As the seller of a tech company, you must prepare the negotiation battlefield to your advantage. Negotiating, whenever possible, should be conducted from a position of strength. The strength of your position is pre-determined by identifying your weaknesses and eradicating them. As Peri mentioned in an earlier blog, you can avoid creating new weaknesses by collaborating with your team and determining your position beforehand. If any weaknesses are impossible to eradicate, then declare them as early as possible so as to remove them being used against you later for the maximum benefit of the buyer. Failing to use this tactic can be detrimental to the strength and confidence of your negotiating position.
Think of it in terms of one yachtsman taking the wind out of the sail of another yachtsman’s at the beginning of a race. Any advantage gained now could be the difference at the final outcome. Remember, defense is sometimes the best form of attack and can turn your weakness into a strength.
Keep an eye here for more negotiation tips from our team of experienced leaders.