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Business question about integrity?
So I have a business and I was offered a certain amount of money for it and I promised this person that I would sell my business to them. However, the week later I got an offer that is exponentially higher. I don't know who to give to because I promised the first buyer but now the smarter choice would be to take the second buyer. If I do take the second buyer what should I say to the first buyer that wouldn't rid his respect for me or make me look like I lack integrity?
1 Answer
- LA Boston GalLv 61 decade agoFavorite Answer
Advising you what to say would imply that we agree with your choice to snub the first buyer and go with the second. In business what is "smarter" isn't always what makes the most profit. Your reputation is far more valuable than this one sale. If you agreed to sell your business based upon a specific price to the first buyer then you should fulfill your promise. It's your responsibility to do the research on company valuation and set your target price for which you will agree to sell the business. If you think the first buyer is taking advantage of you - you can try to say that you've reassessed the company's worth and want to know what the two of you can work out. Let the buyer come up with what they'll offer to sweeten the deal.
