Are You a Deal Killer?

the road crumbling apart in front of two business men who are trying to close a deal

Are You a Deal Killer?

Selling a business is rarely straightforward. There are plenty of twists and turns, and sometimes, deals fall apart before they reach the finish line. In fact, only about 25% of small businesses that go to market in the U.S. actually sell. When a Letter of Intent (LOI) is signed, the chances improve—but even then, only 50% of deals close.

There are many reasons why deals fall through:

  • The business may be unsellable.
  • The buyer might not secure financing.
  • Sometimes it’s on the buyer.
  • Other times, it’s the seller—yes, the business owner—who ends up being the deal killer.

So how can you, as a business owner, improve your chances of successfully selling your company? In my experience, the best sellers share these four key qualities:

1. They’re Likeable

The most successful sellers bring a positive and approachable attitude to the table. They understand there will be obstacles, and they handle them with calm professionalism. They treat the buyer like a valued customer—with respect, honesty, and open communication.

Before buyer meetings, many of my clients ask, “What should I say?” My answer is always the same: Be yourself. Be truthful. Buyers are usually understanding, even if the news isn’t great. But if they sense dishonesty or spin, trust erodes quickly.

Remember: if the buyer doesn’t like you, they’re unlikely to move forward—especially if there’s a transition period after the sale, which is common. The buyer needs to feel comfortable with you.

2. They Have Realistic Expectations

Start with one or two business valuations before going to market. This gives you a clear idea of what kind of offers you can reasonably expect.

Deals often fall apart because sellers overestimate the value of their business. Understand your buyer’s motivations and expect some give-and-take in negotiations. Most deals include a monetary holdback or seller carry (where you act as the bank for part of the price). While many sellers want all cash at closing, that’s rare.

On average, 80% of the purchase price is paid at closing, with the remaining 20% as seller financing or earn-out (tied to future business performance). Seller carry not only makes deals more appealing to buyers—it also defers your tax hit and earns interest.

3. They’re Organized

Great sellers respond quickly to requests from buyers, lenders, or advisors. They know that momentum matters, and delays can cause a deal to unravel.

Top sellers have:

  • Clean, accurate financials
  • A bookkeeper or CPA involved in meetings
  • A quality of earnings report prepared ahead of time
  • A well-organized data room for due diligence
    They’ve likely been planning their exit for 2–3 years, and it shows.

4. They’re Supportive

The best sellers take proactive steps before going to market. For example:

  • They’ve spoken with their landlord about lease assignment.
  • They’ve told key employees about the sale.
  • They’ve established stay bonuses to retain staff through the transition.

This isn’t just appreciated by the buyer—it also shows loyalty to the team that helped build the business. While many sellers feel a strong emotional attachment to their company, those who succeed know when it’s time to let go and support the next chapter.

 

Final Thoughts

If you’ve already built a strong leadership team, grown your revenues, and increased profitability, the final step is preparing yourself to meet with buyers.

By showing up with a positive attitude, realistic expectations, strong organization, and a supportive mindset, you’ll position yourself as a deal maker—not a deal killer.