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THE ART OF NEGOTIATION GARY TUCKER | AUGUST 2016
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A LITTLE BIT ABOUT ME
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TODAY’S PRESENTATION
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What we will cover:
Basics of win-win negotiation and types negotiations we’re likely to encounter or want to encounter
Tips and techniques for better negotiation results
How to manage relationships after the negotiation is complete
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How we’ll cover it
The Basics – Definitions – Terminology – Other fun things
Before a Negotiation – Setting the Stage for Success
During a Negotiation – The Performance
After a Negotiation – Managing the Future
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BASICS FOR BEGINNERS
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What negotiation is…and isn’t?Interactions that deal with money – This is too narrow a view and
not always an accurate reflection of the true points of negotiation
Interactions between people, companies or otherwise outlining the nature of the relationship
Can include pricing, profit-sharing, partnerships, plans for communication, emergency or crisis planning
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What makes a negotiation successful?
Success in a negotiation isbest defined as: – Achieving greater than
expected outcomes based upon leverage
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Terms to know
Leverage ⎼ Real vs. perceived
Valuation
Incentive Management ⎼ The single most important thing
to having a happy life
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BEFORE A NEGOTIATION: SETTING THE STAGE FOR SUCCESS
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First things first. Know yourself.
Leverage? Valuation?
What are the spending thresholds? What can charge and still allow for profitability?
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First things first. Know yourself
How important is this partnership? What is the current situation? What market conditions surround this negotiation? And finally….
Do I need a lawyer, accountantor other expert to help me first?
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Know the other partyCollect everything available about the organization and individual you will be negotiating with
Great places to look for this information: – Google, websites, social media esp. Facebook – Tax records – Other clients and partnering organizations – Vendini sales records
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I know myself. I know the other party. What now? Develop a BATNA.
Best
Alternative
To
Negotiated
Agreement
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BATNA is done. When do we negotiate?
The location can completely change the outcome: – Try to meet at a neutral site
• This helps prevent subliminal reminders of other costs or responsibilities
– Think about seating arrangement – If a negotiation will be contentious or you
cannot control your own facial expressions or body language try to sit side by side
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Who should be at the table?
In general, it is best to have as few people as possible in a negotiation. – A Lead Negotiator
• This person is the only on who should speakunless called upon by the lead
– Decision Markers • Don’t show up without a person who can
give the final yes or no
– Secondary Parties • Only If they bring a skill you don’t have
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Who should NEVER be at the table?
Nervous talkers
Those without the ability to focus for 2+ hours
Those who cannot control their emotions
Overly “perky” people
Those who do not listen when told not to talk
Outside organizations or media
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You just described my boss…Managing upward – Get permission to be the decision
maker – Ask you boss not to talk unless you
ask him/her to
Be honest about the issues that concern you
Work around their liabilities – Game out scenarios that
could come up
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Pro Tip: Squares SheetSpace for notes that will help you organize your thoughts and approach
Each square is a facet to be negotiated
Always have a minimum of 4 squares – 12 to 16 is best
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DURING THE NEGOTIATION
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Pro Tip: Strategic Thinking vs. Strategic Planning
Strategic planning is important but it is more important to use “strategic thinking.” – In other words, applying this same type of logic to daily processes.
Examples: – Reframing a problem – Future earning versus immediate gains – Reaching long term goals – Awareness of the external environment.
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The Ultimate Goal: Determine their BATNA
Determine the other party’s bottom line
First 20 minutes is the best time to fill in what you don’t know
Ask don’t tell. Keep them talking about themselves and their company.
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Opening negotiations… start with an easy square
Start with an easy square, where you are most flexible, say length of term
If possible, make a concession to their needs and you can use it to get them to bend in the future.
Easy agreement in the beginning will lead to easier win-win agreements later
NEVER START WITH PRICE!!!!
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Work your way through the squares
Once you feel as though you are working well together, bring up price, or the most challenging part of the negotiation
Make sure you have at least two more squares when you do this. – If you find yourself at an impasse, move to another square and come
back to this
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I'm all out of squares and we are stuck
Getting a Negotiation moving again: – Offer a creative alternative – Ask more questions. Try to find a place
where you might be able to meet – Change the scope of the offer, what
other squares can be tweaked? – Let the room breathe – Avoid Heading Down the “Rabbit Hole”
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One that stretches on for much longer period than anticipated or desired goalis to negotiate at a minute level – Eliminate emotion from the meeting – Each concession obtained will take a great deal
of convincing in hopes the other party will feel so committed to coming to an agreement that they go beyond their BATNA
– Should only happen when both parties are truly out of options. If this is not true, walk away Rabbit Hole
Negotiations
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Pro Tip: How tocomport yourself
Always be professional, courteous, kind, and empathetic
Most of all be yourself and be a good listener
Practice makes perfect
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Pro Tip: Feeling a Room The best negotiators getto a point where they can simultaneously: – Be a part of the conversation – Be an observer of the
conversation, the room and surroundings
This comes with LOTS of practice
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Pro Tip: Practice these things
Video or audio record your negotiations and then go back and do “tape study”
Observe other people negotiating
Remember small things around you
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Negotiation is going well… Pump the brakes
Be careful. There comes a point where you need to pump the brakes. – Make sure they make a fair profit
or they are in position to grow with you.
– Think long term. Don’t get them fired for making a terrible deal.
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When to walk away from a negotiation
There are some circumstances where it is best to walk away from a deal, even if it is within your BATNA. – Uncomfortable with person or company – trust your gut – Being disrespected or belittled – Other party makes remark insulting other clients – Interruption or lack of attentions – Agreed Impasse or need of more information – Being taken “ Down the Rabbit Hole”
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Debunking "Wives Tales"
Matching or Mirroring
“ The first one to talk loses”
Poker faces
Born Negotiators
You must tell lies
There is always a winner
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AFTER THE NEGOTIATION
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Immediate aftermath
Put it in writing
Follow up with everything you promised
Send a Thank You notes
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Managing Partnerships
A Customer Service frame of mind
Keep in touch
Keep everyone happy – This includes yourself
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Learning from each negotiation
Failure mode efficiency analysis
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Questions?
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Resources
“Competing for the Future” by Gary Hamel & CK Prahalad
“Bargaining for Advantage” by G. Richard Shell
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THANKS!GARY TUCKER
THE ART OF NEGOTIATION