Playing cards close to your chest
When someone makes a speculative offer to buy your business, maintaining a neutral stance and withholding information is crucial for protecting your negotiating position. Here's why:
All Information is leverage in a Negotiation
Any detail you share - about your financials, client and supplier relationships, future plans, business issues, or even your emotional state - can be used to shape the buyer’s strategy.
If you seem eager to sell, they may lower their offer.
If you reveal growth plans, they may try to price in future value without paying for it.
If you disclose challenges, they may use them to justify a discount.
They might spot weaknesses and exaggerate them.
You show your hand before they’ve shown theirs.
You risk being used as a benchmark for another deal.
You become a source of free market intelligence, not a serious acquisition target (particularly true is your field is new to the potential buyer)
You can’t prevent them from approaching your clients or suppliers - ones you may have worked long and hard to find and cultivate.
Emotional cues signal urgency or vulnerability
Even subtle signs like enthusiasm, frustration, or fatigue can be interpreted as:
Desperation: “She wants out — we can push harder.”
Excitement: “He’s emotionally invested in selling the business — we can anchor high.”
Staying emotionally neutral keeps the buyer guessing and prevents them from tailoring their approach to exploit your mindset.
You maintain perceived value
Mystery can be powerful. If the buyer doesn’t know your motivations or internal workings, they’re more likely to offer more to gain access to information.
They are more likely to approach with caution and respect.
You demonstrate that you are unwilling to disclose information without proper legal protections in place, strengthening your position in any future negotiation.
You control the pace
Neutrality can slow things down — which is often to your advantage. It gives you time to assess the seriousness of the offer, prepare your own valuation and terms, and consult advisors or test the market.
By not committing or revealing too much, you retain control over the narrative and timing.
You keep the door open for other offers and avoid being locked into a negotiation unintentionally or prematurely.