Managing Personality and Cultural Differences When Selling Your Business

About the Episode

The human element of a business sale is often overlooked. Attorney Danya Shakfeh discusses the impact of cultural differences where personal backgrounds, values, and cultural influences can impact how a sale proceeds or falls apart. She discusses what to expect when working with an attorney, the importance of managing personality and cultural differences, how cultural differences can impact negotiations, some real-world cultural issues she has encountered, and what she has learned that is not taught in law school.

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“When you are doing a transaction with someone from a very different culture, try to learn about the culture, reach out to people from that culture to learn more. Try to understand negotiation styles and what role the law plays in their home country. This speaks to how people value lawyers, if at all.”

Danya Shakfeh

In this Episode

2:59 What is the importance of managing personality and cultural differences during the sale of a business?
5:45 How do a seller’s personal reasons and goals for selling their business impact the sale process?
13:25 What are some of the important considerations that come up during an acquisition that is not taught about in law school?
14:29 How important is it for the buyer and the seller to get to know each other deeply and understand each other’s objectives?
23:19 What is the biggest mistake sellers make when selling their business?
26:02 Why do sellers neglect to prepare their business before starting the sales process?
27:44 What percentage of sellers are adequately prepared to sell their business?
29:27 What is the second most common mistake sellers make when selling their business??
30:54  How frequently do cultural differences impact a business transaction?
37:33  What is some advice for dealing with someone from a different, unfamiliar culture?
40:04 Regarding cultural differences, to what extent can someone become Americanized?
42:46 How do people from other countries perceive American culture in business? What criticisms do they have about American negotiation techniques and interpretation of the law?
46:51 What is the most important piece of advice for someone who is thinking about selling their business?

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Meet Our Guest

Danya Shakfeh

Danya Shakfeh

Attorney and Founder of Motiva Business Law

Danya Shakfeh is an attorney and founder of Motiva Business Law in Illinois. As an attorney and entrepreneur, Danya loves working with business owners to help them realize their dreams, taking a practical approach to her transactions. In addition to the legal value she provides to her clients, she offers business expertise to help her clients’ businesses be profitable and practical.

Danya has been in practice for over a decade and is licensed both in Florida and Illinois.

Location Location: Oak Brook, Illinois

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