This one feels like it happens in every deal. The contract is nearly complete, the licensing is in the works, the closing date is finalized – and BOOM. Someone in the deal panics.

It’s usually over something seemingly small. A minor discrepancy in the inventory. Needing to change the date of closing to accommodate the schedule of an attorney – something that probably wouldn’t have mattered early on in the process.

In the closing days and weeks at a transaction, however, these minor issues can become deal killers. Not because they should be, but because everyone’s cold feet only need the tiniest of excuses to run for the hills.

Why are we talking abut this? As business brokers, this is one of the many parts of our job. We get deals through to closing by keeping everyone from panicking over something that isn’t significant enough to lose a well-prepared, fully-researched and amicably-negotiated deal. If you know going in that the other side (or you!) might try to back out of the deal over something that can be easily remedied as the closing day approaches – you’ll be less likely to be surprised by these last-ditch cold-feet moments.

Instead, you’ll see what’s really going on. A lot of money is about to change hands. Someone is giving their blood, sweat and tears to a stranger. Someone else is buying a job you can’t really quit on a whim. EVERYONE is nervous. The key is to keep your nerves from getting in the way of your better judgement.

If you’re in the home stretch an the other side suddenly wants to burn the deal to the ground over something trivial, don’t panic. Let the business brokers do their job and understand that these last minute issues can and do get resolved every day in the business marketplace. If it’s you that suddenly wants to bolt, call your broker and talk to them before you blow up your deal. Tell them about your concerns. Last minute doubts are sometimes valid, but it’s best to figure out if what you’re worried about is legitimate or just your cold feet talking – before you alert the other side that you’re out.

Remember that business transactions are a long process that sometimes get mired in the emotions of those involved. If you know going in that one or both sides might be apprehensive near the end you will be better prepared to deal with this potential issue.

Have you been a part of a deal that fell apart and have a story to share? Would you like to know more about what types of issues cause problems at the end of a transaction? Ask us! Leave any questions or comments and we would be happy to help!