Ep 541 Mastering the Deal: 7-Figure Negotiation Mistakes Founders Make When Selling Their Business with MIT's John Richardson, Author of Never Settle

In this episode of Built to Sell Radio, host Colin Morgan sits down with John Richardson, MIT Sloan professor and author of 'Never Settle,' to explore the psychological and strategic nuances of selling a business at top value. Richardson challenges the common belief that the highest offer is always the best deal, emphasizing instead the importance of understanding one's own motivations and the buyer's interests. He shares powerful techniques like 'emotion labeling' to manage anxiety and irrationality during negotiations, and advocates for preparing a strong BATNA (Best Alternative to a Negotiated Agreement) to reduce stress and increase leverage. The conversation reveals how founders often sabotage their own deals through emotional reactions, premature non-negotiables, and poor timing—especially during the dreaded 'retrade' phase. Richardson stresses the value of framing negotiations as collaborative problem-solving rather than win-lose battles, using real-world stories to illustrate how small shifts in mindset—like asking 'why do you want to sell?' with a strategic answer—can dramatically improve outcomes. The episode concludes with a powerful reminder: true success isn't measured by beating others, but by achieving what you personally value most.