I’ve watched many smart buyers do something that sounds subtle but changes everything.

They go from wanting the deal…

to needing the deal.

Wanting is healthy. Wanting means you’re motivated.

Needing means your judgment is now compromised.

Because when you need something, you stop asking, “Is this a good decision?” and start asking, “How do I make this decision defensible?”

That’s how overpaying happens.

Not because buyers are reckless—often they’re hardworking, optimistic, and capable—but because the deal has quietly become a psychological finish line.

And when a valuation comes in lower than the purchase price, it’s not received as information.

It’s received as resistance.

That’s the moment I’ll often ask a buyer (or lender):
If the independent analysis says the business is worth less than the price…why is the default response to find ways to raise the valuation instead of lower the price?

The truth is uncomfortable:

The more you need the deal, the more likely you are to overpay for it.