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Issue 8
| Preparation is the key |
“Preparation is the Key”
Recently we were involved in negotiating with the managing agent of a shopping centre on behalf of one of our buyers for the assignment of the current lease and during our discussion the agent made a very telling statement to the buyer.
“I am so impressed with the amount of preparation that has gone into your proposal that I’ll happily recommend this be adopted. How I wish that all my dealings were this straight forward”
He said later that he often got proposals written on paper torn out of a notebook, incomplete details, no supporting documentation and often unreadable and whilst this did not, in itself, cause a rejection of the application – it often meant long unnecessary delays while details were sought or clarified.
His comments surprised us as when buyers deal with us they all get the same degree of information for their preparations and negotiations as did this buyer and we had naively assumed that other brokers did the same for their buyers.
So what did this wonderful presentation pack contain to make it such a stand out from others he had received?
For a start it was typed – therefore it was legible and was easy to read. Next it was set out in the order that the application form asked for the information. It was supported by additional documentation where required. It was concise. There were enough copies for all at the meeting. They were stapled together.
There was nothing earth shattering about that was there? No magic formula? Not even bound in leather! Yet it made a big impact and this is what you need to do when you approach any of the dealings you have with landlords, managing agents, publishers, distributors Lotteries and major suppliers.
Here is the basic kit:
Business plan for at least next 12 months.
Cashflow forecast for next 12 months
References for all people involved
3 Business references or if not in business before then 3 character references from people such as your solicitor, accountant, bank manager or past employers.
Letter stating how your past experience will translate into running a small business
Bank statement current to the previous day
Loan approval letters or the loan document
Remember they should be copies only and prepare enough to give to all relevant parties.
We help our buyers with all of this as it is all part of our normal high level of service that we offer. We can provide templates for the business plan and cashflow forecast which really simplifies the amount work that goes into preparing these documents.
So you see there was really nothing to it! It just comes from dealing with people who know and understand the newsagency industry and know what is expected and required by the major players. Remember all we do is sell newsagencies.
Contact us and we will happily answer all your questions.
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