Secrets to Successfully Closing Major Deals
Dave Cantin Group (DCG) Opens Up About Keys to Successful Business Acquisitions
NEW YORK, New York – October 21, 2019 – Having closed the second largest automotive buy/sell in US history, along with collectively closing over $11.5 billion in successful dealer acquisitions, the Dave Cantin Group (DCG) has discovered some solid strategies to closing major deals. Piloted by former dealership owner Dave Cantin, DCG has developed an impeccable reputation throughout the automotive M&A industry. From building rapport with selectively chosen dealers to providing dual agent services, these tips from DCG are proven to improve future acquisitions.
Secret #1: Build genuine rapport. With the risks and challenges inherent in M&As, dealers need to be able to know, like and trust the companies who broker the sale or purchase of their business.
“For us, it is about helping people first and foremost. We use communication and collaboration to help nurture relationships with all parties, pulling them toward the same goal,” Dave Cantin states.
In order to establish a genuine relationship, the key is to ask questions and listen. Dig in and get to know their goals and what is most important to each partner. Doing this ensures a strong partnership that will last far beyond the transaction.
Secret #2: You shouldn’t try to work with everyone. A lot of other firms will work with anyone, any size dealership, any need, we are going to be more selective. When we meet with someone for the first time, it’s a dual interview, they are deciding whether to choose us for their buy/sell needs, and we are deciding if they are a good fit for us. When we go down the road with a client, it’s a complex journey and we cannot win for our clients if we’re not in perfect alignment with their needs and goals. We’re more interested in building legacies, not customer lists.
Secret #3: When you do right by your clients, they tend to tell everyone about you. “When we build an authentic relationship with dealers, they are more apt to refer us to other businesses looking to sell,” says George Pero, DCG Vice President of Sales. “Taking care of our partners has proven to be more effective than any advertising we have done. When you’re dealing with someone’s livelihood, word of mouth is incredibly powerful.”
Secret #4: Embrace the dual agent model. Even though the dual agent model has gotten a bad rap, it continues to be the most efficient way to perform a transaction. Time kills all deals, which is why the dual agent model is so effective. Working for both buyer and seller allows for a faster buy-sell transaction, leading to more positive outcomes.
Dave Cantin believes that an honest conversation can alleviate dealer concerns. “Everyone benefits from the dual agent model. We only get paid for our efforts when the deal is closed. I tell all my customers, we’re going to fight for the best possible outcome because the better you do, the better we do.”
And while it’s easy to get caught up in simply performing the typical tasks needed to make a transaction happen, it’s important to note that adding a complementary service helps DCG strengthen their relationships. “Whether we help create a mission statement, write a business plan, complete the manufacturer application or include complimentary in-dealer consulting, where value can sometimes range upwards of $50,000, adding something of value increases the satisfaction of the dealer and helps maintain a relationship once the deal is closed,” says Dave.
With each acquisition, dealers rely on DCG’s expertise and decades of experience to make the best decisions. Developing a genuine relationship with each partner, carefully choosing who to work with, and implementing the dual agent model are key to successfully closing more deals. And while this not only increases profits, it also ensures the prosperity of DCG’s reputation and the satisfaction of the dealer.
About Dave Cantin Group
Dave Cantin Group (DCG) is a full-service M&A firm that manages the sale and purchase of automotive dealerships throughout the United States. With over $11.5 billion in collective dealer acquisitions and $3 billion in dealership listings, DCG is one of the world’s largest automotive dealership M&A firms. Dave Cantin personally has helped raise more than $150 million in the fight against pediatric cancer, and DCG is committed to donating a percentage of its revenue to the cause. DCG is headquartered in New York with regional offices in California, Florida, Illinois, New York, and Texas.