Don’t Cut to the Chase

Don’t Cut to the Chase

Don’t Cut to the Chase — Prepare for Your Negotiations A small business owner with a huge potential opportunity in a negotiation with a large company contacted me recently and asked how to respond to the company’s request that he make them an offer. He told me...
Know When to Stop Pushing and Sign The Deal

Know When to Stop Pushing and Sign The Deal

“When should we just stop asking for more and sign the deal?” I usually answer by noting that, at the end of the day, you must evaluate whether the value on the table is better or worse than your best alternative — your Plan B. If it’s better than Plan B, sign the...
What Is Leverage? 10 Rules for Using it Well

What Is Leverage? 10 Rules for Using it Well

What Is Leverage? 10 Rules for Using it Well What is Leverage? What most consider to be negotiation power — leverage — actually relates to two factors: how much each party needs that deal relative to the other, and the relative value of each party’s best alternative...
Know the Value of Your Product to Your Customer

Know the Value of Your Product to Your Customer

Thomas Edison added up the time and killing pace he had put into inventing the “Universal” stock ticker, a device later used by brokerage houses, and decided he was entitled to $5,000 for it. Ultimately, he figured he’d accept $3,000. So when General Lefferts, the...
An Ego Can Cost You in Negotiations

An Ego Can Cost You in Negotiations

I once sold an ordinary $20 bill to a lawyer in New York City for $83. How? By getting his ego involved. Here’s what happened: I announced in a seminar for about 100 New York lawyers that “I’m going to auction this $20 bill off to the highest bidder. “You are free to...