• Don’t negotiate the wrong deal: Put the right issues on the table, Medvec said, based on the objectives of your negotiation, both short and long term. “For each one, have at least one negotiable issue.” Don’t negotiate a single issue because “it will be contentious and damage the relationship.”
• Don’t sell yourself short: Experts often “don’t set ambitious goals,” she said, because they expect “what people normally get.” So aim for more based on the weakness of the other side’s positions, not on deal averages.
• Tell the right story: “How can your differentiators address the other side’s pressing business needs?” is how Medvec put it. And make certain your story “isn’t about the benefits of buying your business” but about “how to solve their problems.”
• Make multiple offers: Come to the table with not one but perhaps three different but essentially equivalent offers. “That sparks conversation and gives them choice,” she said. “People love choice. They feel they’re in control, but who’s really in control? You are, because you’ve designed the choices they have.”
In this edition of our Corporate Competitor Podcast, Storey discusses the do’s and don'ts of…
Although the CEO rating for the current environment remains unchanged since August, the September forecast…
ECD CEO Wallace scales a mom-and-pop business at a beehive of classic-car customization in Orlando.
Is there a path for established, traditional businesses to not just survive, but thrive in…
Chief executives at retail and consumer companies may have a shorter timeline to jumpstart sluggish…
When a leader takes a narrow, one-dimensional, often short-term focus on a singular stakeholder or…