The 10 worst things you can do when selling your software company (Part 7 of 10)

Let your ego run wild.

At its core, negotiating is adversarial. Successful outcome requires the parties to focus on the important business issues and to know when their ego needs to take a back seat to the real goals. Don’t permit your emotions to drive your actions during negotiations. Know your “deal bedrock” and the terms that you really must have. Don’t arbitrarily insist on points, but take time to explain your position to the buyer and why the points are important to you. This creates the framework for compromise. If negotiations begin to break down, refocus the buyer on the key business reasons to do the deal and make sure they have a way back to the bargaining table before you walk away.

Posted by , Chairman Emeritus on 7 May 2013
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