Negotiate Price Quotes

Convincing all nations in the civilized world to agree that any investments into these corporations should be tax-free was not an easy task. Tea with the Queen didn’t quite cut it. Saki with the Japanese Prime Minister was pleasant, but not quite enough. We had to offer major trade concessions to our partner nations to bring them to the negotiating table. In retrospect, it was a small price to pay. The talks earned me the title of “The Great Negotiator.” I didn't mind.

Do not compromise on the quality and your customers will not negotiate on the price.

Like Jordan Baker, people with self-respect have the courage of their mistakes. They know the price of things. If they choose to commit adultery, they do not then go running, in an access of bad conscience, to receive absolution from the wronged parties; nor do they complain unduly of the unfairness, the undeserved embarrassment, of being named co-respondent. In brief, people with self-respect exhibit a certain toughness, a kind of moral nerve; they display what was once called character, a quality which, although approved in the abstract, sometimes loses ground to other, more instantly negotiable virtues.

He found himself one night in a bar standing beside a gorgeous woman. “Would you be willing to sleep with me for $1 million?” he asked her. She looked him over. There wasn’t much to see—but still, $1 million! She agreed to go back to his room. “All right then, “ he said. “Would you be willing to sleep with me for $100?” “A hundred dollars!” she shot back. “What do you think I am, a prostitute?” “We’ve already established that. Now we’re just negotiating the price.

But only when it was too late did they realize the price they must pay for escaping their destiny. Every Happy Ever After was tainted. Fate, at first so amenable, so reasonable, so open to negotiation, ends up by exacting a cruel revenge for happiness.

No, the majority of people just survive, they think their things have a value but nothing does. Things only have a price, based on expectation, and I do business with that. The only thing of value on Earth is time. One second will always be a second, there’s no negotiating with that.

The gifts of fate come with a price. For those who have been favored by life’s indulgence, rigorous respect in matters of beauty is a non-negotiable requirement. Language is a bountiful gift and its usage, an elaboration of community and society, is a sacred work. Language and usage evolve over time: elements change, are forgotten or reborn, and while there are instances where transgression can become the source of an even greater wealth, this does not alter the fact that to be entitled to the liberties of playfulness or enlightened misusage when using language, one must first and foremost have sworn one’s total allegiance. Society’s elect, those whom fate has spared from the servitude that is the lot of the poor, must, consequently, shoulder the double burden of worshipping and respecting the splendors of language.

Salespeople who think that it’s all about price aren’t required: If it can be sold on the internet at the lowest price, you can take the huge cost of a sales team out of the equation.

As in many other games, moving first is an advantage in single-issue negotiations—for example, when price is the only issue to be settled between a buyer and a seller. As you may have experienced when negotiating for the first time in a bazaar, the initial anchor has a powerful effect. My

I’ll refer my clones to businesses and negotiate a better price for myself. And for myselves.

Ask prospective agents to explain step-by-step how they are going to negotiate the highest price for the home—from receipt of the offer to counteroffers until acceptance.

In the most successful exits, the company should be delivering its peak performance for the months leading up to the final price negotiations and closing.

In negotiating a purchase price, he who cares the least, wins.

You don't announce the lowest price you'd accept on an object you're trying to sell to an active buyer. That's like perfuming your asshole before you eat Taco Bell.

The key to getting a discount is timing. Always negotiate on price before you pay.

With no small amount of trepidation, we walked alone past a colony of black-faced monkeys we’d been told were extremely dangerous. We avoided eye contact and certainly didn’t take pictures. And dearly wished our old Sherpa bag-carrying matey was nearby. We visited Gandhi’s tomb. We saw saris being printed and hand-knotted carpets being fabricated and negotiated a decent price for a small hand-crafted rug of Mughal design that, as long as we keep the certificate of authenticity safe, should appreciated in value. We witnessed poverty beyond poverty, with ‘untouchables’ so poor that they are actually outside the caste system, and who can’t even afford to live in the unsanitary slums described as 'unfit for human habitation.

