5 Dealmaking Tips for Closing the Deal
What should you do when you’ve done everything right, but you still aren’t closing the deal? Here are some dealmaking tips. … Read 5 Dealmaking Tips for Closing the Deal
PON – Program on Negotiation at Harvard Law School - https://www.pon.harvard.edu
Dealmaking is defined as the art of crafting deals through negotiations focused on an integrative, or value-creating process, rather than through distributive bargaining, or a haggling process. Dealmaking includes the range of activities both at the bargaining table and away from it that seek to bring two or more parties together toward some common end, whether it is the sale of an asset, a vendor agreement, or a merger between corporations. The Program on Negotiation emphasizes integrative bargaining in its dealmaking literature and teaches methods and techniques from this school of thought in its executive education courses.
In corporate dealmaking, much of the action happens away from the negotiating table. Successful dealmakers understand that deal set-up and design greatly influence negotiation outcomes and successfully closing a deal. Other critical factors in successfully making deals include strategic behavior—the unwillingness of one or both sides to make a best offer—psychological factors, lack of a deadline, poorly-prepared formal documents, and refusal to allow the other side to make a graceful exit, even when they’ve agreed to your demands.
Strategies for successful dealmaking include tactics such as creating more value by exploring hidden interests and adding issues that appeal to your bargaining opponent. Another tactic is recruiting a third-party mediator when the dealmaking process is at an impasse. Sometimes, Harvard experts find, it pays to be the first person to make an offer, while at other times, it pays to wait.
Articles from the Program on Negotiation focus on a vast array of dealmaking strategies and explore the latest concepts such as expanding the pie, “negotiauctions,” anchors in negotiation, and bartering.
What should you do when you’ve done everything right, but you still aren’t closing the deal? Here are some dealmaking tips. … Read 5 Dealmaking Tips for Closing the Deal
What is multiparty negotiation? Multiparty negotiations can be incredibly challenging. Just ask the negotiators from over 170 countries who managed to reach agreement back in 2015 on a legally binding accord to combat climate change. … Read Managing a Multiparty Negotiation
Renegotiation is generally triggered for one of two reasons: an imperfect contract or changed circumstances. The goal of any written contract is to express the parties’ full understanding of their deal. … Read What Leads to Renegotiation?
No one likes to go to court. Not only is it expensive and time-consuming, but it often leads to frustrating results and damaged relationships. So, how does mediation work in a lawsuit and is legal mediation a better route? … Read How Does Mediation Work in a Lawsuit?
The strength of our negotiation ethics may vary depending on our gender, according to one study. Here’s why this may be the case—and advice on how we can all live up to our high standards. … Learn More About This Program
In MESO, negotiation in which multiple offers are presented simultaneously at the negotiation table, effective negotiators seek opportunities to create value. By making tradeoffs across issues, parties can obtain greater value on the issues that are most important to them. … Learn More About This Program
In negotiation, all the goodwill, trust, and cooperation you create can seem useless if you and your negotiating counterpart disagree about how future events may play out. In such cases, a contingent contract can be a highly useful, though widely overlooked, tool for creating value in negotiation. … Learn More About This Program
An inefficient negotiation process wastes time and money. To create a negotiation process that eliminates headaches and leads to win-win deals, take a page from the NFL’s playbook. … Read Does Your Negotiation Process Need Improvement?
Most negotiations call for very different, even opposing, skills: collaboration and competition. To get a great deal, we typically must work with others to find new sources of value while also competing with them to claim as much of that value for ourselves. Before mastering the intricacies of value creation in negotiation, it helps to … Learn More About This Program
Imagine you’ve received a salary offer for a new job that’s less than you’d hoped for, or a client has delivered a “take it or leave it” ultimatum. While there is ample advice available to negotiators on how to make the first offer in negotiation, the question of how to counteroffer in business negotiations often … Read How to Counteroffer in Business Negotiation
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