Negotiating No Joke

Throughout my time in my masters program I have learned many new things about launching my business that are quite valuable and much needed along this journey. Currently I am studying the power of negotiation and how important it is to be able to negotiate in any given situation. Well, I admit I not once considered in the process of launching my business that I would find myself having to negotiate, as this is something lawyers do, right? Wrong! In business you are constantly going to find yourself in the midst of negotiations. Perhaps not the daily negotiating battles you see on T.V. such as 'Fairly Legal', or other shows, but nevertheless you will at some point in your career have to negotiate. Whether it be for a piece a property, the cost of a good/product, merging your business with another, or contracts deals for talent. And one thing I know for sure negotiating is no joke, and to not walk out the room wondering 'what just happened' you must be well prepared before entering into such a situation.

In my research I came across some videos, and podcasts, by some reputable individuals with negotiation experience to see how they view negotiating and tips they offer to help better prepare myself for when the time comes. William Ury, co-author of 'Getting to Yes', did a talk on separating the people from the problem to reach mutual understanding in 'The Walk From No to Yes'. William uses the story of Abraham to illustrate how Iraq and Iran could potentially begin to close the gap between them if they stop for a moment, remove themselves and walk in the shoes of their past to see how they got to where they are today. One key factor in negotiating, I am learning, is being able to separate the people from the problem. Too often emotions run high and one tends to lose sight of the fact that you are still dealing with a person, and in order to come to a shared understanding this must be at the forefront of one's mind.

I also, came across a couple of podcasts on iTunes by Michael Mcllwrath, titled 'International Dispute Negotiation', who sat with several individuals from various backgrounds, to discuss their experience in negotiating in order to help others. One of his podcasts talks on the subject of mediating with hard negotiators. In this podcasts Michael discusses with Australian mediator, John Wade, his experience dealing with hard negotiators and the impact it has on his job. I found interesting a scenario John shares where he entered into negotiations with a lawyer he knew was tough and hard ball, and was apprehensive going into the meeting. In the beginning the lawyer informed him to write down his terms, he only had one hour to do so or the lawyer would make the terms himself and close negotiations. This type of scenario I find is not few, far, or in between. When dealing with people of this nature, who seek to intimidate, manipulate, or place fear, you have to show up prepared, and as William Ury states in his book 'Getting to Yes' know your BATNA (Best Alternative To a Negotiated Agreement). Ury believes having a BATNA is considered one of the most powerful tools you can have when dealing with a more powerful negotiator.

The last podcast I came across by Michael Mcllwrath, was with NBC Universal attorneys titled, 'Mediating Disputes in the Film and Television Industries. This podcast was quite interesting for me being my business is part of the entertainment industry. One of the main approaches to negotiation the lawyers of NBC Universal use are mediators. The lawyers share how the use of mediator has actually aided in helping the parties reach mutual benefits in cases, that took years of getting no results. In the film, and television, industry the lawyers share how it is typically considered "weak" to use a mediator to resolve your case, but these lawyers have chosen to go against the grain because of the success mediators have provided. Sometimes you have to do what is considered least popular in order for both parties to walk away satisfied. When it comes to right or wrong, win or lose, I can say many of can agree it better to use the least likely option to resolve a dispute, or come to terms, than spend years in courts spending more money than necessary.

Although, I am still learning about how to use these negotiation techniques, and more, when it comes to my business, I no longer shun the notion that negotiating is for the experienced lawyer only. Yes, there will be cases where an experienced lawyer will be necessary and in those moments I will be happy to pass the reigns. However, for the more manageable cases where I find myself needing to negotiate a better price, or settlement, or compensation, it will be good to know I have the knowledge and understanding when it comes to negotiating, and not give in at the first slight of intimidation. It will be great to be able to deal with confidence and walk out of the room satisfied knowing the joke isn't on me.

Hope you enjoyed this post. And as I continue this journey I will be sure to share with you my experiences in negotiation. In the meantime here is a video for you to enjoy and hopefully you'll be able to takeaway for your next deal!

Thanks for reading,

LaKesha xo


References:

Fisher, Roger. & Ury, William. (2011). 'Getting to Yes'. Penguin Books.

Mediating with Hard Negotiators. (2008).

NBC Universal Podcast. (2009).