Whatever you do, be willing to walk away from the deal if you don't feel comfortable with the terms. That changes you from negotiating from a weak position to negotiating from a strong position all by itself.
Remind yourself of this: The really bad deals are the ones that you do and regret, those are far worse than the ones that you don't and regret.
Do not negotiate in person during the final phase, get an experienced M&A lawyer to be your front during the negotiations, if you can't afford that then get someone you know that is very well off and has done these kind of negotiations in the past. You are very strongly emotionally tied to the deal and likely to be read like a book by the party on the other side of the table. If you are not an experienced poker player, don't sit down at the table.
Don't decide things 'on the spot' or under pressure, always think them over.
Much good luck! I hope it works out for you and that you will get out of it what you want, beware of stock deals, lock-ins, non-competes, performance clauses and a hundred other things that might come your way, see 'experienced M&A lawyer' above. Oh, and pay your own laywer!!! Never rely on legal advice by the other party.
Very good point on the final negotiations. While my father isn't a lawyer (although he did do some law in the Navy), he has earned quite a bit of well deserved money in that negotiating role for the sorts of reasons you've outlined, as well as just taking on a lot of the burden, allowing the owner(s) more time to keep their business going.
Remind yourself of this: The really bad deals are the ones that you do and regret, those are far worse than the ones that you don't and regret.
Do not negotiate in person during the final phase, get an experienced M&A lawyer to be your front during the negotiations, if you can't afford that then get someone you know that is very well off and has done these kind of negotiations in the past. You are very strongly emotionally tied to the deal and likely to be read like a book by the party on the other side of the table. If you are not an experienced poker player, don't sit down at the table.
Don't decide things 'on the spot' or under pressure, always think them over.
Much good luck! I hope it works out for you and that you will get out of it what you want, beware of stock deals, lock-ins, non-competes, performance clauses and a hundred other things that might come your way, see 'experienced M&A lawyer' above. Oh, and pay your own laywer!!! Never rely on legal advice by the other party.