A Negotiations
WORKSHOP
for
Entrepreneurs
House Cleaning:
1. Turn off Cell Phones
2. Save Questions for after the Presentation
3. Thank You to Martin Hoffenberg, Ellen Volpe,
Gene Brown, Chris Johnson, and Samuel A.
Maldonado
4. Our Roles (Speaker/Audience)
5. What we are going to cover (Mental Inner
Game, Strategic Set Up, Key Deal-making
Principles, Key Strategies)
1. Profit
The 3 Obsessions of Great Entrepreneurs:
2. Service
3. Relationships
Competent Negotiations Skills can lead to
generating massive profits. There is no other skill
that can make you more profit than negotiating. If
you want to earn more profit, become a world
class negotiator.
However, the skill must be balanced out with other disciplines
such as sales, marketing, and networking aimed towards
providing service and building relationships. Negotiations
should be a problem solving strategy first and foremost, and
a strategy to win second and it should never be used for
deceptive or malicious purposes.
In this sense, Negotiations is like the Martial Arts……
Martial Arts main purpose is not violence; its major
purpose is peace and control. Violence is only used
through martial arts when needed.
The Mental Game is the most important component in
negotiations. Without the proper mental game, all other
knowledge and skill become moot. Negotiations is the
one exercise where your confidence and self-esteem can
be quickly exposed because there are no rules in
negotiations. It is you versus your mind.
Mental Inner Game:
1. See yourself as a champion deal maker, a world class
negotiator, a haggler, and a pain in the_____________
Key Inner Game Concepts:
2. Negotiate everything all the time. (Similar to being a flirt)
3. Overcome your fear of losing relationships and people
not liking you
4. No deal or relationship is more important than your
well-being. Be willing to walk away any time and
any place even if the deal is seconds away from
being completed
1. Always ask for more than you expect
Strategic Set Up:
2. Get the other side to name the price. (A little overrated). If this does not
work, refer to # 1 “Always ask more than you expect”
3. Never accept the first offer
4. Create multiple issues in the negotiations
5. Always have a higher authority. Never claim to be a solo artist
6. Manage expectations
7. Never seem too interested or excited about a deal. (Stay levelheaded)
8. Always have multiple options. (Having one option is the kiss of death)
1. Law of Scarcity
Key Principles in Negotiations:
2. Hooker Principle
3. Information is Power
4. Know your Market
5. Only be Adversarial as a purposeful strategy, never out of emotion
6. Indifference is the real enemy, not objections. War is your friend
7. Win/Win does not always work
8. Never negotiate with terrorists
9. Learn from the best negotiators “Children and Immigrants”
1. Test for Validity (Learn the most important word in the Dictionary)
Key Strategies:
2. Make Friends (Great Way to avoid negotiations)
3. Plant Deficits (Tied into the Law of Scarcity)
4. Flinching
5. Trade off Methodology
6. Answer concession with a concession
7. Higher Authority (Make it vague)
8. Good Cop/Bad Cop
9. The Assumptive Close
10. Funny Money
11. Disappearing Acts
12. “The Conditional Contract”
13. Answer a Low Ball with a Low Ball
1. Test for Validity Back
Counter Gambits to Strategies Mentioned:
2. Separate Business and Friendship
3. Plant Deficits Back
4. Maintain Composure and Probe
5. Be Careful What You are Trading
6. Make your Concession Inconsequential
7. Call it out and call for a meeting with the decision maker
8. Call it out and let other side know you know what they are doing
9. Continue negotiations if necessary
10. Negotiate dollars, not percentages
11. Find another deal
12. Stick to the Contract
13. Stick to your low ball until the other side becomes reasonable
1. Test for Validity Back
Counter Gambits to Strategies
Mentioned:
2. Separate Business and Friendship
3. Plant Deficits Back
4. Maintain Composure and Probe
5. Be Careful What You are Trading
6. Make your Concession
Inconsequential
7. Call it out and call for a meeting with
the decision maker
8. Call it out and let other side know you
know what they are doing 9. Continue negotiations if necessary
10. Negotiate dollars, not percentages
11. Find another deal
12. Stick to the Contract 13. Stick to your low ball until the other
side becomes reasonable
Key Strategies:
1. Test for Validity
2. Make Friends
3. Plant Deficits
4. Flinching
5. Trade off Methodology
6. Answer concession with a
concession
7. Higher Authority (Make it vague)
8. Good Cop/Bad Cop
9. The Assumptive Close
10. Funny Money
11. Disappearing Acts
12. “The Conditional Contract” 13. Answer a Low Ball with a Low
Ball
VS.
Thank You…
