I am a believer in win-win situations. After buying 5 companies and having sold my company in January, I’ve found that the most successful negotiations occur when there is a win-win for both parties.
The biggest reason is that in most scenarios a negotiation is the START of a relationship, not the end.
Even divorces typically have some sort of ongoing relationship and responsibilities, but being and appearing fair to the person on the other side of the negotiation allows you to aim to get what you really want.
But, it starts with understanding what the drives the other side.
In business, if you understand what the other side is attempting to do, you can better structure your deal to give the other side what they are ultimately looking for and ideally giving you even more than you thought could be possible.
The beauty with negotiations is the ability to get creative. I’ve always taken the approach to be transparent on what the other person’s goals are and to share what your goals are as well. Once those intentions are communicated, time is saved and a deal that can best benefits both sides is possible.
In addition, it’s no longer us vs. them, but both sides acting as partners to ENTER into a long lasting great relationship.
Remember, most negotiations are the START of a relationship. Make sure you start on the right foot.