Personally, I love this move more than normal squats because I know if I lose my balance and fall, there is a chair waiting to catch me :)
"Stand in front of your chair with your feet a hip's width apart. Place your hands on your hips and lower your butt until it's just above the seat. Then sit down as slowly as possible. Do 20 repetitions. To make it harder, reach your hands overhead as if you were holding a beach ball. If you're really feeling steady, try it on one leg."