Negotiating too aggressively
There’s a popular misconception that banging the table and losing your temper will get you a better deal, but it’s more likely to result in no deal at all. You have to negotiate hard, and push for the best deal available, but you have to know when you’re pushing it too far, making unrealistic demands, and making it impossible for a purchaser to accept. This goes for value and for more qualitative, risk-based elements too. If the purchaser doesn’t feel comfortable with the deal it’s doing, it won’t do it. Experienced advisers are skilled negotiators and can help you walk this fine line.
Deals take time, but some take too long. There comes a point where things have dragged on for too long, momentum has eroded, and everyone is fed up. Tempers are short, and there’s little spirit of compromise or balance. This is when a good adviser is key, helping you to see the bigger picture, pointing out that the end is (or should be) in sight, and reminding you what it’s all for.