The Art of Negotiation

Reframing

if someone tells you their list of wants, you could just start replying to their wants or you could completely reframe the conversation in various ways 1) you could start off by saying this is the process you’d like to have for the negotiation. You don’t even have to respond to their first offer or a pitch or position. 2) you could list of all the things you think both parties agreed to. It’s called Bridge building start off telling them what you believe that both sides agreed to and that you certainly agree to and see if you can can’t start it with a bridge. 3) you could also start off by accepting some of the things that they offered and then come back with either a reframing of the method and process of your negotiation or a bridge building offer

Expectations

there are three general expectations 1) promises you’ve already obtained 2) promises you have not obtained that have been promised 3) promises you never asked for that you realize now are documented expectations In business relationships, you have to have an expectation that is aligned with the enterprise for the owner of the enterprise to pay you, generally . Sometimes, however, you are the owner or the co-owner and you’ve been replaced by a new owner with whom you must renegotiate something that you probably could’ve done for yourself when it was just you. Expectations that are emotional ego based about title and about paying for memberships to Club or less about economics that are aligned with the enterprise and Moore, about Lifestyle these have the greatest connection to ego and the least likely reasonable basis for being met, unless you control the cash register.

Three Misconceptions

Negotiation takes preparation. There are many misconceptions for example should you speak first and should you tell the other side what you want? This episode talks about these issues and emphasizes ultimately what you already know: be prepared.

Take responsibility

protecting against the worst case scenario requires you to actually take responsibility for the documents that you sign. Do you read everything you do you actually look for every exhibit that’s connected to the agreement that you’re supposed to sign? If you don’t, you should because those formalities are gonna matter if what you enter into ever become successful and some third-party wants to look or if it becomes a problem and you need to go figure out what happened.

What are you walking away for?

Why are you negotiating and what is your goal? How do you prepare? Should you talk first? Do you have a red line that if they cross you out or do they have a red line if you cross you out how do you find out? This podcast is a short primer to provoke a conversation and better preparation