"1. Before beginning negotiations, get as much financial data as possible and run your own numbers to determine the highest purchase price you’re willing to spend on the deal. br br 2. Once negotiations start – just focus on the 2-3 biggest picture items that have cropped up as deal issues. You’re not going to win every deal point, but understanding where you can give and where you need to win is critical right off the bat. br br 3. Don’t come in with a low ball offer. Again, all of this is of course our opinion based on our experience, but low ball offers, especially in the Internet Sector, never get anywhere and will usually end up making you look bad. Make sure the offer is realistic because good Internet businesses do not stay for sale long. Our good listings usually go under contract within 1 week of us receiving them. br br 4. Line up the professionals you want in your corner. This will include attorneys, accountants, business brokers and tax advisors. All or one can in some fashion help you through the process of purchasing a business. br br 5. Prepare a smart list of questions for the first phone conference with the Seller. Try to understand why the business is being sold, what the learning curve will be for a buyer, whether other buyers are in the mix, and what opportunities the Sellers sees for growth. br br 6. Try to understand the Seller and his senior staff on a personal level. While the whole process should remain professional, it is critical that you have a great working relationship with the target company team because in virtually all acquisitions, Seller and Buyer entities need to communicate with each other for many months or years after the transaction closes. By bringing things to a personal level, you are in a better position than other buyers because people tend to trust those that are open enough to talk on a personal level. br br 7. Do not get emotional. We know how hard this can be, but just like with any other business deal, emotions should play no part in negotiations. Both sides are always going to assume they are in the right, and the “need” they have is important – but the fact is that both sides are going to have to give up something to make the deal happen, so digging in your heals or snapping when a deal point is lost is never a good way to get to a closing. If you and the Seller are not communicating well, something that we find helpful is to have the broker on each side communicate through deal points – then once the biggest issues are out of the way, the Buyer and Seller can begin talking again. br br 8. Don’t let minor issues get under your skin. Everybody is different, and everybody has their own wants in life. And when it comes to selling a business you have created, you tend to have certain goals you want to achieve in the sale. Try to understand these big picture items and try to stay focused on them. Minor details slow the process down and annoy – focus only on major deal points.