Price Not Always The Best Way to Lead Off Negotiations

Price Not Always The Best Way to Lead Off Negotiations

“Why waste time dealing with those other issues if we can’t even agree on price? Let’s just start with price and, if we can reach agreement on it, then we can address the rest.” This not-uncommon approach appears to make intuitive sense. After all, no one disputes the...
Know the Value of Your Product to Your Customer

Know the Value of Your Product to Your Customer

Thomas Edison added up the time and killing pace he had put into inventing the “Universal” stock ticker, a device later used by brokerage houses, and decided he was entitled to $5,000 for it. Ultimately, he figured he’d accept $3,000. So when General Lefferts, the...

Walkouts Present Risk in Negotiation Strategies

Donald Trump has walked out of so many negotiations near the end – purely as a negotiation strategy – that the “Trump walkout” has become one of his trademarks. Recently, U.S. Secretary of State Madeleine Albright literally ran after Palestinian Authority President...

Hold Out: Timing is Critical When Selling Companies

They offered him $15 million for his software company, and he said “No.” So they offered him $25 million, and he said “No” again. Finally, they asked him what it would take. “My board will not accept anything less than 3 million shares (worth about $45 million),” he...

How to Use Imposed Deadlines to Your Advantage

“If we only had a little more time, I’m sure we could have reached a deal. We were so close.” I can’t tell you how many times I have heard a variation of this “we were so close” statement. Every time, the speaker sounds sincere. Almost every time, they’re wrong. Why?...

What to do when time and knowledge is short

“What should I do if I don’t have nearly the same level of factual knowledge as my counterpart – and I just don’t have the time to learn it as it’s super complicated and I have a short deadline in which to respond?” Here’s what I recommend. 1.     Use Your Expertise...