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Key Takeaways Understand your BATNA and WATNA to set your negotiation boundaries and retain power during talks.
Establish and justify a high initial price to anchor the subsequent negotiation discussions in your favor.
Focus beyond the headline price by negotiating deal structure, using contingent concessions and maintaining emotional control for the best possible terms.
You did it. You turned that wild, half-impossible idea into an actual company. You survived the chaos, the bad coffee, the endless nights and the times when quitting looked easier. And now, someone wants to buy it. Big moment. Selling your first business isn’t just another transaction — it’s probably the biggest financial deal you’ll ever make. It’s thrilling, but also quietly dangerous. Many first-time founders walk away thinking they did great, when in reality, they left a few million sitting on the table.
If you ask me, selling is not luck. It’s a negotiation game. And the buyer likely does this often — they know the playbook. So, you need yours too. Use my five negotiation secrets, and you’ll walk away with profit in your hands.
1. Do your homework: Know your BATNA and WATNA
Before you discuss price, you must know your BATNA and WATNA. But what are these?
BATNA stands for Best Alternative To a Negotiated Agreement.
WATNA is the Worst Alternative To a Negotiated Agreement. These are your safety net and your worst-case scenario.
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