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I've sat in rooms where $100M+ deals were negotiated.
Here's how the best negotiators in the world win:
Here's how the best negotiators in the world win:
At Fairfield, we have to negotiate with business owners often.
All are different and it is much more art than science.
But with the right tools, you can come out of negotiations with more gained than given.
All are different and it is much more art than science.
But with the right tools, you can come out of negotiations with more gained than given.
1/ Be Willing to Walk Away
When negotiating, never be married to an outcome.
Set terms you are willing to accept before entering the negotiations.
If you are willing to do a deal at any cost, the other party will sniff that out.
And you will lose.
When negotiating, never be married to an outcome.
Set terms you are willing to accept before entering the negotiations.
If you are willing to do a deal at any cost, the other party will sniff that out.
And you will lose.
2/ Never Create Losers
Never think of negotiation in terms of winners and losers.
If the other party begins to feel like they are losing, you will lose the deal...guaranteed.
People are willing to concede, but not willing to lose.
Never think of negotiation in terms of winners and losers.
If the other party begins to feel like they are losing, you will lose the deal...guaranteed.
People are willing to concede, but not willing to lose.
3/ Anchor with Extreme
You want a more vacation days from your job?
Ask for a $50k salary increase.
Your manager will likely say no.
Now a request for more vacation days instead seems much more reasonable.
Start with the extreme (but not too extreme).
You want a more vacation days from your job?
Ask for a $50k salary increase.
Your manager will likely say no.
Now a request for more vacation days instead seems much more reasonable.
Start with the extreme (but not too extreme).
4/ The Power of Silence
If one party says more than the other, it creates an imbalance of power.
The party who has listened more now knows both their motivations and the secondary parties motivations.
Be the person who knows the most by listening.
If one party says more than the other, it creates an imbalance of power.
The party who has listened more now knows both their motivations and the secondary parties motivations.
Be the person who knows the most by listening.
5/ Receive then Stop
Once you receive a concession you were hoping for, stop negotiating.
I have seen this far too often where over-negotiating or over-selling has lost someone a deal.
Learn to move on.
Once you receive a concession you were hoping for, stop negotiating.
I have seen this far too often where over-negotiating or over-selling has lost someone a deal.
Learn to move on.
6/ Control the Center
Any chess players know the importance of the center of the board.
It provides the most angles to attack and also the most paths to retreat.
Negotiations are the same.
Be flexible, control the center, remain flexible.
Any chess players know the importance of the center of the board.
It provides the most angles to attack and also the most paths to retreat.
Negotiations are the same.
Be flexible, control the center, remain flexible.
7/ Motivation is Everything
The motivation of the other party is the biggest key.
Are they motivated by money? Legacy? Winning?
Whatever it is, mirror that for them.
Do it on your terms, but make it feel like their motivations are being met.
The motivation of the other party is the biggest key.
Are they motivated by money? Legacy? Winning?
Whatever it is, mirror that for them.
Do it on your terms, but make it feel like their motivations are being met.
TL;DR
Become a
class negotiator:
Be Willing to Walk
Don't Create Losers
Anchor With Extreme
Silence is Power
Receive then Stop
Control the Center
Motivation is
Become a
class negotiator:Be Willing to Walk
Don't Create Losers
Anchor With Extreme
Silence is Power
Receive then Stop
Control the Center
Motivation is
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@chrisxmunn
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@chrisxmunn
And RT the 1st tweet so a few more people can get to see it!
