It’s Business, And It’s Personal

The role emotions play when negotiating

On Behalf of | Mar 1, 2017 | Buying & Selling Businesses |

To get the best possible deal when buying a business, North Carolina buyers need to have a plan before negotiations start. During the first stage of talks, it may be a good idea to work on details such as the timing of the sale or how much time will be allocated to conducting due diligence. These are often items that are easier to come to agreements to, and it can build a rapport between buyer and seller.

Human emotions come to into play as well during negotiations. Buyers and sellers should agree to commit to holding talks in good faith, and buyers should assure sellers that anything said in the heat of the moment isn’t personal. Buyers should also understand that he or she must sell themselves much as the seller needs to convince the buyer that the company is worth acquiring.

By treating a seller with respect, buyers increase the odds that the deal may eventually be accepted. Typically, a seller wants to make a deal with someone he or she trusts or has a decent rapport with. To increase the odds of getting a good deal, buyers may want to stagger negotiations and be ready to concede a point only by getting something in return later.

Those who are looking to purchase a business may want to do so with the help of an attorney. Legal counsel may be able to represent a buyer during negotiations or review any deal or part of a deal before it becomes official. Buyers may also want to retain legal counsel in the event that there is a dispute after the transaction closes.