Check Your Ego at the Door… If You Want to do the Deal

There must be give and take to make a deal happen. That might sound like common sense, but when the money is on the table and egos get in the way, deals fall apart. It is important to understand the different perspectives from either side of the negotiating table:

The seller commits to a deal and starts planning for the next business or retirement. Their emotions and direction have changed and they are counting the deal done.

Here are some common things we hear from sellers:
I have a timeframe, and this needs to close by June 1st!
This company is worth $2 million, I don’t care what the revenue shows. If he can’t make this happen, then he doesn’t have the money, he isn’t smart

The buyer has a job, family, lawyer and accountant and deals can take time.

Here are some common things we hear from buyers:
I still have a long list of due diligence items that the seller hasn’t responded to! I can’t liquidate the assets overnight.

So we say again, both the buyer and seller have to develop a level of trust so that true negotiation can occur. We facilitate the process, but egos can get in the way to the point that the deal falls through. Make sure whether you are the buyer or the seller, that you want to be the buyer or the seller.