There is a “good faith” aspect to any large-ticket sale process that forms
the foundation of any solid business transaction. If you have ever done business
with someone you do not completely trust, you know that good faith is
often the element that brings an otherwise stalled transaction back to life.
Conversely, a lack of good faith can undermine any possibility of creating a
solid transaction between parties who would otherwise be excellent buyer
and seller candidates. A balance must be found between watching out for
your self-interest while ensuring that the other party doesn’t feel cheated or
completely insulted in a transaction.
In reality, some people succeed by being completely ruthless, but I have
found that these people exist on television more than in real life. Anyone who
practices business in this way is often a “one deal wonder” who might excel
on a single transaction but generally cannot repeat the performance. Word
gets out, and everyone now expects that person to be the shark that he has
shown himself to be and to handle the negotiations accordingly. My experience
has been that most people will naturally and jealously protect their own
company’s best interests. Most are people of integrity who want some level
of reward for both parties, but who are hoping to tip the reward factor more