Firms should learn how to respond to the 'Big No' in sales negotiations
Sellers should remember the other side is interested in their assets
Firms should learn how to counteract the 'Big No' in sales negotiations, it has been claimed.
During talks, a potential buyer may dismiss any attempt by the seller to negotiate concessions or gain any ground.
Christopher Byrd, a US-based credit expert, refers to this tactic as the 'Big No' and advised companies to remember that the other side is interested in purchasing your asset.
He wrote on ezinearticles.com: "Never let yourself get down when you hear no. They are counting on the fact that you are going to buckle and panic.
"If you buckle, this will lead you to lowering your price, relaxing the terms, or giving up other concessions."
Furthermore, sellers should consult the other side to ascertain what part of the deal they have reservations about as price is not always the main issue.
Mr Byrd added that businesses should always be prepared to walk away from talks if their counterparts are being unreasonable.