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Pelton sic 2010 negotiating 2010-07-17 - pp2003


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Pelton sic 2010 negotiating 2010-07-17 - pp2003

  1. 1. © 2010 Erik M. Pelton & Associates, PLLC. All Rights Reserved. ® <ul><li>Effective Negotiating: </li></ul><ul><li>You can’t always get what you want </li></ul><ul><ul><li>But if you try sometimes you might find </li></ul></ul><ul><ul><li>You get what you need </li></ul></ul><ul><ul><li>- Rolling Stones (1969) </li></ul></ul>
  2. 2. Tips for Negotiating Every situation is unique Every party is unique Tell me about your situations
  3. 3. Tips for Negotiating Preparation Your Adversary / Partner The Opening Getting Results Overcoming Obstacles Reaching the Finish Line
  4. 4. Tips for Negotiating <ul><li>About Erik: </li></ul><ul><li>10+ years representing clients </li></ul><ul><li>Participated in resolving many disputes </li></ul><ul><ul><ul><li>sometimes before any conflict or litigation </li></ul></ul></ul><ul><ul><ul><li>sometimes after years of conflict </li></ul></ul></ul><ul><ul><li>Negotiated with dozens of business owners and attorneys for small companies and big (Starbucks®, Yahoo!®, adidas®, Microsoft®) </li></ul></ul>
  5. 5. Tips for Negotiating <ul><li>Preparation </li></ul><ul><li>Know what you want </li></ul><ul><li>Know your bottom line </li></ul><ul><li>Know what you are willing to bargain away </li></ul><ul><li>Brainstorm creative possibilities for give and take </li></ul><ul><li>Do not negotiate unless you want to </li></ul><ul><ul><ul><li>Consider the alternatives </li></ul></ul></ul>
  6. 6. Tips for Negotiating <ul><li>Your Adversary / Partner </li></ul><ul><li>Know the other side </li></ul><ul><li>Determine what is likely the most important to the other side </li></ul><ul><li>Is this a one-time partner or potential for working together in the future </li></ul>
  7. 7. Tips for Negotiating <ul><li>The Opening </li></ul><ul><li>Avoid making first offer if possible </li></ul><ul><li>Always ask for more than you are willing to accept </li></ul><ul><li>You can’t get something if you don’t ask </li></ul><ul><li>But be within a range of reason </li></ul><ul><li>Understand their position before reacting to it </li></ul>
  8. 8. Tips for Negotiating <ul><li>Getting Results </li></ul><ul><li>Seek win-win opportunities [no one wants to be a loser] </li></ul><ul><li>Be creative </li></ul><ul><li>Look for other areas of value </li></ul><ul><ul><li>Time </li></ul></ul><ul><ul><li>Money </li></ul></ul><ul><ul><li>Performance </li></ul></ul><ul><ul><li>Other factors </li></ul></ul><ul><li>Consider seeking help – mediation/arbitration </li></ul>
  9. 9. Tips for Negotiating <ul><li>Overcoming Obstacles </li></ul><ul><li>Sometime you need to draw a line </li></ul><ul><li>Bluffing – be very careful </li></ul><ul><li>Remember the alternatives </li></ul><ul><ul><li>No deal </li></ul></ul><ul><ul><li>Litigation </li></ul></ul><ul><ul><li>Arbitration / Mediation </li></ul></ul><ul><li>Sleep on it </li></ul><ul><ul><li>Take a break to reflect </li></ul></ul>
  10. 10. Tips for Negotiating <ul><li>Reaching the Finish Line </li></ul><ul><li>Get it in writing !!! </li></ul><ul><ul><li>What happens if agreement breached </li></ul></ul><ul><ul><li>Specify in detail each party’s obligations </li></ul></ul><ul><ul><li>Sequence </li></ul></ul><ul><ul><ul><li>What actions/payments are contingent on others </li></ul></ul></ul><ul><li>Get it in writing !!! </li></ul>
  11. 11. Conclusion <ul><li>Prepare well </li></ul><ul><li>Be creative </li></ul><ul><li>Put it in writing </li></ul><ul><li>DISCLAIMER: </li></ul><ul><li>Content is not legal advice. </li></ul><ul><li>If you have questions, consult an attorney. </li></ul><ul><li>© 2010 Erik M. Pelton & Associates, PLLC. All Rights Reserved. </li></ul>