Refuse to stand behind your company.
Expect the buyer to ask for reasonable representations and warranties, and be prepared to stand behind your company and the claims you make about it. If you’re unwilling to accept responsibility for the historical operation of your business, you’ll send the wrong signals to the buyer. Negotiating the reps, warranties, and indemnification is often far more difficult than negotiating the price, and is another key contributor to failed transactions. Rely on your advisors for their expertise but recognize that you are negotiating for the best balance of risk and reward and will have to make sound business judgments about the risks you can accept.