The Emotion Factor

The first thing to keep in mind as you begin the acquisition process is that emotions play an important role in acquiring a business, both for the buyer and for the seller. The buyer is buying a job, a new career, almost a new persona. The seller is selling the product of many years' hard work, and he wants to see the business go to someone who will work equally hard at keeping it successful.

It's important, though, that you not allow your emotions to win over your better judgment. If the deal is going to cost too much or otherwise turn problematic, you need to be prepared to walk away from it.