Rather than submitting an offer in writing, our strategy was to speak with seller directly. We had predicted that the seller had overestimated the business’ value because he had erroneously factored in a sentimental value – the practice represented his life’s work and it, therefore, was especially valuable to him. Thus, we believed that his emotional tie to the business would demand careful attention throughout the negotiation if we had any hope of procuring the business at such a substantial discount to his asking price. We felt that it was critical that we negotiated in a forum that allowed his emotions and sentimentality to surface and be addressed; thus we insisted on beginning the process with face-to-face conversations.
- The client purchased the practice at our valuation
- The seller walked away from the transaction happy that he had found “the right buyers” for his practice