4 Reasons Honesty Makes Sense
During a recent interview, the great American writer Maya Angelou said, “honesty does not mean saying everything you think – it means that every that comes out of your mouth is the truth.” And so it is in the world of healthcare transactions.
There is a natural, healthy skepticism that occurs when sellers and buyers interact. The quicker that both can come to a sense of mutual business honesty the more quickly a successful transaction can progress. Reasons for the value of honesty are:
- Honesty helps bring the focus to objective indicators of business value. If the other party believes you are less than honest they will look for ways to prove it.
- When you are perceived as honest others believe your business has value, in essence, you are focused on your business not extraneous matters.
- Honesty makes it easier for others to make a commitment and deal with the inevitable challenges that will arise, especially in due diligence and the development of the purchase agreement.
- Honesty provides a foundation for negotiating any post-closing issues that may arise.
Being a good negotiator includes knowing your bottom line, presenting you information in a clear manner and relying on objective evidence of business activity. Being honest helps connect all the dots and leads to a satisfactory transaction.