Tuesday, December 3, 2013

Negotiating Like a Billionaire

Robert HernandezMBA, Hablo Espanol
Private Capital Ventures, Inc.
Phone: 650-776-3280
Fax 415-573-0930
NMLS :241292 Broker Lic.: 01935727
Negotiating Like a Billionaire
Donald's Dos and Don'ts

In Donald Trump's 2004 book, Trump: How to Get Rich*, he dedicates an entire section to the secrets of negotiation. I think you'll be amazed to know how much the dealings of a multi-billionaire relate to business at any level.

Here are some of the tips he shares for successful negotiation:

Consider What the Other Side Wants. If you remain too focused on what you want, you'll miss which concessions you can make that might satisfy the other side.

Be Reasonable and Flexible. Unless you are never going to be negotiating again, it will hurt you in the long run if you show an unwillingness to bend. The word will eventually get out, and no one will want to work with you.

Trust Your Instincts. If it sounds too good to be to true, it probably is. Don't let the same brain that struggles with long division be the only decision-maker. Trust your gut!

Know Exactly What You Want and Keep It to Yourself.Chess masters know they've lost the game when their opponent can see their true attack coming. In other words, as soon as the other side knows what you want, they have you by the throat.

Let Your Guard Down, but Only on Purpose. Let out some facts or opinions to "test the waters." See if people are agreeable or disagreeable, in order to gauge what they're thinking and feeling.

Be Patient. Stubbornness is not the same as patience. Don't let your impatience overrun the deal itself. Be willing to wait for the right conditions to be met.

Be True to Your Friends.Be loyal, be kind, and believe that both sides can come out winners.

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