Negotiations in M&A: Why it’s about people, not just numbers

When we talk about mergers and acquisitions (M&A), most people immediately think about numbers: EBITDA, multiples, financial forecasts. Yet, in reality, deals are rarely made or broken by spreadsheets alone. The true deciding factor is negotiation — the ability to bridge the gap between two sides who often have very different perspectives.

For an investor, a business is a matter of numbers, risks, and return on investment. For an owner, it represents years of work, reputation, and the people behind it. Negotiation is where these two worlds meet. If handled poorly, even a deal that makes financial sense can collapse. If handled well, even seemingly impossible obstacles can be resolved.

It’s not enough to listen to what is being said — posture, tone, and gestures often reveal more than words. When one party says “yes” but their body language shows tension, it signals unresolved doubts. Asking the right questions at the right time can bring these concerns to the surface and restore trust.

I’ve seen this many times in my own practice. Once, during what seemed like a routine meeting, the other person started offering me potential contacts before even describing their own product. That genuine willingness to help immediately made me look for ways to support him in return. The same principle applies in M&A: once both sides feel that their concerns are understood and respected, they become more open, flexible, and willing to move forward.

For me, negotiation is not about pushing services or winning at all costs. It’s about:

• understanding what each side truly values,
• identifying their pain points,
• and finding solutions that create mutual benefit.

When the other party sees that their needs are acknowledged — not just their numbers — the deal gains momentum. That’s when partnerships are built, and deals succeed.

Negotiations are the invisible engine of M&A. Numbers matter, but people and trust close the deal.

Artur Szlenskowy

Project Manager, SC Business Broker