Remember this study when you are in a negotiation—make your initial request far too high. You have to start somewhere, and your initial decision or calculation greatly influences all the choices that follow, cascading out, each tethered to the anchors set before. Many of the choices you make every day are reruns of past decisions; as if traveling channels dug into a dirt road by a wagon train of selections, you follow the path created by your former self. External anchors, like prices before a sale or ridiculous requests, are obvious and can be avoided. Internal, self-generated anchors, are not so easy to bypass. You visit the same circuit of Web sites every day, eat basically the same few breakfasts. When it comes time to buy new cat food or take your car in for repairs, you have old favorites. Come election time, you pretty much already know who will and will not get your vote. These choices, so predictable—ask yourself what drives them. Are old anchors controlling your current decisions?

And then there’s the tale of an economist on holiday in Las Vegas. He found himself one night in a bar standing beside a gorgeous woman. “Would you be willing to sleep with me for $1 million?” he asked her. She looked him over. There wasn’t much to see—but still, $1 million! She agreed to go back to his room. “All right then, ” he said. “Would you be willing to sleep with me for $100?” “A hundred dollars!” she shot back. “What do you think I am, a prostitute?” “We’ve already established that. Now we’re just negotiating the price.

Set your target price (your goal). 2.​Set your first offer at 65 percent of your target price. 3.​Calculate three raises of decreasing increments (to 85, 95, and 100 percent). 4.​Use lots of empathy and different ways of saying “No” to get the other side to counter before you increase your offer. 5.​When calculating the final amount, use precise, nonround numbers like, say, $37,893 rather than $38,000. It gives the number credibility and weight. 6.​On your final number, throw in a nonmonetary item (that they probably don’t want) to show you’re at your limit.

Racath’s eyebrows drew together. “Terms?” “Yes, terms,” Briz’nar replied, a forked tongue dancing behind its sharkish teeth. “Conditions for the riots to cease. The rabble must have some sort of price if they are sending one of your kind to do the bargaining. What is it, then? Coin? Food? Perhaps a much needed bath?” Some of the Arkûl chuckled. Racath rolled his eyes. “I’m not here to negotiate with anyone!” he answered incredulously. “The only terms I have are that you die, this Bridge is destroyed, and the Dominion never even thinks about looking at the Burrows ever again.

Underlying all this activity—in the customhouses, on the wharves, in every place of business—were numbers. Merchants measured out their wares and negotiated prices; customs officers calculated taxes to be levied on imports; scribes and stewards prepared ships’ manifests, recording the values in long columns using Roman numerals. They would have put their writing implements to one side and used either their fingers or a physical abacus to perform the additions, then picked up pen and parchment once again to enter the subtotals from each page on a final page at the end. With no record of the computation itself, if anyone questioned the answer, the entire process would have to be repeated.

A Narrow Value Range. The myth of a narrow value range is a subtle one. It is important to understand that the range of value can be quite wide. A seller may receive offers of $3 million, $6 million, or $11 million for the same company. The variations in price reflect the fact that different buyers will find different levels of strategic value. Revenue

For NED and American neocons, Yanukovych’s electoral legitimacy lasted only as long as he accepted European demands for new ‘trade agreements’ and stern economic ‘reforms’ required by the International Monetary Fund. When Yanukovych was negotiating those pacts, he won praise, but when he judged the price too high for Ukraine and opted for a more generous deal from Russia, he immediately became a target for ‘regime change.’ Thus, we have to ask, as Mr Putin asked - ‘Why?’ Why was NED funding sixty-five projects in one foreign country? Why were Washington officials grooming a replacement for President Yanukovych, legally and democratically elected in 2010, who, in the face of protests, moved elections up so he could have been voted out of office - not thrown out by a mob?

For instance, in a popularized 2010 study, researchers from Harvard, Yale, and MIT had eighty-six volunteer subjects participate in a mock financial negotiation: bargaining down the price of a car with the sticker price of $16,500. One by one, each subject would sit in a chair facing an experimenter who was playing the part of the car salesman. But there was a catch: half the participants were seated in hard, wooden chairs, and the other half were treated to plush, cushioned ones. The result? Those given the hard chairs were the harder bargainers. They were more forceful in their negotiations and bargained the salesman down to a price that was on average $347 lower than that of the comfy chair group. Apparently, the added comfort of the cushioned chairs led the other group to agree to a higher price.

