Throughout the M&A process you not only get to know the potential business very well, but the business owners as well. Developing a relationship with your potential buyer or seller can help you negotiate a deal that is mutual to both sides. However, it’s important to maintain a positive relationship, even during a heated negotiation. Avoiding the following negotiation mistakes will help a deal from going awry.
Keep your temper under control. That cannot be expressed enough. The best approach to any situation, no matter how heated, is to be calm and logical. If logic doesn’t work, then another approach is to halt the discussion for a brief period. This will allow everyone to collect their thoughts and calm down and protect from further mistakes.
2. Personal Attacks
When business issues turn into personal issues, quickly step in and halt the discussion. Personal disputes can quickly turn a negotiation sour, and finding out a way to remedy the situation can become difficult. Remind your associates to bite their tongue, and stick to business issues. Business decisions should never be personal decisions.
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