Before you go into a negotiation you need to be prepared:
- What are your needs?
- What are your wants?
- What are the other sides weaknesses or pressure points?
I focus a lot on #3. Here is a great example: My law firm, Anker, Hymes & Schreiber, LLP did some investigation on a matter that has settled within the last few months. We found out that the company we were suing had a deal that they were going to be selling. A very important deal; a very big deal. Our claim: a thorn in their side.
But we settled this case for more than our value; more than our bottom line because we knew the pressure point of the opposing side. The pressure point was the company had to get this deal out of the way because we were impediment and they stood to make a lot more money from the sale then dealing with us and paying us a little more money.
So there is a situation where the preparation and investigation beforehand got us some information which gave us the exposure or pressure point on the other side that we were able to apply to our advantage.
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