The Art of    NegotiatingThe MIT Enterprise Forum        of Israel     Tel Aviv University     December 29, 2010          ...
NEGOTIATION“The use of information and power to affect behavior within a web of tension.”** Herb Cohen, “You can Negotiate...
NEGOTIATION “The use of information and power to affect behavior within a web of tension.”* The process of two or more par...
THE ART OF NEGOTIATING When to Negotiate
WHEN TO NEGOTIATEWhen is it required? – Almost neverWhen can you not? – Almost neverWhen you choose toBut…   Always a pric...
A Common Mistake“Set objective (what you want)    and then accomplish it”      Objective (What?)•Buy car at lowest cost to...
Key to Remember!   Why? – Why? – Why?            Why? •Needs car for summer at    less than $9000 cost   •Has car unneeded...
“Why’s” lead to “How’s” “What’s” often lead to trouble              Why?      •Need car for summer •Need $2000 for trip: h...
When to Negotiate?“Negotiation”: The process oftwo or more parties attemptingto reach agreement regardingan issue when fac...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”
Assumption or Fact?If someone puts an ad in thenewspaper to sell a car, theywant to sell the car.If someone responds to an...
THE ART OF NEGOTIATING When to Negotiate “Why” is key, not “What” Question Your Assumptions
From my HistoryWhen ALZA first began working withclient companies, overhead rates werenegotiated individually with eachpot...
An Objective (“What”)“We want to have the right tomarket the product in Europe.”
“Why’s” lead to “How’s” –“What’s” often lead to trouble   Assumptions/Facts        (Why?)         Objectives          (Wha...
An Objective (“What”)“We want to have the right tomarket the product in Europe.” The “Why” Could Be:  – We want to become ...
An Objective (“What”)  A Friend: “Let’s go to Alice’sRestaurant for dinner”
An Objective (“What”)  A Friend: “Let’s go to Alice’sRestaurant for dinner”The “Why” Could Be:   – Alice’s has great steak...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”
Separate “Needs” from      “Wants” “Needs” – Reason you are interested – If not “walk-away” “Wants” – Nice to have – May e...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
Focus on  “Next Best Alternative”Problem: How to determine an  objective “value” for your first  choice? How much is it re...
Focus on “Next Best Alternative” Problem: How to place an objective “value” on your first choice? How much is it really wo...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
VARIABLES THAT WILLINFLUENCE OUTCOME OF     NEGOTIATION     The “Big Four”Information
Information  Usually most important determinant  of outcome   – About the substance of the     negotiation   – About the o...
VARIABLES THAT WILLINFLUENCE OUTCOME OF     NEGOTIATION      The “Big Four”InformationPower
PowerPower in a negotiation can be obtained by: – Alternatives – Organization/legitimacy – Precedent – Persuasive ability ...
VARIABLES THAT WILLINFLUENCE OUTCOME OF     NEGOTIATION     The “Big Four”InformationPowerTime Constraints
Time ConstraintsUse of deadlines– Most deadlines are not  deadlinesRecognize when passageof time eliminatesalternatives
What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremelyrare lamp for sale which you know(with...
What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (wit...
What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (wit...
What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (wit...
VARIABLES THAT WILLINFLUENCE OUTCOME OF     NEGOTIATION       The “Big Four”InformationPowerTime ConstraintsValues/Needs/W...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
WHAT INFORMATION    TO SHAREVery Difficult Judgment CallShould try to share informationthat will:– Help in finding a mutua...
WORKSHOP EXAMPLE:Buying/Selling CarWhat Information to Share?BUYER – Needs car only for three months – Intends to sell aft...
WHAT INFORMATION    TO SHAREVery Difficult Judgment CallShould try to share informationthat will: – Help in finding a mutu...
WORKSHOP EXAMPLE:Buying/Selling CarWhat Information NOT to Share?BUYER – No Other Alternatives – Time pressureSELLER – No ...
HOW DO YOU RESPOND?     You’ve been in a very difficultnegotiation for three days. The processdoesn’t seem to be getting a...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
Listen and RespondWhat “Level” Is the Subject Now      Being Discussed?   Assumptions/Facts        (Why?)         Objectiv...
