"You don't close a sale; you open a relationship." -Patricia Fripp, Executive Speech Coach
Valentine’s Day is a great time to think about not just the romantic relationships in your life, but your business relationships too. Relationships are essential for achieving business success. Without them, interactions become merely transactional. Although a transactional approach might yield short-term gains, it ultimately fails to create lasting value. This is as true for a business owner as it is a Certified Exit Planning Advisor (CEPA®).
When you exit from a business, you are not just leaving a company. You are starting a new way of life, with new financial considerations. Exiting from a business is very personal. Many owners spent years building a business. They sacrificed other areas of their lives to make the company successful. And, often, the business is a significant part of their identity.
If CEPAs approach a business exit as merely another transaction, they will hinder both the owner’s success as well as their own. To drive value—positioning the business in a way that positively impacts the sale price—you must develop an intimate knowledge of the owner, the business, and what matters to both long-term.
And this requires a high-touch, human approach: relationships
The relationship between the business owner and CEPA is central to helping the owner exit at the highest value. Here is why:
- Strong relationships lead to honest feedback, fresh perspectives, and market insights—all of which help the exit planning team identify areas for improvement and increase the business's value before the exit.
- Solid relationships can help mitigate risks—both to the owner and the company’s ability to carry on after the owner exits.
- Strong relationships make complex issues easier to address, fostering effective problem-solving.
Six Strategies to Amplify Relationship-Building as a CEPA
The good news is all of us can learn how to strengthen our relationships. Here are six strategies for making relationship-building an integral part of how you operate as a CEPA:
- Listen with an open heart: While seemingly straightforward, active listening takes hard work, focus, and practice. You must give your full (undistracted) attention to understanding a business owner’s current state and barriers to reaching their desired state. Following up with well-thought-out, open-ended questions can lead to more critical revelations while building trust and showing genuine interest in their success.
- Become their business soulmate: Take the time to understand a business owner's goals, challenges, and vision for their company and their post-exit life. This allows for more tailored advice.
- Get to the heart of the matter: Foster clear, honest communication, including those conversations that may be difficult but necessary to achieve the owner’s desired goals.
- Pop the (right) question: Create standardized practices that help set clear expectations and improve efficiency. This creates a sense of ease and trust when an owner sees an established framework for moving toward an eventual exit.
- Seek out relationship advice: Develop relationships with other exit planning professionals who can provide additional expertise outside your own.
- Are you the one?: Take time to discover your unique thing and then show a business owner how it provides an advantage for both you and them.
CEPAs work with owners as they plan for a major life transition—whether that’s retirement, a different career aspiration, or a new phase of life. To get to the point of activation at the highest value, you must open your heart and cultivate a connection that goes beyond the transactional. That begins and ends with a deeper relationship built on trust and authenticity.
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