Buyers and sellers reveal information constantly in M&A negotiations — without saying a word. A team member who looks at the owner every time a difficult question is asked is signaling that information is not distributed. A buyer who uses way too much eye contact or aggression is signaling something about their own anxiety. A pause that is a half-second too long before answering a financial question tells a trained observer something the words do not.
Scott started studying body language in 2006–2007 through the work of Dr. Kevin Hogan. He bought Hogan’s course, went through it ten times, memorized every element he could, then spent the next three to four years finding every book and piece of content he could. This episode applies those skills specifically to business negotiations and M&A deals. Learn more at scottsylvanbell.com/why-scott/ and get the Exit Ratio 360 book on Amazon. 🎧 Listen on Spotify
Baselining — Where Every Body Language Read Starts
Before you can read anything, you need to know what is normal for a person. The question is not what any single gesture means in isolation — it is when that person is out of sync with their baseline. That is where the information lives. The best place to practice is a low-risk environment. A bar works — after one or two drinks people loosen up and their tells are easier to see. Go with a cranberry juice or seltzer water and just observe.
What is baselining in body language and why does it matter in M&A?
Baselining is identifying what is normal for a specific person — their default posture, gestures, vocal tone, and eye contact patterns. In M&A negotiations, baselining tells you when someone is out of sync with their normal behavior, which is when genuinely useful information is being communicated. Without a baseline you cannot distinguish meaningful signals from habits.
What to Watch for in M&A Meetings
In due diligence and deal meetings, stress shows up in the jaw, the mouth, and eye contact. Watch specifically for contempt — the asymmetrical lip raise that is one of the hardest expressions to fake or suppress. It signals dismissal toward an idea or a number. If you see it when you present your financials or your asking price, you have work to do. Disgust — the wrinkled nose — is also a reverse buying signal.
What are the most important nonverbal signals to watch in a deal meeting?
The most important signals are contempt — the asymmetrical lip raise that signals dismissal; stress indicators in the jaw and mouth; broken eye contact when difficult questions arise; and the direction team members look when difficult questions are asked. When the whole team looks at the owner to answer, the buyer marks it as an owner dependency problem.
What does it signal when a management team looks at the owner to answer buyer questions?
It signals that the team does not have the information, that decisions route through the owner, and that the business has owner dependency problems. In a deal meeting, buyers are watching for exactly this. When everyone at the table looks at the owner for answers, the buyer marks it as a BENCH deficiency and a SCORE red flag — and begins building that risk into the pricing. See also: BENCH Framework.
What does it signal when a management team looks at the owner to answer buyer questions?
It signals that the team does not have the information, that decisions route through the owner, and that the business has owner dependency problems. Buyers are watching for exactly this. When everyone at the table looks at the owner for answers, the buyer marks it as a BENCH deficiency and a SCORE red flag — and begins building that risk into the pricing.
What is strategic silence in a negotiation and why does it work?
Strategic silence is the deliberate use of quiet after making an ask or a point. Most people are uncomfortable with silence and will fill it — often revealing their actual position, their anxieties, or their flexibility. In a deal meeting, after you have delivered your Titan Thesis and named your number, stop talking. Let the silence work. The first person who speaks after a tense moment almost always gives up leverage.
What is strategic silence in a negotiation and why does it work?
Strategic silence is the deliberate use of quiet after making an ask or a point. Most people are uncomfortable with silence and will fill it — often revealing their actual position, anxieties, or flexibility. After you deliver your Titan Thesis and name your number, stop talking. The first person to speak after a tense moment almost always gives up leverage.
Full Episode Transcript
Welcome to episode number 42 — how to read body language in business negotiations and M&A deals: what buyers and sellers reveal without saying a word.
Body language was something I totally dug into around 2006–2007. I found Dr. Kevin Hogan online, bought his course, went through it probably ten times, and memorized everything I could. Then I found every book and piece of content I could for the next three or four years. Kevin and I became friends. I sought out every body language expert I could to get that advantage and be better at communication in deals and negotiations.
Baselining is where every read starts. What is normal for this person? What do they do? Watch enough of my videos — I touch my cheek, I look to the side. Those are my baselines. What you are looking for is when someone is out of sync with their baseline. The best practice environment is a low-risk situation. A bar — after one or two drinks people loosen up. You go with a cranberry juice, sit and observe.
In deal meetings, stress shows up in the jaw, the mouth, and eye contact. Watch specifically for contempt — the asymmetrical one-sided lip raise. It is one of the hardest expressions to fake or suppress. It signals dismissal toward an idea or a number. If you see it when you present your financials, you have work to do.
Anchoring, mirroring, hand tilts, strategic silence — these are tools you layer in after you have a solid baseline. Use mirroring selectively, once, at the highest-leverage moment. After you deliver your Titan Thesis and name your number — stop talking. Let the silence work. The first person to speak after a tense moment gives up leverage. Aloha and Mahalo.
Related: BENCH Framework | Titan Thesis | Exit Ratio 360™ | Exit Ratio 360™ on Amazon
About Scott Sylvan Bell
Scott Sylvan Bell is a mid-market exit strategy consultant and the creator of the Exit Ratio 360™. His book is available on Amazon.