Chris shares his experience of negotiating a deal and the challenges he faced. He discusses the importance of having a systematic approach to negotiation and introduces the first four steps of his negotiation process. These steps include summarizing and passing the torch, getting all the buyer's asks on the table, stack ranking the asks, and uncovering the underlying needs behind the requests. By following these steps, sellers can kick off a negotiation session productively and establish the business value before discussing price.
Takeaways
Having a systematic approach to negotiation is crucial for success.
The first four steps of the negotiation process are summarizing and passing the torch, getting all the buyer's asks on the table, stack ranking the asks, and uncovering the underlying needs.
Summarizing the key elements of the partnership at the beginning of a negotiation session establishes the business value and prevents the focus from solely being on price.
Getting all the buyer's asks on the table before responding allows sellers to see the bigger picture and prioritize the requests.
Uncovering the underlying needs behind the requests helps sellers find creative solutions that meet both parties' interests.
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