LISTEN and RESPOND,  Is the other person’s statement, or what it is suggesting:         Accurate?        Reasonable?    Ac...
GIVING YOUR RESPONSEWHAT’S THE DIFFERENCE ? Presenting Your Case  In a Court of Law  In a Negotiation
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
Forget Your       “Ego” NeedsMost people, particularly if they arerepresenting an organization andhave their associates wi...
Win Wars--Lose       BattlesNeed to know what the waris– Know Your ObjectivesNeed to look for battles tolose– You negotiat...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
A “Make Believe”     Raffle  The Rules:Highest Bidder Gets$100.00Second Highest Bidder hasto pay me what he/she bid
IMPORTANT NEGOTIATIONSUSUALLY CONSIST OF MANY  INDIVIDUAL ELEMENTSPoor Negotiators will respondindividually to each elemen...
THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus...
Some Additional Hints Always know/understand your alternatives  – There always are alternatives Deal with substance, not w...
Games Negotiators Play I don’t have the authority This is too complicated, can’t we make it simpler Anger, “winning” by in...
A LITTLE NEGOTIATING      PRACTICE STATUS: You have been negotiating an agreement under which a product will be developed ...
A LITTLE NEGOTIATING      PRACTICE YOU:       “We will require a five percent royalty on sales of the product.” THEY:     ...
“Why’s” lead to “How’s” –“What’s” often lead to trouble   Assumptions/Facts        (Why?)         Objectives          (Wha...
A LITTLE NEGOTIATING      PRACTICE YOU:       “We will require a five percent royalty on sales of the product.” THEY:     ...
A LITTLE NEGOTIATING      PRACTICE YOU:      “Could you please explain why the maximum you will pay is two percent?” THEY:...
LISTEN & RESPOND(Now you “know” the “why”)   Is the statement you are   responding to:  – An Assumption  – An Objective, o...
A LITTLE NEGOTIATING      PRACTICE YOU:      “Could you please explain why the maximum you will pay is two percent?” THEY:...
A LITTLE NEGOTIATING      PRACTICE YOU:      “Could you please explain why the maximum you will pay is two percent?” THEY:...
A LITTLE NEGOTIATING      PRACTICE YOU:      “Could you please explain why the maximum you will pay is two percent?” THEY:...
A LITTLE NEGOTIATING      PRACTICE YOU:     “Could you please explain why the maximum you will pay is two percent?” THEY: ...
A LITTLE NEGOTIATING      PRACTICE YOU:     “Could you please explain why the maximum you will pay is two percent?” THEY: ...
A LITTLE NEGOTIATING      PRACTICE  THE END
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Martin Gerstel - The Art of Negotiation

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Martin Gerstel - The Art of Negotiation

  1. 1. The Art of NegotiatingThe MIT Enterprise Forum of Israel Tel Aviv University December 29, 2010 © (2010) Martin Gerstel
  2. 2. NEGOTIATION“The use of information and power to affect behavior within a web of tension.”** Herb Cohen, “You can Negotiate Anything.” Four months on the New York Times Best Seller List
  3. 3. NEGOTIATION “The use of information and power to affect behavior within a web of tension.”* The process of two or more parties attempting to reach agreement regarding an issue when faced with an apparent conflict or disagreement.* Herb Cohen, “You can Negotiate Anything.” Four months on the New York Times Best Seller List
  4. 4. THE ART OF NEGOTIATING When to Negotiate
  5. 5. WHEN TO NEGOTIATEWhen is it required? – Almost neverWhen can you not? – Almost neverWhen you choose toBut… Always a price Is it worth it?
  6. 6. A Common Mistake“Set objective (what you want) and then accomplish it” Objective (What?)•Buy car at lowest cost to resell •Sell car at highest price and then buy car Means to Accomplish Negotiate (How?)
