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Effective Negotiation Tactics: A Positive Approach

February 28, 2023 By Rhett Leave a Comment

negotiation tacticsThe right mental attitude will do wonders for anyone involved in the negotiation process, be it sales negotiation, contract negotiation, or even business debt negotiation. Of all of the effective negotiation tactics, having a positive mental attitude and outlook is the premier trait of an effective negotiator.

The mental attitude of a person affects every decision they make, every word they say, and every action they take. A person’s attitude colors, in an almost intangible way, the manner in which things are done, so that the person receiving the action, or hearing the words, is more convinced by the attitude than the actual action or words themselves. You cannot divorce attitude from action, verbal or physical.

Just as when a parent disciplines a child, and (in love) instills pain and disappointment in the child, she is showing far more in her attitude than in the action of discipline, and children know inherently that parents who discipline evidence their love most completely. Though they dislike the discipline, the child knows they are loved because of the discipline.

It’s the attitude that counts.

In contrast, when a salesman approaches you with a backslap and forced laughter and tells you because you remind him of his uncle and he just thinks so much of you, he is going to give you a deal that might get him fired… do you believe him? No matter what he says, or what he offers, you feel down deep inside that his attitude is disingenuous and false. The offer appears great, the words are right, but his attitude is as phony as a 3 dollar bill.

It’s the attitude that counts.

The first element of attitude in successful negotiation tactics is belief. If the negotiator believes a deal is possible, it probably is. If he can convince the other side that it is possible, it almost absolutely is. Belief in success is the first step toward success.

How does one arrive at this belief? While it might be difficult to believe something with no grounds on which to believe it, if you have created an atmosphere of probable success, you will be more likely to believe success is a reality. That belief will affect both yours and the opposing side’s attitude. This study of attitude and belief gets awfully close to the chicken and the egg paradox: (which one comes first?). However, you can start the process by deliberate and progressive steps. Here they are:

1. Show physical expressions of your positive attitude. This means smile, take on a casual pose, and keep your hands open and relaxed. People will figure out your true demeanor over time, but you can start them in the right direction by showing them you are happy and hopeful right away. The other side will watch your face, your posture, and your hands to try to guess where you are mentally. Help them. Let them know you are there to make a mutually beneficial deal.

2. Ease into the mechanics of the deal at hand. People want to feel that they are dealing with a person, maybe a little like themselves. If they have children, they might want to hear about yours. If they are sports fanatics, they might want to know if you support the same teams. This is where you can allow them to learn about you, or better yet, you can learn about them. Most people will talk long before they will listen. It’s the human way. Use it. Let them talk. Let them tell you whatever they want to tell you, and be genuine and really listen to them. You put yourself in a position of strength when you choose to listen instead of talk.

3. Express your belief that both you and they will do the right thing. This is crucial. You must reveal to them that you believe they will make a fair deal, like you. People are funny creatures, and one of the most interesting things about humans is what motivates them to action. Positive belief goes a long way.

Experience will show you that your attitude of a positive outcome will heavily influence the other side’s actions to bring about that positive outcome. You do this by:

* Expressing that you will strive to achieve an agreement that is beneficial to both of you, and you believe they will do the same.

* Expressing that you understand their concerns and fears, and you believe they can understand yours.

* Expressing that you share common ground with them, be it values, goals, and desired outcomes.

To be a successful negotiator you must apply effective negotiation tactics. A positive mental attitude will flavor your words and actions and bring out the same in the other side of a negotiation. Positive attitude breeds positive action, and people cannot help but be affected by the genuine, positive and hopeful attitude of another.

Even if it means making a concession.

Filed Under: Negotiation Tactics Tagged With: business negotiation, business negotiation skills, Negotiation, negotiation skills, negotiation strategies, negotiation tactics

Deferred Income Taxes in M&A

December 21, 2020 By Gregory Leave a Comment

deferred income taxes

In many mergers and acquisitions (M&A) transactions, the target company has one set of financial information for “book accounting” purposes (or book basis) and another for “tax accounting” purposes (or tax basis). At times, the two sets of books exhibit temporary differences that result in what are called deferred income taxes. In this article, I will explain the sources of deferred income taxes, perform some deferred income tax calculations, and explain how they are relevant to M&A valuations / transactions. [Read more…]

Filed Under: Business Selling, Selling a Business Tagged With: deferred income taxes, deferred tax liability, deferred taxes

Small Business Ideas During the Pandemic

December 16, 2020 By Natasha Leave a Comment

 

small business ideas

Picture this. Your work has closed due to the governor’s new restrictions. You’ve been instructed to quarantine, and as your whole city is closed except a few mega-corporations, you don’t have much of an option. But as your day disappears to yet another series on Netflix, you suddenly get an idea. What if I start my own business? You begin to research. Hey Google, what are small business ideas during the pandemic?

[Read more…]

Filed Under: Successful Business Tagged With: business ideas, pandemic, small business ideas

The Perspective of the Business Buyer in M&A

December 1, 2020 By Gregory Leave a Comment

business buyer

One of the most common challenges in mergers and acquisitions is getting a seller to understand the transaction from the perspective of the business buyer. Sellers may spend 20 or more years building their business and likely understand every detail of how to make their business successful. However, it may be difficult for a seller to understand “value” from a potential buyer’s perspective. It’s important that sellers work with an experienced M&A professional to understand this perspective and have realistic expectations for the value of their company. [Read more…]

Filed Under: Business Selling Tagged With: business buyer, business buyers, business valuation, buyer's perspective

Riches to Rags – The Secret to Viewing Wealth Properly

October 23, 2020 By Rhett Leave a Comment

riches to rags

Solomon, the author of the book of Ecclesiastes of the Bible, took a direct and realistic look at human life. Much of what he spoke about concerned money and business. And it stands to reason: he was the wealthiest man that ever lived. Modern scholars estimate that at the height of his career, Solomon was worth more than all the billionaires in the world today, who have a combined net worth of about 8 trillion dollars.

Yeah, Solomon was crazy rich. [Read more…]

Filed Under: Successful Business Tagged With: All Entrepreneurship, Business Advice, business risk, entrepreneur, riches to rags

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