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.
Successful negotiating is a give and take process, never a my way or the highway proposition
For a buyer the question of the price being paid is not about the amount of money so much as it is the opportunity being acquired.
To make buying a business a win-win, you first need to ask questions and listen carefully to the sellers motivations.
As a buyer, you need to sell yourself as well as negotiating the purchase. We see this in our coaching clients too,they need to trust who they are talking with.
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