And yet that performance has a method. Trump's artlessness, like Mark Antony's, is only apparent. Listen, for example, as he performs one of his favorite riffs. He begins by saying something critical of Mexicans and Chinese. Then he turns around and says, 'I love the Mexican and Chinese people, especially the rich ones who buy my apartments or stay at my hotels or play on my golf courses.' It's their leaders I criticize, he explains, but then in a millisecond he pulls the sting from the criticism: 'they are smarter and stronger than our leaders; they're beating us.' And then the payoff all this has been leading up to, the making explicit of what has been implied all along. 'If I can sell them condominiums, rent space to them in my building at my price, and outfox them in deals, I could certainly outmaneuver them when it came to trade negotiations and immigration.' (And besides, they love me.) Here is the real message, the message that makes sense of the disparate pieces of what looks like mere disjointed fumbling: I am Donald Trump; nobody owns me. I don't pander to you. I don't pretend to be nice and polite; I am rich and that's what you would like to be; I'm a winner; I beat people at their own game, and if you vote for me I will beat our adversaries; if you want wonky policy details, go with those losers who offer you ten-point plans; if you want to feel good about yourselves and your country, stick with me. So despite the lack of a formal center or an orderly presentation, Trump was always on point because the point was always the same. He couldn't get off message because the one message was all he had.

[Elisabeth Woodville] doesn't take up arms to get her own way. But she is just as resolute as either Joan [of Arc] or Magaret [D'Anjou] about getting what she wants. What does she use instead? She uses sexuality. You may ask, what is wrong with that? Women have been using their sexuality to get what they want from time immemorial (...). And if there is no other way to exert power, then to use your will to procure your will is probably a good idea. However, if what you are implicitly promising (...) is not actually what you want to do, and in order to deliver you must separate yourself from yourself, then it does have its shortcomings as a negotiating tool. You pay a price; you separate yourself from your body. I say this from a woman's point of view. (...) And, as some of my young feminist friends have pointed out, you cannot change a corrupt system by using its own tools

Sometimes management thinks it must determine a minimum acceptable price upfront. This is not possible when selling an intangible company. The price, the real price, is determined by the market and not by any other means. I suggest to sellers that they not worry so much about the valuation right now but rather that we go out to the market, contact all the good buyers, get offers, and negotiate the best price that we can and then accept the highest offer. People

I found myself navigating exaggerated compliments, half-meant invitations, and gargantuan hospitality. One particular exchange that the priest had with a flower merchant summed it up for me. After a lengthy negotiation over price, the flower seller declared: “Of course, I would like you to have them for free.” Nimbler at this than I would ever have been, the priest had an equally insincere compliment ready in reply: “You know, I only came here for the pleasure of seeing you.

When he spoke again, the kidnapper seemed shell-shocked. But he went on. His next offer was lower, $10,000. Then we had the nephew answer with a strange number that seemed to come from deep calculation of what his aunt’s life was worth: $4,751. His new price? $7,500. In response, we had the cousin “spontaneously” say he’d throw in a new portable CD stereo and repeated the $4,751. The kidnappers, who didn’t really want the CD stereo felt there was no more money to be had, said yes.

Who will braid my hair when I’m at college?” I muse. “I will,” Peter says, all confidence. “You don’t know how,” I scoff. “The kid will teach me. Won’t you, kid?” “For a price,” Kitty says. They negotiate back and forth before finally settling on Peter taking Kitty and her friends to the movies one Saturday afternoon. Which is how I come to be sitting cross-legged on the floor while Peter and Kitty sit on the couch above me, Kitty demonstrating a French braid and Peter recording it on his phone. “Now you try it,” she says. He keeps losing a piece and getting frustrated. “You have a lot of hair, Lara Jean.” “If you can’t get the French, I’ll teach you something more basic,” Kitty says, and there is no mistaking the contempt in her voice. Peter hears it too. “No, I’m gonna get it. Just give me a second. I’m gonna master it just like I mastered the other kind of French.” He winks at me. Kitty and I both scream at him for that. “Don’t talk like that in front of my sister!” I yell, shoving him in the chest. “I was kidding!” “Also, you’re not that good at French kissing.” Even though, yeah, he is. Peter gives me a Who are you kidding? look, and I shrug, because who am I kidding?

