What motivates the party on the other side of the deal?
When you’re negotiating in connection with almost any type of deal, it pays to do your homework on the other side. What do they want? Why? What’s their history? Their performance? Their successes? Their losses? Their, well, as much as you can find out.
Few negotiators go this far. Yet when the other side is an entity as opposed to an individual, it pays to go even deeper, beyond attempting to understand the opposing party and its motivations, to attempting to understand the motivations, and the personalities, of the individuals in charge of making the opponent’s decisions.
This might be the motivations of the hospital CEO – for example, how is she paid, when is her contract up for renewal, is she aiming for a promotion? Or, for example, this might be the motivations of the politicians elected to the board of a public entity. When are they up for re-election or reappointment and who are their real constituents?
Do your homework.
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Mark F. Weiss