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Dear Business Professional,
Jonathan’s story says a lot about the value of effective business negotiation. Here’s how he tells it:
It was Monday morning at the office. Not just any morning, but a make-or-break morning.
I put my feet up on my desk and looked out across the floor. My team of 26 employees were working as diligently as they had every morning for the past seven years.
Most were at their desks and a few were in our in-office gym testing out the latest fitness technologies we were developing. It was all about putting in the effort and taking the time to get it right.
And that’s what I needed to do this morning. After months of talks, the Axis Group – one of the largest fitness companies in the nation – was interested in acquiring my company.
In just two short hours we were meeting to discuss the terms. Everything was riding on getting this deal done: My company’s future, my future, and my employee’s future.
I already had an idea of how I was going to play it. But I needed a little extra inspiration and advice.
So accessed my digital Negotiation Briefings newsletters from the Program on Negotiation at Harvard Law School. I had several years’ worth of issues stored and I knew there would be something to help me get a boost at the bargaining table.
And there it was: An article on the three sources of power and the competitive advantage I needed.
The tips were smart but simple:
1. Cultivate a strong best alternative to a negotiated agreement, or BATNA
To gain the power I needed to walk away from an unfavorable deal, I immediately started thinking of good alternatives. From retaining ownership of the company to exploring a new deal with a competitor, I knew I had options.
2. Assess role power.
As the owner of the company, I had clout. But the article reminded me to not be intimidated by the more seasoned members of the Axis Group.
3. Enhance psychological power.
I read that simply remembering a time in my life when I had great power could help improve my confidence and the outcome of my negotiation. So I immediately started thinking of how I beat my personal best at last month’s Spartan Race. There’s nothing like throwing tires and scaling walls to get me ready for battle!
With my newfound knowledge (and confidence boost), I strode into the negotiation. After several hours of conversation, we circled around a deal. I would retain 51% of the company, remain CEO, and keep my staff. We didn’t quite settle the profit sharing arrangement, but we’re well on our way to making a deal.
The infusion of capital from the Axis Group will allow us to expand into new facets of fitness technology. I’m confident that my company – and my bottom line – will benefit greatly from this new partnership.
At the end of the day, it’s all about getting the information you need, when you need it. And that’s why I subscribe to Negotiation Briefings.
Jonathan’s success story is one we’ve heard time and time again at the Program on Negotiation at Harvard Law School.
Professionals who master the art and science of negotiation become better leaders. But it starts with building the right skills. And that’s where Negotiation Briefings comes in. Written in a quick-reading, case-study format, Negotiation Briefings takes you through real life examples and proven techniques used by the world’s most skilled negotiators.
In the pages of this monthly newsletter, you’ll learn the strategies you need to become a master of business negotiation. Negotiation strategy can help you:
– Save thousands of dollars on a new car
– Close the sale on a large national account
– Settle an argument between your teenage children
– Win a dispute with the Internal Revenue Service
– Sign a contract that assures your company’s viability
– Reach an agreement with a powerful labor union
It’s everything you need to walk into a negotiation with confidence and walk out with a great deal.
Extra! Extra! Now you can access the negotiation news you need, anytime, from virtually anywhere.
In addition to our print version, you can access Negotiation Briefings online. So instead of waiting for your print copy of Negotiation Briefings to arrive in the mail, you can read it online as the new issue is published.
– Get all the negotiation news you need quickly and easily = no matter where you are
– Store all of your issues in one place and download new issues every month
It’s your Negotiation Briefings – read it in the format you prefer!
Stop making mistakes and start making deals
Do you find yourself making any of the five common (and costly) mistakes in your business negotiations?
Business negotiation mistake #1: Underestimating your own authority, ability and strengths.
Business negotiation mistake #2: Assuming you know what the opposition wants.
Business negotiation mistake #3: Overestimating your opponent’s knowledge of your weaknesses.
Business negotiation mistake #4: Becoming intimidated by your opponent’s prestige, rank, title or educational accomplishments.
Business negotiation mistake #5: Being overly influenced by traditions, precedents, statistics, forecasts, or cultural icons and taboos.
If so, then don’t wait another moment, subscribe to Negotiation Briefings today.
Learn from the experts
Our newsletter draws on ideas from leading authorities and scholars in the field of negotiation – academics who are the best in their fields. These experts will help you realize greater success within all areas of your life.
Negotiate for career satisfaction…
Discover how to overcome the pitfalls and negotiate for your long-term fulfillment and success
Turn the table on hard bargainers…
Instead of succumbing to pressure, gain the strategies you need to respond effectively.
Negotiate in the heat of the moment…
When bargaining under pressure, learn how to keep calm and seal the deal.
Make the most of your personal style…
Whether you’re an introvert or an extrovert, build your personal strength and strategies for improving relationships.
Deal with your children…
Ditch the threats and bribes and discover how to deal with your most challenging negotiating partners: your kids.
Articles with impact
– Lessons from a labor conflict: How the Writers Guild of America got back to work for Hollywood
– Facing negotiations with multiple parties: What to do when the table gets crowded
– Dealing with liars: Tips on working with negotiators who lie to you
– Ethics and negotiation: Why your negotiating behavior may be ethically challenged
– Deadlines: A useful tool in breaking through impasse
– When you are overly committed: How to level the playing field
– Bargaining in the shadow of doubt: How to judge your performance objectively
– Learning to negotiate more rationally: How to keep your emotions from getting the upper hand
– The strike zone: How to defuse protracted labor conflicts
– The spy satellite debacle: How not to contract long-term projects
– Resolving family conflicts: How to negotiate better relationships with your children
– Wheeling and dealing: How to negotiate the best price for a new car
– Negotiating with your agent: Should you let an expert set the terms of your relationship?
– A question of ethics: What to do with inside information
Become a better negotiator and stay one step ahead of the competition in your rapidly changing business environment by subscribing to Negotiation Briefings. From solving problems and preserving relationships to managing conflicts and getting deals done, Negotiation Briefings covers it all.
Join the thousands of subscribers who are already leveraging the tools and advice they find in Negotiation Briefings. When you do, you’ll get special new subscriber savings.
I look forward to welcoming you to the community of business professionals who subscribe to Negotiation Briefings.
With my sincere best wishes for your business negotiation success,
Robert H. Mnookin
Samuel Williston Professor of Law
Faculty Chair, Program on Negotiation
Harvard Law School
Robert H. Mnookin
Faculty Chair, Program on Negotiation
Harvard Law School
P.S. Your very next deal could be the one that clinches your budget…lands that big account…or puts your business way out in front of the competition.
Get the help you need to make it happen – subscribe to Negotiation Briefings. It’s now available in print and online, so you can read it when and how you want.
P.P.S. There’s not much in life that is guaranteed. But one thing I will guarantee you: Negotiation Briefings must help you achieve consistently better outcomes, or you may request and receive a full refund at any time during the term of your subscription.
That’s my 100 percent guarantee of your satisfaction – a bargain that’s non-negotiable!