I've said it before and I will say it again - BUSINESS ETIQUETTE CAN WIN AND LOSE YOU DEALS.
Suffice it to say, that company lost out on the deal. They called me a few days later to consummate the deal saying they had been slammed and finally got their contract together for us. I had no problems telling them that the deal was off.
Our firm's time is too valuable to be wasted on waiting for people or playing minor league ball. We want to play with the heavy hitters and when we say there is a green light to pull the trigger, we expect to see smoke in the air. We are now negotiating with some other buyers. These guys seem more with it and are also willing to pay a higher price.
I am pretty sure that the buyer wanted the deal but did not call back or fax an offer the next day because his company did not want to seem too eager. My suspicion is that they thought the deal was too good to be true and feared that we would play games and actually grind the price up on them rather than vice versa. I had told the person that the deal was done and that it was in the bag. All they had to do was execute. They didn't.
Lesson: EARLY INTO A TRANSACTION DO NOT ASSUME THE OTHER PARTY IS NOT TRUSTWORTHY.
Put your honest foot forward and expect the other party to do the same. If you go in with preconceived notions, it can get messy.
Lesson: IF YOU WANT TO GET A DEAL DONE, IT IS OK TO BE EAGER AND TO SHOW IT.
I am sure that it is taught somewhere in negotiating classes that you need to negotiate like you are playing poker. I agree that negotiations can be a ruthless time. But I'm not talking about negotiating, I'm talking about the period after negotiations have been complete. I am talking about closing deals. You want to do everything you can to close as fast as possible. The deal terms should already be good for both sides so that they are happy with the transaction in the first place. You don't want to do business with someone who because they see this eagerness wants to change the terms of the deal on you.