Very important is the way you handle the sale. Initially, the companies want to impress you as much as you want to impress them.

The situation changes quickly. Once you select the “one” and the 3 to 4 month Due Diligence period begins, the power relationship changes – they’ve got it.

You must provide them what they ask for. I’ve seen as much as 145 requests for lists/documents/etc. from the legal side, 50 analyses/schedules from the financial side, and many general questions. This was a lot; usually, it is half to two-thirds.

Make no mistake, it is a lot of work, and all to be done while you run the business. Yeah, good luck -- we know what they want and do almost all of it.

The main way to keep the momentum and a modicum of control in your court is to be organized. My ethos is “Prior Planning Prevents Piss Poor Performance.” You will need a lot of expertise and help to accomplish this. An example was that a company was experiencing excellent growth – the growth was due to importing semi-finished components from overseas and this was lowering margins. The question was: “How can we accept your forecasts?” We were prepared to show them that we took a lot more money to the bank – we knew this question was coming. The key is prior planning.

The most effective way to win is to have growing sales and profits, and that is why Spector Solutions only takes projects where we can truly help.

This Due Diligence period is usually 3 to 4 months long – it can be grueling.