The transfer of an agreement from negotiators to lawyers or other professional deal drafters can introduce three main types of mistakes. Read on to discover how you can avoid making these same mistakes at the bargaining table during your next dealmaking negotiation session.
negotiators
The following items are tagged negotiators.
Mind Mapping: A New Negotiation Skill?
To your negotiation toolkit, consider adding a new skill: mind mapping.
In a recent article in the Wall Street Journal, Zack Anchors describes how financial advisor Rob O’Dell of Wheaton Wealth Partners of Wheaton, Illinois used the unconventional technique in an attempt to help a client negotiate the sale of his shares of the family business to his younger brother, who hoped to pass the business on to his children.
Satisficing and Negotiation
It stands to reason that devoting less time to relatively unimportant choices should free you up for more meaningful pursuits and increase your overall satisfaction. But how does the concept of satisficing apply to your most important decisions and negotiations?
Mediating Tragedy: Managing the Boston Victim’s Compensation Fund
In mid-May, about a month after the Boston Marathon bombings of April 15, lawyer and mediator Kenneth Feinberg stood in an auditorium at the Boston Public Library to address families who had been directly impacted by the tragedy. Feinberg was in charge of administering One Fund Boston, a fund created to distribute donations to the victims.
August 2013
In Negotiation, It’s All in the Timing: Yes, you should consider making the first offer – but when?
Got a Raw Deal? Renegotiate a Better One: If you are stuck coping with a faulty contract, try renegotiation
Yahoo’s Tumblr Acquisition: A Risky Play for Relevance
Expectations and Self-Fulfilling Prophecies
When you expect people to be competitive, it’s not only your own behavior that changes.
You also set up a self-fulfilling prophecy, such that your expectations about the other side’s behavior lead him to behave in ways that confirm your expectations.
Deal Making Without a Net: Yahoo’s Tumblr Acquisition
On May 19, Internet company Yahoo announced that it was purchasing the blogging service Tumblr for about $1.1 billion in cash. The acquisition could put a fresh face on the aging Internet company and provide it with a profitable revenue source—or it could turn out to be another instance of the Web pioneer overpaying for a start-up and failing to nurture it, as was the case after Yahoo bought Flickr and GeoCities.
How Power Affects Negotiators
According to Dacher Keltner of the University of California at Berkeley and his colleagues , power affects two primary neurological regulators of behavior: the behavioral approach system and the behavioral inhibition system. Powerful individuals demonstrate “approach related” behaviors such as expressing positive moods and searching for rewards in their environment.
Why Do Managers Resist Facilitation?
There are three major reasons that managers are reluctant to seek the assistance they need.
What to Do Before the Deal Breaks Down
Whenever one side fails to meet its contractual obligations, renegotiation is more likely to succeed if the parties have a strong relationship. Ideally, the aggrieved party will value long-term relations more than potential gains from a claim for breach of contract. For example, a bank will be more willing to renegotiate a loan with a delinquent debtor when the prospect of future business with the debtor is likely. Bondholders of the same debtor, on the other hand, will generally be more resistant to renegotiation, as they tend to lack opportunities for a profitable future business relationship.
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