Win-Win Negotiating for Executives

1. Win-Win Negotiating for Executives Presented by Greg Porto - Michael Garcia September 23, 2009 E xecNet-St. Louis: “Executives Helping Executives”

5. Keys to a Successful Negotiation Before you start formal negotiation…. 1. Have a positive, can-do mindset: - Be in a calm, focused place – mentally, emotionally, physically - Have clarity - to see the facts – from both your and the other side’s perspective - to see the opportunities and challenges - Fundamentally believe you’ll strike a good deal which benefits both parties - Visualize success Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

6. Keys to a Successful Negotiation Before you start formal negotiation…. 2. Answer these questions in writing : - What specific outcomes do you hope to achieve and why? - What outcomes would you like to achieve but can live without? - Given your desired outcomes, what will your opening positions/requests be? - What will you tell the other side you need, but can readily offer as a bargaining chip? - What are your alternatives to an agreement? Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

7. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 3. Put yourself in the other side’s shoes: Based on preliminary discussions with, and your knowledge of, the other side write out: - What are their desired outcomes and why? - Given their desired outcomes, what will their opening positions be? - What will they ask for that’s not critical? - What are their alternatives to an agreement? - Focus on underlying needs not positions - Repeat this exercise as you get more information and throughout the negotiation Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

8. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)…. 4. Work through scenarios in writing - Write out ‘What-if’ and ‘Win-Win’ scenarios - How can you get what you want while satisfying their needs? - Repeat this exercise as you get more information and throughout the negotiation Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

9. Keys to a Successful Negotiation Before you start formal negotiation (cont’d)… 5. Practice beforehand: - In front of mirror (facial expression, body language, tone of voice, clothes); videotape yourself - Role play with a colleague, friend or your spouse - Recognize the power of presence 6. Define the negotiation framework with the other side before you begin: - Identify the players - make sure parties have proper authority to negotiate - Define primary and secondary issues to be negotiated - Determine negotiation timing, venue(s) Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

10. Keys to a Successful Negotiation During the negotiation…. 7. Ask outstanding questions / be clear in your communication - Formulate your questions ahead of time - In a negotiation, the side that frames the questions has an enormous advantage - Ask straightforward questions and don’t make the other side feel inferior - Listen carefully to what they say as well as what they do not say - Clearly ask for what you want - if you don’t ask, you don’t get 8. Revisit the questions in #3 and #4 regarding the other side and what-if scenarios Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

11. Keys to a Successful Negotiation During the negotiation (cont’d)…. 9. Rely on facts, not assumptions - If facts warrant you to change your opinion, then change your opinion - Never become emotionally wed to your opinion 10. Present a consistent communication style - Fluctuating emotions/moods elicit mistrust or may make you appear tentative - Your style should be complementary to the other side’s - Know your interpersonal strengths and weaknesses Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

13. Common Negotiation Mistakes 4. Assuming the other side communicates like you do - Take into account style and cultural differences in communication 5. Not taking a ‘time out’ or walking away when you should - Taking a time out, walking away and saying ‘no’ are not giving up, they are strategic negotiating tools. You can always re-engage. - Sometimes agreement is not meant to be – in this case, moving on to find a solution by pursuing a different alternative is the most constructive course Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

14. Finally…… Make Friends and Create Solutions!! - Keep the Substance (facts) of the negotiation objective - Keep the Form (communication style) of the negotiation personable “ All things being equal, people want to do business with their friends. All things being not quite so equal, people STILL want to do business with their friends.” - Jeffrey Gitomer Win-Win Negotiating for Executives Greg Porto Managing Director – Ion Partners LLC [email_address] Michael Garcia Human Resources Executive [email_address]

27. Selling short Role Play Questions and Answers Win-Win Negotiating for Executives