If you have been successful in the previous steps, you have arrived at the negotiating table. Deals fail because either one party or both parties cannot reach agreement. If you have set your objectives properly you should have a range of valuations in mind. Generally it is best to have the buyer indicate the initial price and negotiate from that price. In discussing price, if you set an unreasonably high price as a strategy to drive a higher valuation, the buyer may perceive your expectations to be unreasonable and exit the negotiations.
Valuation discussions are commonly done in ranges with more than one valuation method being used to arrive at the final number. Talk to interested buyers in terms of ranges and refer to transaction comparables and the future expectations of the business due to long term contracts, new opportunities and trends in recurring revenue practices.
If possible negotiate with multiple buyers at the same time. Let the buyers know that you have more than one offer and run the process like an auction
In the negotiation process be sure to utilize your legal counsel prior to signing key documents.