THE FUNDAMENTALS OF NEGOTIATION A close friend I mentored for five years was looking at expanding his business and buying one of his competitor’s businesses. I sit on the board of directors of his company, and he often comes to me for advice when faced with decisions. He was eager to get some suggestions about negotiating the deal. Here is the memo that I sent to him.
BY JOHN SPENCE
I believe there are only five things you must do to build a strong foundation as a successful negotiator. 1. BE EXTREMELY WELL PREPARED. I am amazed how often people show up to even a colossal negotiation, having done very little homework. Study all the data you can get, anything that will help you make a good decision. Doing this research allows you to take a position based on facts, not guesses. Continued on next page... USSWIMSCHOOLS.ORG | 7
