4 Tips for Conducting Business Deals Remotely
by Alex Schnee
As more and more business is being conducted online and with parties in different locations, knowing the etiquette and tools you need to accomplish a merger or acquisition can require new skills and education. However, in many ways, having more mobility when it comes to business deals can be highly beneficial for owners, employees, and more.
If you are planning on conducting a business deal remotely in the near future, then you might want to follow these tips in order to make it a success.
1. Store files securely
The first thing you will want to do when it comes to online business deals is to make sure that you have a safe place to keep items. Since you are likely dealing with sensitive information, you do not want it released to those who could use it for the right reason. Make sure that this is your number one priority when it comes to your contract lifecycle management since it can greatly end up affecting whether the deal goes through or not.
2. Have a third-party on hand
Sometimes you need to have someone who can provide additional help when it comes to creating quality contracts. Both parties should have lawyers look over any contracts and be CC’d on correspondence just in case. Even the best-seeming deals can sometimes go sour, and it’s good to have those who can help you determine what the next step should be, if you need to add any clauses or stipulations to your contracts, and to provide you legal advice if the worst happens.
3. Review terms thoroughly
Before you sign anything, you are going to want to spend time going over what your role will be with this new business deal. Will you continue to provide advice and own a stake in the company? Or will you be handing over all control of your former business and leave it up to the new owners? You should have a clear understanding of what that will mean for you and your team going forward, and your business partners should be aware of what you want out of the contract, whether it’s compensation, equity, or a seat on the board.
4. Alert employees there might be changes
Once you know that the deal is going to go through, then you will need to let your team know that there are going to be some major changes. You might want to have a meeting with everyone and announce it in one go, or you you might leave that up to the leaders of each department to schedule a video chat. This can be a difficult but exciting time, and your team should be aware of what is going on.
In many ways, a merger or acquisition done remotely is similar to what you would experience in-person. However, there are some details that need to be considered in order for it to run smoothly and for a positive result.