How to make the best out of your negotiation

It all depends on you.

We’ve all taken part in a negotiation at some time in our lives.

Whether you were introduced to the process as a child or an adult,

it’s my job to help you learn how to make the best deal you can.

Prepare for the negotiation

Sometimes a negotiation can fail before iteven begins.

Every deal involves many moving parts, all coming together in a high-pressure situation.  

  • Does the person you’re negotiating withhave the power to make a final decision?
  • Do they understand your process, and whatyou need to come to an accommodation?  
  • Do you know what they need from you?  

It’s best to have everything organizedbefore you even sit down to the table.

People have taken time out of their busyday to get together to discuss this deal.

Seize the opportunity! 

Follow these five steps to get the best results.

1.        Get your documentation together

The first step is to sign a good NDA(non-disclosure agreement) before you exchange relevant documentation such asstandard agreements, patents, trademark registrations, or information about thecompany structure.

Product-related information like production costs,packaging, and transportation should also be covered.  

Work with your in-house and externallawyers to be prepared. Preparation is key.

The information you need should beat the table or easy to gather during the negotiation. 

2.         Speakto your mediator (if you have one)

If you don’t have a mediator, considerhiring one. Emotions can run high during a negotiation.

A mediator isprofessional who can argue your side without getting caught up in theirfeelings.  

If you have the advantage of mandating amediator, make sure you understand how he or she works so that you areprepared.

Schedule a preparatory conference call so that you’re on the samepage before talks begin.  

3.         Knowyour numbers and prepare all your bidding steps

Numbers are the heart of any negotiation.You need to know your exact bidding steps – not just the first bid and bottomline.

Many companies make the mistake of not thinking this through beforehand.

Once you’re at the table you won’t have time to work on your strategy.  

4.         Getthe right people to the table

The right people with the right personalitywill ensure the negotiation process goes as smoothly as possible.

You want tohave business enablers at the table, not people who are focused on risks thatwill never materialize. 

5.         Haveyour boss or superior on speed-dial

This is an important one if you’re tryingto be safe. Depending on the authority you have, you need to make sure yourboss is available to back up your decisions if necessary.

You might need moreflexibility than you originally thought.

Try to be open-minded, as you’llreceive fresh information during the negotiation that might require a re-thinkof your plans.  

Delving into the negotiation process 

I’m lucky in that I take to it like a duckto water. I love my job!

I can’t wait to sit down to a big bundle ofdocumentation and untangle all the ins and outs of this specific deal.

A toughday of negotiation, combing through and thoroughly understanding all the highlycomplex aspects of the case, testing my listening skills with unfamiliar Austrianand Swiss German dialects, leaves me exhausted but smiling from ear to ear.

Thesignature on the contract is like a cherry on top of a delicious sundae.  

Mediators have first-hand industryknowledge and understand how different players work together.

I’ve learned fromthe best professionals in the field and consider it a challenge and a blessing. 

The personal touch

It was clear to me, talking to theinnovator in this particular negotiation, how passionate he was about hisbusiness.

When he talked about his product his eyes simply glowed withenthusiasm.  

Some of you who have worked with me knowthat I have an affinity for informal single sessions.

I like to speak withpeople when they sip their tea outside the conference room.

Sharing food anddrink together can help develop a fellow-feeling between the parties in anegotiation.

We celebrated the successful conclusion of this meeting with anincredible Swiss fondue dinner.  

What do you do to commemorate the occasionwhen you close a deal?

I’d love to hear your thoughts on the negotiationprocess!

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on how you can keep winning! 

Legally yours, 

Miryan Weichselbaum-Gharibo

Managing Partner, Let's Agree