As with most things in business, preparation is key; a well planned negotiation can increases your confidence and your chance of success. However, negotiation is a scary prospect for many and when it's a merger or acquisition you're negotiating, the stakes are high.
With 25 years' experience with mergers and acquisitions Peter Howson doesn't think the prospect of negotiation should intimidate you. Instead he suggests we should focus on the fact that we negotiate all the time in our day to day lives without really thinking about it and remember that the best negotiation outcome is when both sides get what they want.
When it comes to negotiation it might be best to start with the basics…
- 1. Prepare - set out the procedures, timings and work out what is most important to you.
2. Stay in control - take charge, ask questions and be wise to negotiations ploys.
3. Aim high - negotiators with higher aspirations tend to achieve better results.
4. Trade - concessions should always be traded, not donated.
5. Spot the green light - don't miss the signal to agree!
Anyone can negotiate and good negotiators focus on building relationships. Find out more on how to become a better negotiator with our new course, Negotiating Mergers and Acquisitions.
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