"You did it. You turned that wild, half-impossible idea into an actual company. You survived the chaos, the bad coffee, the endless nights and the times when quitting looked easier. And now, someone wants to buy it. Big moment. Selling your first business isn't just another transaction - it's probably the biggest financial deal you'll ever make. It's thrilling, but also quietly dangerous. Many first-time founders walk away thinking they did great, when in reality, they left a few million sitting on the table."
"BATNA stands for Best Alternative To a Negotiated A greement. WATNA is the Worst Alternative To a Negotiated A greement. These are your safety net and your worst-case scenario. Your BATNA is your plan B. If this deal falls apart, what will you do? Maybe you have a second-best buyer waiting. Maybe you'll keep running the business for another year to boost revenue."
Know your BATNA (best alternative to a negotiated agreement) and WATNA (worst alternative) and identify plan B and absolute walk-away terms. Prepare a high, justified initial price to anchor the buyer's expectations and create negotiating leverage. Evaluate and negotiate deal structure beyond headline price, including payment timing, contingencies and earn-outs. Use contingent concessions to trade off non-price terms for value while preserving upside. Maintain emotional control, avoid reactive concessions, and leverage a credible BATNA to reject low offers. Treat selling as a formal negotiation and proactively manage terms to maximize proceeds.
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