The first Golden Rule is essential to success in any negotiation: Information Is Power—So Get It! It’s critical to ask questions and get as much relevant information as you can throughout the negotiation process. You need sufficient information to set aggressive,...
“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...
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. Editor’s Note: this article was published November...
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...
“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 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. ...
“Go ahead, make my day,” said Clint Eastwood as inspector “Dirty” Harry Callahan in the movie “Sudden Impact.” This threat, backed up with a large gun and delivered to a “punk” holding a hostage, was very effective — as intended. But what about less violent...
“A principle is involved,” he said, “and that’s why we’re taking a hard line. The principle is just too important to undermine. As a result, we will not concede on that issue.” This “principle is involved” negotiation move can be one of the most frustrating to...
