You need to know your bottom line. Nowadays everybody has their heads full of all kinds of acronyms, so I am going to throw one out there:
BATNA = Best Alternative To a Negotiated Agreement
To me it is a fancy way of saying “bottom line”. That is really what it is talking about. The concept of the best agreement; what alternatives do I have? If I am a supplier and negotiating with a distributor, do I have other people in my distribution line? Do I have to take this deal, or do I have other places to go if I don’t take this deal?
In the context of litigation (which I deal a lot with), what are my alternatives? Typically in a lawsuit if I don’t settle, I go to trial. Try to evaluate what are your options in terms of going to trial. What is your likelihood of success?
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