Techniques for making the deal work in 1 meeting?

[William F.]

So BP, I need your help. I've gone to two meetings with sellers lately that have ended in potentially-spectacular deals falling apart. Both sellers wanted to sell in a general way, but needed time to 'think over' the offer specifically. Then they discuss with an advisor and the deal falls apart. One of these deals was worth about $400k in PROFIT. Here's what I've decided to try: 1. Confirm up front that their goal is to make a deal in this meeting. If not, tell them why it should be and ask if they want to make a deal today or to call you when they're ready. 2. Put a time limit in place (ex: "I have another meeting in an hour and a half"). 3. Make an initial offer based on your understanding of their goals. If the initial offer isn't compelling enough to make a deal right there, ask what is missing for them to make a deal right now. Then negotiate as able. 4. When the contract doesn't get signed, don't let them walk with a written offer. Tell them that the market and situations change, and if they're interested in selling you'll be glad to meet them again. Do you guys have some tips from your years of experience? I could use it...