Is getting answers from a seller like pulling teeth—or an open, transparent conversation? Buy-side expert Steve Smith says deal success often hinges on one critical factor: tone. Today, your hosts, Jennifer Fox and Eric Sigman, are joined by Steven Smith from Business Transfers & Strategies. Steven shares insights on how business owners can establish credibility when selling their company, from the perspective of a buy-side broker. He discusses how buyers evaluate trust through transparency, consistent information, and professional preparation. He offers practical tips, including maintaining an open tone, responding promptly to inquiries, and disclosing business shortcomings early to avoid surprises. Emphasizing honesty and mutual respect, Steven explains how these practices build buyer confidence, facilitate financing, and help ensure a successful transaction. To learn more about the buyer's perspective on judging a seller's credibility, including Steven's tip of the day, don't miss this episode of Transaction Talk!

Key Points From This Episode:

• Introduction to today's guest, Steven Smith of Business Transfers & Strategies.
• How buyers evaluate seller credibility early in the sales process.
• Building credibility from first contact through closing.
• The importance of responsiveness and communication during the courting stage.
• How deal dynamics change when a broker is involved.
• An anecdote on navigating a transaction with a litigator as a representative.
• The complexities of transaction financials.
• Why clean, reliable financials matter to buyers.
• Understanding and validating business operations from the buyer's perspective.
• Why buyers value clear access to documentation, information, and processes.
• The importance of disclosing deficiencies early to ensure long-term deal success.

Tip of the Day: Disclose business deficiencies early—transparency builds trust, guides diligence, and protects both parties from deal-breaking surprises later.

Links Mentioned in Today's Episode:

Steven Smith on LinkedIn

Business Transfers & Strategies
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What should business owners be doing now if they're thinking about selling in 2026 or beyond? In this episode of Transaction Talk, Jennifer Fox and attorney Eric Sigman break down the key steps sellers can take to prepare for a smoother, more successful exit. Drawing on years of experience, they explain why a business sale typically takes around nine months from preparation to closing, why you can't treat it like listing a house, and how confidentiality, timing, and emotions all factor into the process. Jennifer and Eric discuss why it is essential to understand your numbers and tax implications, as well as document processes and clean up books and records, before due diligence begins. They also delve into why buyers pay for proof rather than potential, and how to find the right team of professionals to make the deal go smoothly. To hear the steps for navigating an exit and a practical roadmap for selling on your timeline and not the buyer's, tune in now!

Key Points From This Episode:

• What most people get wrong about how long selling and exiting a business takes.
• Hear why you should start early to avoid rushing to market or reacting under pressure.
• Learn how the emotions of many sellers makes the selling process more intense.
• Explore how confidence and control can positively influence buyer perception.
• Discover how clean documentation, books, and records build buyer confidence.
• Why it is critical to talk with your CPA about the tax implications of selling, before selling.
• Uncover how proper due diligence before selling can maximize value and reduce friction.
• The distinction between "proof" and "potential" and why buyers pay for what's documented.
• Understand why establishing your full team of professionals early is essential.
• Find out how preparing early for a sale helps you take control of the timeline.

Tip of the Day: If you're thinking about selling your business, start preparing now and talk to your CPA and financial advisor early so you can sell on your timeline, with fewer surprises and better leverage at the negotiating table.

Links Mentioned in Today's Episode:

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

A Letter of Intent may not be legally binding, but it can determine whether a deal moves forward or falls apart. In this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman break down the role an LOI plays in buying and selling a business, and why it deserves serious attention from both buyers and sellers. They explain what an LOI is, what it typically includes, and how it sets expectations around price, structure, timing, contingencies, and exclusivity. The conversation covers how LOIs provide a framework for due diligence and financing, how exclusivity protects buyers during the process, and why clear timelines help prevent deals from stalling. The episode also explores working capital, financing terms, and how sellers evaluate competing offers. Eric closes with a practical reminder that even when it is nonbinding, an LOI carries weight and should be approached thoughtfully. Listen in for a clear, practical breakdown of how LOIs guide successful transactions!

Key Points From This Episode:

• What a Letter of Intent (LOI) is and why it starts most business transactions.
• How LOIs, term sheets, and offers are commonly used interchangeably.
• Why buyers use LOIs to show seriousness and begin due diligence.
• Laying out a purchase price structure and why it matters more than a single number.
• Why written terms carry more weight than verbal agreements.
• How LOIs create a working framework before diligence costs begin.
• The importance of timelines and target dates in preventing delays.
• What exclusivity means and how it protects buyers during due diligence.
• Common contingencies like financing, diligence, and approvals.
• The difference between binding and nonbinding LOI terms.
• Why working capital expectations surface early in deals.
• A reminder to take LOIs seriously, even when they are nonbinding.

Tip of the Day: Take Letters of Intent seriously, because even when they are not binding, they set the framework and structure of the deal.

Links Mentioned in Today's Episode:

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Ruberto, Israel, & Weiner

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.