Those of you who regularly read this newsletter know that I usually discuss topics related to selling a business. At the end of last year, I was approached by Audiology Online and asked to create a presentation targeting first-time business buyers. I gave the live presentation in February, and a follow up article is forthcoming. Below you will find an excerpt from the article and a link to the presentation.
Tip #4: Be Patient with the Seller
In order to avoid the frequent conflict that can arise over the exchange of information early in the negotiation, the article recommends the following approach:
1. Assume everything the seller tells you is true. This may sound naive, but the point is that you should ask yourself this question: if everything the seller tells me is true, do I want to buy this business? If yes, how much am I willing to pay? Continue reading