Negotiating a deal

When buying a business you are sometimes negotiating two deals: one with the seller and one with your new landlord to be. Get educated on commercial leasing issues.

Successful negotiating is a give-and-take process, never a my-way-or-the-highway proposition.

To make buying a business a win-win, ask questions and listen carefully to the sellers motivations.

When preparing to buy a business, make sure you know both the high and low ends of what you are willing to spend. Then you will feel more comfortable when the negotiating begins.

When buying a business consider the opportunity you are gaining weighed against the price that is being asked. The balance must be acceptable to you.

Don't be afraid to make an offer when the business looks attractive; negotiations can't begin without a starting point.

Financial Documents can be confusing even to someone with experience in reading them. When buying a business you should source a broker, accountant, or other experienced Financial Advisor to better understand them.

Buying a business is a little like courtship. The deeper you understand each other the harder it is for little imperfections to end it.

Getting an acceptable letter of intent is a conversation changer in the sales process. It is a time to be both patient and open-minded as specific deal terms will now be discussed.

Most businesses are purchased in an asset sale. Don't rely on general descriptions of the assets, but insist on specifically knowing what you are buying.