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.

Our belief is that you need to understand where the seller stands on all major issues before you start hard negotiations on any given set of issues. Do not open yourself up to being nibbled to death. Get everything out in the open first, then you can ensure that any concession you make on one issue is reciprocated on other issues. Be smart, and make it all or nothing when it comes to negotiations.