Who Should Make the First Offer in a Negotiation?

Who should go first in a negotiation when it comes to offering a price, solution, and agreement to key terms?

Do you ask for a budget and then craft what you do from there?

Or do you, once you know what the needs and major parameters might be, suggest a solution and a price before talking about budget?

It’s a common question, one that continues to baffle many sellers. They fear that if they go first, they will leave money on the table, or risk going too high and having the buyer say, “That’s nowhere near what we were thinking,” or anything in between.