| Sometimes people let their emotions get the | | | | Losing your head may simply make any legal |
| better of them during a business negotiation. This | | | | footing you have go away very easily. Talk to |
| is especially true when a business deal falls apart | | | | your lawyer and play everything by the book. |
| or the other party acts irrationally. If you own a | | | | What to Do When The Other Party Gets |
| small business and find yourself in a situation | | | | Contentious? |
| where the sale of your business falls off the | | | | - Follow the advice of your legal representative. |
| tracks, so to speak, remember to stay | | | | Always remember that an agreement to sell a |
| composed. | | | | business is a legal contract, so treat it as such. |
| This article will deal with some tips to help you | | | | - Do not talk directly to the buyer, unless you are |
| maintain your focus in a contentious situation and | | | | advised to do so This may only make a bad |
| also some possible consequences (and costs) that | | | | situation worse. Go through the law firms or your |
| may be incurred by you if you do not. | | | | business broker if it makes sense. |
| Possible Negative Outcomes to an Owner Who | | | | - Do not take it personally. People can let |
| Loses Patience in a Small Business Sale | | | | emotions get the better of them, especially when |
| When a business is sold and a "firm" deal is | | | | there is money involved. |
| agreed upon by two parties, they have essentially | | | | - Do not break any rules - even if the other side |
| agreed to enter into a binding contractual | | | | has. It is always recommended that you follow an |
| agreement. Certain actions may be required from | | | | ethical course of action. Two wrongs certainly do |
| the parties. When a deal comes into jeopardy it is | | | | not make a right. |
| important that you, firstly, follow the advice of | | | | Everyone always hopes for a smooth outcome |
| your legal counsel, and secondly, that you do not | | | | when a small business is sold. The reality is that a |
| take it personally. It is business, after all. | | | | business sale transaction is unlike a real estate |
| An simple example is a situation where a buyer | | | | purchase so most people are not ready for it. |
| does not follow through on closing day with the | | | | There are many deal points that need to be |
| funds, and there is a real cost to you as a seller. | | | | agreed upon by two sides and since there are so |
| While it may be tempting to call the buyer directly | | | | many moving pieces to a typical deal, there are |
| and be confrontational, it is probably better you | | | | that many more chances for mistakes to be |
| not. Consider the consequences. Perhaps your | | | | made. |
| actions may be interpreted a certain way by the | | | | It is recommended that you retain the services |
| other side and that causes reason for a breach of | | | | of a professional business brokerage before you |
| contract. If there is any money being held by a | | | | list your business for sale and also to work with a |
| third-party in escrow, you want to have recourse | | | | law firm that has significant experience in small |
| to at least that money, if not the entire amount. | | | | business sales. |