Читать книгу Selling Your Startup - Alejandro Cremades - Страница 29

Which cop is going to show up at your startup?

Like all salespeople, investment bankers often play good cop, bad cop. It often depends on their style and what they've been taught. Either way, their advice may not be wrong, but it may not always be offered in a style you are used to or receptive to.

They want to get the deal done. That's how they get paid. Sometimes they may try to accomplish this by trying to inspire you about what is possible with an exit. In other cases, they may try to pressure you into a deal. The pressure may appear when it comes to negotiating terms and deal structures. Of course, you don't want to be selling yourself short.

You also don't want to fall into the trap of overvaluing your company, or accepting terms you shouldn't, under the pressure of closing. Lean on your other trusted advisors for their experienced opinions, for backup when you are being hustled, or when you need to ensure (or really need to hear) that there is truth to what the investment banker is telling you.

There is another good cop, bad cop scenario to consider. Hiring an investment banker can also give you the ability to play good cop, bad cop with potential acquirers. It is an effective negotiation and management technique.

An investment banker acting as an agent and buffer between you and the other side can have a lot of advantages. It helps you negotiate better deals that really work in your favor and avoid giving in to asks that you'll deeply regret later on.

This is something we see when working with clients at Panthera Advisors. We essentially take the lead on uncomfortable discussions about terms that require tense negotiations. This way, the client is always on the positive side of building the relationship.