term ‘cultural fit’ as it encompasses people with similar values, a similar vibe, and people that like each other and are able to formulate a common objective and have fun with it. We find that almost always the deals that make it to the closing table are when the Buyer and Seller take an instant liking to each other in the first meeting. In fact, this is one of the main things we look for early on, call it chemistry. You might wonder why this matters if the owner is leaving? The reason is that the owner generally reflects the culture of the company as a whole. This is not always the case and sometimes it is the number 2 person that is staying in the business if the owner has been out of the business for a significant period but then the same goes for the chemistry with this number 2 person. At some point, a Buyer should feel that he really likes these people and is looking forward to working with them and vice versa. These are the transactions that survive the rest of the process and delivery after closing as a general rule.
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