I’m a regular reader of the Wall Street Journal and one thing in common with WSJ articles and lower middle market buy-sell is the “fit.” In the WSJ recently there have been articles on a CEO battle at Harley-Davidson, how Home Depot works hard to be the right fit with gardeners, and how tech companies are making their workers fit in a new model (of much lower perks and longer hours).
In the buy-sell world I’ve long proclaimed (in all my books) there’s a 3-legged stool for all buyers. They must have the right amount of money and skills for what they target and have a good personality.
- Money doesn’t always control the deal. Important yes, but maybe not the deciding factor.
- A friend told me he made a bolt-on acquisition, and he was the lowest bidder of multiple offers. They said they liked him the most. I see this at least once every year.
- A buyer told me he’s lost numerous deals because another buyer was a better fit.
- A profession buyer group didn’t quibble over price. They knew 2+2=22 and they were the most logical buyer (the best fit).
Personality rules because people want to work with people like them (meaning nice people).
“Never speak ill of yourself. Your friends till say enough on that subject.” Talleyrand