From the course: Business Development Foundations: Alliances & Partnerships

Unlock the full course today

Join today to access over 23,200 courses taught by industry experts.

Find the win-win-win when negotiating a deal

Find the win-win-win when negotiating a deal

From the course: Business Development Foundations: Alliances & Partnerships

Start my 1-month free trial Buy for my team

Find the win-win-win when negotiating a deal

“

- When I was in school, I was fortunate to take a negotiation class with Maggie Neale, an expert on negotiation. She always said to remember that your goal isn't to get a deal, it's to get a good deal. So how do you get a good deal? Start by doing your homework. Be prepared. You already know what you want, but do you know what your reservation price is? In other words, at what point is the deal not worth doing? At what point is it better for you to spend your time and energy on other deals? Be prepared to walk away. Make sure you're really clear on what terms drive up risk as well as the terms that can lead to a big payoff. Your goal is to have the biggest upside or payoff with the smallest downside or risk. You also want to think about what the other side wants and what their alternatives are. The more you understand them, the better you can do. Focus on their interests, not just their positions. I once worked on a…

Contents