  7. 7. Key to Remember! Why? – Why? – Why? Why? •Needs car for summer at less than $9000 cost •Has car unneeded for summer, needs $2000, Objective (What?)•Buy car at lowest cost to resell •Sell car at highest price andthen buy car at end of summer
  8. 8. “Why’s” lead to “How’s” “What’s” often lead to trouble Why? •Need car for summer •Need $2000 for trip: have car that is not needed for summer Objective (What?) •Buy car at lowest cost to resell•Sell car at highest price and thenbuy another car at end of summer NOMeans to Accomplish (How?) • Rent Car for summer
  9. 9. When to Negotiate?“Negotiation”: The process oftwo or more parties attemptingto reach agreement regardingan issue when faced with anapparent conflict or disagreement.1. Are you sure there is a conflict?2. Is it “worth it” to resolve?
  10. 10. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”
  11. 11. Assumption or Fact?If someone puts an ad in thenewspaper to sell a car, theywant to sell the car.If someone responds to anad in the newspaper about acar for sale, they want to buya car.
  12. 12. THE ART OF NEGOTIATING When to Negotiate “Why” is key, not “What” Question Your Assumptions
  13. 13. From my HistoryWhen ALZA first began working withclient companies, overhead rates werenegotiated individually with eachpotential client. This negotiation wasoften the most difficult part of enteringinto a new arrangement. The clientcompany had their accountants go overevery individual line item and arguewith us point by point, trying to reduceour rates.Why was the potential clientdoing this?
  14. 14. An Objective (“What”)“We want to have the right tomarket the product in Europe.”
  15. 15. “Why’s” lead to “How’s” –“What’s” often lead to trouble Assumptions/Facts (Why?) Objectives (What?) NO Means to Accomplish (How?)
  16. 16. An Objective (“What”)“We want to have the right tomarket the product in Europe.” The “Why” Could Be: – We want to become start marketing products in general – The other company is not very strong in Europe – We want to Build Marketing Capability for this product line or geographic area in the future – We want to be closely Identified with This Product
  17. 17. An Objective (“What”) A Friend: “Let’s go to Alice’sRestaurant for dinner”
  18. 18. An Objective (“What”) A Friend: “Let’s go to Alice’sRestaurant for dinner”The “Why” Could Be: – Alice’s has great steaks – Want a particular dish that is made only by this restaurant – It’s at the Tel Aviv Port near the water – Want a very quiet restaurant – Don’t want to drive too far – ???
  19. 19. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”
  20. 20. Separate “Needs” from “Wants” “Needs” – Reason you are interested – If not “walk-away” “Wants” – Nice to have – May effect Pricing – Not a “deal-breaker”
  21. 21. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”
  22. 22. Focus on “Next Best Alternative”Problem: How to determine an objective “value” for your first choice? How much is it really worth to you?
  23. 23. Focus on “Next Best Alternative” Problem: How to place an objective “value” on your first choice? How much is it really worth to you? The Value to you of your “first choice” equals: The cost to you of your “Next Best Alternative” PLUSthe value/cost of the difference
  24. 24. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”
  25. 25. VARIABLES THAT WILLINFLUENCE OUTCOME OF NEGOTIATION The “Big Four”Information
  26. 26. Information Usually most important determinant of outcome – About the substance of the negotiation – About the other negotiator/companyKey to Remember You don’t know what the other party really needs/wants (They might not even be aware or willing to admit) Usually, there is a better solution for both parties than the initial positions taken by either
  27. 27. VARIABLES THAT WILLINFLUENCE OUTCOME OF NEGOTIATION The “Big Four”InformationPower
  28. 28. PowerPower in a negotiation can be obtained by: – Alternatives – Organization/legitimacy – Precedent – Persuasive ability – Expertise – Morality – Blackmail – Persistency – Risk-taking/escalation – AngerImportant to recognize sources of powerfor both you and the other party – Can sometimes be “neutralized” if you’re prepared
  29. 29. VARIABLES THAT WILLINFLUENCE OUTCOME OF NEGOTIATION The “Big Four”InformationPowerTime Constraints
  30. 30. Time ConstraintsUse of deadlines– Most deadlines are not deadlinesRecognize when passageof time eliminatesalternatives
  31. 31. What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremelyrare lamp for sale which you know(without any doubt) is worth at least$100,000, yet the price marked is$500. The Seller is a verysuccessful company that purchasesestates and sells items on individualbasis, and just made a very bigmistake in appraising the lamp.What do you do?
