Latest Buying Advice
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All-or-Nothing Negotiations
All-or-nothing negotiations might be a bad idea in a marriage, but they make perfect sense when buying a business. Do not start negotiations on any element of the sale until all the issues are identified and on the table. Many sellers like to nibble. If you have negotiated hard and reached agreement on a couple of large issues, your psychological commitment to completing the transaction is high. That might make you more willing to concede on other issues raised late in the negotiations.
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Never Fall in Love with the Target Business
Hard to believe, but many buyers seem lovesick when it comes to the object of their affections. They don't just like the target company they are pursuing, they fall madly in love with it. And that means they have to have it! It seems like it shouldn't be necessary to remind buyers not to let their emotions cloud their judgement. But it definitely is necessary.
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