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A related issue is timescales: Negotiators may sacrifice a reduced commission through reduced sale price if it means expediting the process and allowing them to get onto other deals. Founders don't have the same rate of turnover and so have more interest in spending time to raise the sale price.

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I think this line of thought is related to Leavitt's "Freakonomics", particularly in his observation of real estate dealers leaving their homes on the market for longer periods of time and getting better prices than those for their clients.

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