By Kevin Drakeford, Esq.

If you are one of many individuals that dread contract negotiations with bigger, more established businesses (hereinafter “Goliath”), you are not alone. Chances are it is not the process itself that you dread, because negotiations can be exhilarating and empowering; rather, it’s the fear arising from your inexperience with the rules of the game. Indeed, inexperienced negotiators often create more conflict than is necessary, risk the credibility and goodwill developed through their business development efforts, and stymie successful outcomes, which, in this case, is a mutual beneficial, or at least acceptable, business relationship. To help even the odds and obtain more auspicious contracts for your business, the following three quotes summarize the rules of negotiation.

Before you commence any negotiation, consider these words from John Wooden, the famous basketball coach from UCLA, “Failing to prepare is preparing to fail.” If the actual negotiation is the exam, this quote will remind you to do your homework and study first. Examples of pre-negotiation preparation include: identifying the parameters of the deal for you (what must I have and what I would like to have?) and for Goliath (what must I have and what would I like to have if I were in their position?); obtaining background information about Goliath either directly from them or from your industry network (who is the key decision-maker, what is his or her reputation as a negotiator, what have been their dealbreakers?) and; understanding internal business dynamics (what is their deadline, how quickly do they need my assistance, what are their alternatives if we cannot agree?).

The next nugget of negotiation wisdom comes from Wayne Gretzsky, who once said, “You miss 100% of the shots that you don’t take.” If you ask for something and, equally important, are ready to explain why it is important to you, then this quote will remind you that your chances of receiving something are nil unless and until you ask for it. The worst thing that could happen, depending on the nature of the request, of course, is if Goliath said, “No.” But the conversation should not end there. Continue the conversation by asking, “Because” and then use their explanation, assuming one can be given, as opportunity to explore ways to suggest alternative approaches. More often than not, Goliath will say “No” without being able to justify their position. Goliaths with stronger bargaining positions have been known to relent on requests when they cannot articulate an opposition to it.

Last, but not least, there is an old saying, most commonly used in football, about how “the best defense is a good offense.” If you are the person who prefers to maintain an open, honest dialogue and to be easy-going and friendly, this quote will remind you to seek assistance either from a friend, family member, or a professional like an attorney. One of the most familiar and thus, very effective, negotiation strategies is the “Good cop, Bad cop” technique. The advantage here is that bad cop’s comments and concerns makes good cop’s contributions to the discussion appear more reasonable. Additional advantages accrue from working with a lawyer who is skilled in techniques such as, blocking (e.g. changing the subject or answering a different question), puffery (e.g. exaggerating fact-based opinions), and the silent treatment (e.g. staring blankly at the other party until he or she becomes nervous or agitated)

The quotes cited above, more or less, highlight the rules of negotiation. If you remember to use these words of wisdom, you will fell less anxious while obtaining a fairer, more equitable result. Best of all, you will earn Goliath’s respect.

Drakeford & Kane LLC
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New York, NY 10016
www.drakefordkane.com

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E: kdrakeford@drakefordkane.com