  32. 32. What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (withoutany doubt) is worth at least $100,000, yetthe price marked is $500.What do you do?Suppose the Seller is a widowselling all of her possessionsto get money for a medicaloperation for her only child?
  33. 33. What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (withoutany doubt) is worth at least $100,000, yetthe price marked is $500.What do you do?Suppose you are verywealthy?
  34. 34. What Would You Do?You are a knowledgeable buyer ofantiques and you find an extremely rarelamp for sale which you know (withoutany doubt) is worth at least $100,000, yetthe price marked is $500.What do you do?Suppose you are out of workand having problems feedingyour family?
  35. 35. VARIABLES THAT WILLINFLUENCE OUTCOME OF NEGOTIATION The “Big Four”InformationPowerTime ConstraintsValues/Needs/Wants/EGOEach of the above can be used byeither party at any time to changethe tone of the negotiations. - Can be “truth” or a “ploy”
  36. 36. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” Values
  37. 37. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” Values – concept of “negotiables” – key to “win-win” negotiating
  38. 38. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare Information
  39. 39. WHAT INFORMATION TO SHAREVery Difficult Judgment CallShould try to share informationthat will:– Help in finding a mutual solution– Help other party to understand your needs
  40. 40. WORKSHOP EXAMPLE:Buying/Selling CarWhat Information to Share?BUYER – Needs car only for three months – Intends to sell after three monthsSELLER – Selling car reluctantly – will need to buy car after three months return from trip
  41. 41. WHAT INFORMATION TO SHAREVery Difficult Judgment CallShould try to share informationthat will: – Help in finding a mutual solution – Help other party to understand your needsBut, need to considerwhether other party can thenuse information to yourdisadvantage
  42. 42. WORKSHOP EXAMPLE:Buying/Selling CarWhat Information NOT to Share?BUYER – No Other Alternatives – Time pressureSELLER – No Other Alternatives – Time Pressure
  43. 43. HOW DO YOU RESPOND? You’ve been in a very difficultnegotiation for three days. The processdoesn’t seem to be getting anywhere.There doesn’t seem to be an outcomeacceptable to all. On the first day of thenegotiations, you had presented a proposalthat was flatly rejected out of hand by theother party as totally unacceptable, andthey weren’t even willing to discuss it. It is now three days later and theycome back to you with a proposal which isessentially the same as the one that youoffered three days earlier. It is presentedby them as a new and different way topossibly proceed to get around theproblems that your unwillingness to bereasonable has created.
  44. 44. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With People
  45. 45. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With People – Listen and Respond
  46. 46. Listen and RespondWhat “Level” Is the Subject Now Being Discussed? Assumptions/Facts (Why?) Objectives (What?) Means to Accomplish (How/A Proposal?)
