[awillen]

100% - any smart buyer of a company is going to inquire about key employees to ensure they know who to retain. If you can be in the sale meetings so the buyer knows who you are and how critical you are, that's ideal. If they know what they're doing, they'll try to find out whether you're going to stay and what it will take to keep you. That's where you negotiate.

If the buyer doesn't like your position, they may walk away from the sale - that may upset the business owner, but it also re-establishes your leverage. If the owner wants to sell and buyers need you but won't accept your terms, then you can explain to the owner that in order for you ask for less of a retention bonus from the buyer, you'll need the owner to give you a bigger percentage of the sale price.