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© 2010 Erik M. Pelton & Associates, PLLC. All Rights Reserved.

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Effective Negotiating:

You can’t always get what you wantBut if you try sometimes you might find

You get what you need

- Rolling Stones (1969)

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Tips for Negotiating

Every situation is unique

Every party is unique

Tell me about your situations

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Tips for Negotiating

Preparation

Your Adversary / Partner

The Opening

Getting Results

Overcoming Obstacles

Reaching the Finish Line

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Tips for Negotiating

About Erik:

•10+ years representing clients

•Participated in resolving many disputes• sometimes before any conflict or litigation• sometimes after years of conflict

• Negotiated with dozens of business owners and attorneys for small companies and big (Starbucks®, Yahoo!®, adidas®, Microsoft®)

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Tips for Negotiating

Preparation

•Know what you want•Know your bottom line•Know what you are willing to bargain away•Brainstorm creative possibilities for give and take•Do not negotiate unless you want to

• Consider the alternatives

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Tips for Negotiating

Your Adversary / Partner

•Know the other side•Determine what is likely the most important to the other side•Is this a one-time partner or potential for working together in the future

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Tips for Negotiating

The Opening

•Avoid making first offer if possible•Always ask for more than you are willing to accept•You can’t get something if you don’t ask•But be within a range of reason•Understand their position before reacting to it

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Tips for Negotiating

Getting Results

•Seek win-win opportunities [no one wants to be a loser]

•Be creative•Look for other areas of value

• Time• Money• Performance• Other factors

•Consider seeking help – mediation/arbitration

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Tips for Negotiating

Overcoming Obstacles

•Sometime you need to draw a line•Bluffing – be very careful•Remember the alternatives

• No deal• Litigation• Arbitration / Mediation

•Sleep on it• Take a break to reflect

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Tips for Negotiating

Reaching the Finish Line

•Get it in writing !!!• What happens if agreement breached• Specify in detail each party’s obligations• Sequence

• What actions/payments are contingent on others

•Get it in writing !!!

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Conclusion

• Prepare well

• Be creative

• Put it in writing

DISCLAIMER:

Content is not legal advice.

If you have questions, consult an attorney.

© 2010 Erik M. Pelton & Associates, PLLC. All Rights Reserved.