“My father said: You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.” ~Getty, J. Paul
1. Create An Agreed Upon Agenda. Determine the following: What needs to be resolved? Who is involved? What are the major issues? What are the time frames?
2. Resist Committing Too Early. Do not lock in your pricing or commit to other items until everything is on the table and negotiated.
3. Resolve Any Major Issues Early. If the prospect has some major concern about your organization, it is best to uncover this early, so that it is not brought up at the end of the negotiation which will weaken your position and you’ll be tempted to give in to more concessions.
4. Determine What Can Be Shared. Determine the information you will disclose or not disclose with the prospect. Also, consider what types of information they are open to sharing and the information they are keeping from you. (more…)