LifeLessons

"The Gambler" Principles (based on the song by Kenny Rogers)
by John Di Frances, Negotiate like a Gambler   

- You got to know when to hold 'em:

Negotiation necessitates that you have the patience and confidence to be still. If the other party perpetuates a long silence, wait, that's right, just simply w-a-i-t. Let them break the silence. If it is truly a relationship, they will. Remain steadfast, solemn, but not sullen, and wait. Hold out firmly for your high priority/risk issues.

- Know when to fold 'em:

Holding out for a lost cause is not only against your best interest, but it also makes you seem stubborn and foolish. Know when to give in on a point. If it is not a "walk-away" issue, then concede graciously and continue to negotiate.

- Know when to walk away:

If the deal cannot be obtained without violating your prior walk-away decision, then walk-away, but just walk. Clearly express your position and reasons, then leave courteously, letting the other party know that you mean what you say, but are still leaving the door open for them to reopen the discussion after conceding to your walk-away issue(s). Never, never re-evaluate your "walk-away" position while sitting at the table. I have seen this done too many times under the guise of "new information," a code phrase for "giving in." If, indeed, completely new facts come to light, then take the time to recess, get away, preferably for a few days, or at a minimum, overnight. It is too simple to convince oneself that you should alter your "walk-away" position when you see the negotiation going down in flames. Remember, the whole reason for developing "walk-away" positions well ahead of the negotiation, was to prevent being pressured into giving up ground on these critical issues an inch at a time. This is an instance where unless the other party reconsiders, you will be far better served strategically in the future by building a new relationship or looking for another way of accomplishing your goal, despite the momentary discomfort. Face the fact today that the relationship is no longer mutually beneficial and move on.

- Know when to run:

Run? Yes, run, when the other party demonstrates bad faith or a lack of regard for the truth. No business relationship is worth the risk and the inevitable pain that results from dealing with disreputable people and organizations. After all, would you continue playing cards with someone after you learned that they were using a marked deck? Run! Do not walk, and do not leave the door open behind you. Make them understand that you have no time or interest in doing business with those who do not understand the meaning of the words TRUTH and INTEGRITY.

You never count your money
When you're sittin' at the table
Ther'll be time enough for countin'
When the dealin's done

Never talk openly about how much you or your company will profit from the deal and never, never gloat over the terms of the agreement afterward. Both are evidence of bad taste and a severe lack of personal discretion. Also, news like that has a habit of reverberating around. I have seen successful negotiations sour after the fact because someone with loose lips slips an indiscreet comment that leads the other party to believe they had been taken advantage of or misled. On the positive side, do celebrate the outcome together with the other party at the conclusion of the deal. Go out together to lunch, dinner or whatever. In doing, so you celebrate the success of everyone involved and thereby further reinforce the relationship for the future!

Read more at: http://www.negotiations.com/articles/business-negotiation/