Multi-Unit Franchisee Magazine Issue I, 2016 | Page 81

go under exclusivity. Alternately, you may opt to solve for certainty of closure or retention of key personnel, in which case buyer selection and previous transaction track record must be weighed with great importance. It is critical to keep your specific priorities top of mind. Achieving what is most meaningful to you is the correct measure of success. Finally, it is important to keep in mind how others are perceiving you. The last thing you want to do is give yourself a reputation of being difficult to work with. Not only can this make people reluctant to work with you, it can also severely affect your chances of being considered as a viable buyer or seller. Parties who develop a bad reputation will ultimately miss out on opportunities because fair dealers will choose to avoid them, opting to work with people who share the desire to do business in a productive manner. Conclusion Overall, a “good for the goose, good for the gander” approach helps buyers, sellers, advisors, and everyone else involved in the process because it is both more Taking impractical positions makes it more difficult for your advisors and attorneys to do their jobs successfully. efficient and reduces the time spent negotiating deal terms. While it is true that this approach might not automatically resonate with a longtime owner who is selling their life’s work to retire, it is important to remain as objective as possible. Remember that unnecessary negotiation affects goodwill between parties, creating a challenging climate in which to resolve the truly important issues. Taking impractical positions makes it more difficult for your advisors and attorneys to do their jobs successfully, especially if they are put into a position where they have to support unrealistic terms. Doing so also can cause a loss of credibility in the eyes of the other party, not to mention the increase in the amount of legal costs that will be incurred by both sides. How you engage in a transaction and how your approach evolves over its course will directly shape your potential for success. Following industry norms and well-defined best practices may seem overly conventional to some, but we have demonstrated that an approach of fair dealing actually results in better execution, as well as happier clients. Dean Zuccarello is CEO and founder of The Cypress Group, a privately owned investment bank and advisory services firm focused exclusively on the multi-unit and franchise business for 25 years. He has more than 35 years of financial and transactional experience in mergers, acquisitions, divestitures, strategic planning, and financing in the restaurant industry. Contact him at 303-680-4141 or [email protected]. OPTIMIZE YOUR MOBILE EXPERIENCE Working seamlessly on all mobile devices. Contact [email protected] or 800-289-4232 x202 for more details. Fran_dot_com_half_ad.indd 1 1/21/16 7:42 PM MULTI-UNIT FRANCHISEE IS S U E I, 2016 muf1_c_exitstrategies(xx).indd 79 79 1/21/16 7:59 PM