  47. 47. LISTEN and RESPOND, Is the other person’s statement, or what it is suggesting: Accurate? Reasonable? Acceptable to You?NOT the same as “Reasonable”
  48. 48. GIVING YOUR RESPONSEWHAT’S THE DIFFERENCE ? Presenting Your Case In a Court of Law In a Negotiation
  49. 49. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With People – Listen and Respond – Show Support for the Other Party – Forget your “Ego needs”
  50. 50. Forget Your “Ego” NeedsMost people, particularly if they arerepresenting an organization andhave their associates with them,need to “look good.” If you are in anegotiation and you don’t have thatneed, it can be a tremendousadvantage.Examples:• Giving credit to others for ideas• Lose a lot of battles Painting
  51. 51. Win Wars--Lose BattlesNeed to know what the waris– Know Your ObjectivesNeed to look for battles tolose– You negotiate with people
  52. 52. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With PeopleDon’t Argue About the Future Orange
  53. 53. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With PeopleDon’t Argue About the FutureCompromise is Failure! – “Remember the Orange”
  54. 54. A “Make Believe” Raffle The Rules:Highest Bidder Gets$100.00Second Highest Bidder hasto pay me what he/she bid
  55. 55. IMPORTANT NEGOTIATIONSUSUALLY CONSIST OF MANY INDIVIDUAL ELEMENTSPoor Negotiators will respondindividually to each elementwithout an overall plan– Try to “maximize” each element regardless of importance to objectivesGood Negotiators willunderstand how theseelements interrelate and effecttheir objectives– See as an “overall package”– Think through before responding
  56. 56. THE ART OF NEGOTIATINGWhen to Negotiate“Why” is key, not “What”Question Your AssumptionsSeparate “needs” from “wants”Focus on “Next Best Alternative”Recognize/Neutralize “The Big Four”No “True” ValuesShare InformationYou Negotiate With PeopleCompromise is Failure!Keep the “Big Picture” in Mind
  57. 57. Some Additional Hints Always know/understand your alternatives – There always are alternatives Deal with substance, not words – “Ownership” vs. “Right-to-Use” Patents – “Why” not “What” Never negotiate by phone Specifically state the ground rules – Agreements or proposals Disagree with IDEAS, not PEOPLE Quantify/analyze Think about the future Never negotiate alone If in doubt, ask a question Beware of game-players
  58. 58. Games Negotiators Play I don’t have the authority This is too complicated, can’t we make it simpler Anger, “winning” by intimidation Inappropriate use of power/escalation Good Guy/Bad Guy I’m really thinking only of your interests Stubborn, confuse and outlast Taking outrageous positions
  59. 59. A LITTLE NEGOTIATING PRACTICE STATUS: You have been negotiating an agreement under which a product will be developed and marketed by your partner at their expense based on a license from your company. If successful they will pay your company a royalty. Somehow, during the negotiating process, no one discussed royalty rates, and this is now the only open issue. Everything else has been agreed .
  60. 60. A LITTLE NEGOTIATING PRACTICE YOU: “We will require a five percent royalty on sales of the product.” THEY: “The most we are prepared to pay is two percent royalty on sales.” How to you respond?
  61. 61. “Why’s” lead to “How’s” –“What’s” often lead to trouble Assumptions/Facts (Why?) Objectives (What?) NO Means to Accomplish (How?)
  62. 62. A LITTLE NEGOTIATING PRACTICE YOU: “We will require a five percent royalty on sales of the product.” THEY: “The most we are prepared to pay is two percent royalty on sales.” YOU: “Could you please explain why the maximum you will pay is two percent?”
  63. 63. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “This is going to be a relatively small niche product and therefore, looking at the development costs involved, we really can’t justify a royalty higher than two percent.” YOU: ????????
  64. 64. LISTEN & RESPOND(Now you “know” the “why”) Is the statement you are responding to: – An Assumption – An Objective, or – A proposal Is the statement you are responding to: 1. Factual 2. Reasonable 3. Acceptable to you
  65. 65. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “In view of the fact that we are taking all of the development and commercial risk, and you are taking no risks, we don’t see how a royalty of higher than two percent is justified or reasonable.” YOU: ????????
  66. 66. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “Our corporate policy is never to pay more than two percent for licensed- in product candidates at such an early stage.” YOU: ????????
  67. 67. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “The product candidate just isn’t worth it. Although it appears to have some unique qualities, your patent coverage is not going to stop “me-too’s”. YOU: ????????
  68. 68. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “Product sales will be very limited since this will be a product only for the United States market. We don’t see any possibility of international sales.” YOU: ????????
  69. 69. A LITTLE NEGOTIATING PRACTICE YOU: “Could you please explain why the maximum you will pay is two percent?” THEY: “By the time this product gets to the market, there will be many other companies with similar products for the same target and based on the same mechanism. We agree this will be a big product, but only because of our marketing expertise and position in this field, not the characteristics of the product candidate that you are licensing to us. YOU: ????????
  70. 70. A LITTLE NEGOTIATING PRACTICE THE END

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