For the better part of my career, I have structured, negotiated and closed financial transactions. There are several things that I have learned by participating in over 100 closings that I will share here.
To begin with, I think it is critical that all parties start from a place of personal trust and respect for each other. If either of those things are missing, getting to win/win versus win/lose will be very difficult.
Assuming the key elements of trust and respect are in place, it is important to recognize that a good deal typically includes the seller accepting a little bit less than they had hoped for, and the buyer paying a little bit more than they had planned. Financial transactions shouldn’t be one sided where one party is looking to get over on the other.
One other characteristic that I look for is a seller that is interested in the buyer succeeding long term. Sellers always have more history and insight into what they own than buyers, and working together to transition that knowledge is invaluable. Conversely, arrogantly pushing others into an adversarial relationship has no upside.