is unlikely to succeed if a relationship of trust is not developed between the parties involved. People tend to make rash decisions when they are fearful of being taken advantage of. If trust and rapport are built early on, it is more probable that the negotiation will be mutually beneficial and satisfactory. That being said, each person has a different Emotional Quotient and personality type. Sometimes these discussions can take a lot of back and forth. Be patient. Impatience or anger frequently leads to irrational decisions. Practice calming techniques. The 1st offer is not always the best. Neither is it in your interest to accept the offer just to avoid taking any more emotional strain. Remember, you have cradled and fostered your Amazon FBA business with hard work and ambition. Yes, it can get overwhelming at times but now is not the time to get testy or restless.
Not Seeking Help and Support
The popular song by Lazlo Bane goes, “I can’t do this all on my own; no, I know, I’m no Superman”. Sometimes the negotiation process might reach an impasse, which can be due to a number of reasons. To ensure you get all that you deserve, sometimes it is best to bring in the experts. There are several professionals and companies that offer mediation services including (but not limited to) legal and contract advice, business acquisition and merger guidance, brand management, platform integration et al. As the seller, it is for you to decide if involving such service experts will help you get the most bang for your buck. And if yes, then do not hesitate to get them onboarded in the negotiation process.
Bottom LineNegotiation is not an individual game where the objective is to compete and win. It’s a relationship-based process where those involved try to understand each other’s needs and find creative ways to address them and win together. It is about ‘value’ and not just ‘price’. While selling your Amazon FBA business, you need to be clear about your reasons for selling, desired outcome, alternative options, and plans for the future while also having an open mind to absorb new perspectives and suggestions. Avoid burning bridges but don’t hesitate to drawback if your requirements are not being met. Keep your emotions in check and never hesitate to call in the experts if you would like to know more on how to sell your Amazon FBA business