Quick tips on closing the deal
When you’re running an investment process, time is not your friend. To avoid incurring avoidable risk and cost, you need to close swiftly. Here are a few choice tips our CEO Sam Riley shared with Blackbird Venture’s Sunrise Island attendees in his workshop last week.
Keep it simpleClosing the transaction is very much related to how prepared you were in the rest of the process; it’s closely linked to everything you’ve done up to this point. But it’s also related to keeping things as simple as possible in the final stretch. This means not entering into convoluted terms and structures, or being too fussy – or too greedy – at the last minute.
Stop sellingOnce you’re trying to close, it’s time to stop selling and get into more of a project management mindset. Your priority needs to be wrapping up all those final tasks that will culminate in the end of the deal, and this requires asking the right questions.
- What needs to be done to close?
- Who’s doing it, and do they need help?
- Where is the biggest risk to closing? Do we need to address it?