The citizens of the City of Rome, therefore, could not believe it when toward the end of the first decade of the fifth century, they woke to find Alaric, king of the Visigoths, and all his forces parked at their gates. He might as well have been the king of the Fuzzy-Wuzzies, or any other of the inconsequential outlanders that civilized people have looked down their noses at throughout history. It was preposterous. They dispatched a pair of envoys to conduct the tiresome negotiation and send him away. The envoys began with empty threats: any attack on Rome was doomed, for it would be met by invincible strength and innumerable ranks of warriors. Alaric was a sharp man, and in his rough fashion a just one. He also had a sense of humor. “The thicker the grass, the more easily scythed,” he replied evenly. The envoys quickly recognized that their man was no fool. All right, then, what was the price of his departure? Alaric told them: his men would sweep through the city, taking all gold, all silver, and everything of value that could be moved. They would also round up and cart off every barbarian slave. But, protested the hysterical envoys, what will that leave us? Alaric paused. “Your lives.” In that pause, Roman security died and a new world was conceived.

A stranger came out to White Acre one day to sell Henry a pony, for Alma to learn to ride. The pony's name was Soames, and he was the color of sugar icing, and Alma loved him immediately. A price was negotiated. The two men settled on three dollars. Alma, who was only six years old, asked, "Excuse me, sir, but does that price also include the bridle and saddle which the pony is currently wearing?" The stranger balked at the question, but Henry roared with laughter. "She's got you there, man!" he bellowed, and for the rest of that day, he ruffled Alma's hair whenever she came nearer, saying, "What a good little auctioneer I've got as a daughter!

What is the most beautiful place you’ve ever seen?” Dragging his gaze from the beauty of the gardens, Ian looked down at the beauty beside him. “Any place,” he said huskily, “were you are.” He saw the becoming flush of embarrassed pleasure that pinkened her cheeks, but when she spoke her voice was rueful. “You don’t have to say such things to me, you know-I’ll keep our bargain.” “I know you will,” he said, trying not to overwhelm her with avowals of love she wouldn’t yet believe. With a grin he added, “Besides, as it turned out after our bargaining session, I’m the one who’s governed by all the conditions, not you.” Her sideways glance was filled with laughter. “You were much too lenient at times, you know. Toward the end I was asking for concessions just to see how far you’d go.” Ian, who had been multiplying his fortune for the last four years by buying shipping and import-export companies, as well as sundry others, was regarded as an extremely tough negotiator. He heard her announcement with a smile of genuine surprise. “You gave me the impression that every single concession was of paramount importance to you, and that if I didn’t agree, you might call the whole thing off.” She nodded with satisfaction. “I rather thought that was how I ought to do it. Why are you laughing?” “Because,” he admitted, chuckling, “obviously I was not in my best form yesterday. In addition to completely misreading your feelings, I managed to buy a house on Promenade Street for which I will undoubtedly pay five times its worth.” “Oh, I don’t think so,” she said, and, as if she was embarrassed and needed a way to avoid meeting his gaze, she reached up and pulled a leaf off an overhanging branch. In a voice of careful nonchalance, she explained, “In matters of bargaining, I believe in being reasonable, but my uncle would assuredly have tried to cheat you. He’s perfectly dreadful about money.” Ian nodded, remembering the fortune Julius Cameron had gouged out of him in order to sign the betrothal agreement. “And so,” she admitted, uneasily studying the azure-blue sky with feigned absorption, “I sent him a note after you left itemizing all the repairs that were needed at the house. I told him it was in poor condition and absolutely in need of complete redecoration.” “And?” “And I told him you would consider paying a fair price for the house, but not one shilling more, because it needed all that.” “And?” Ian prodded. “He has agreed to sell it for that figure.” Ian’s mirth exploded in shouts of laughter. Snatching her into his arms, he waited until he could finally catch his breath, then he tipped her face up to his. “Elizabeth,” he said tenderly, “if you change your mind about marrying me, promise me you’ll never represent the opposition at the bargaining table. I swear to God, I’d be lost.” The temptation to kiss her was almost overwhelming, but the Townsende coach with its ducal crest was in the drive, and he had no idea where their chaperones might be. Elizabeth noticed the coach, too, and started toward the house. "About the gowns," she said, stopping suddenly and looking up at him with an intensely earnest expression on her beautiful face. "I meant to thank you for your generosity as soon as you arrived, but I was so happy to-that is-" She realized she'd been about to blurt out that she was happy to see him, and she was so flustered by having admitted aloud what she hadn't admitted to herself that she completely lost her thought. "Go on," Ian invited in a husky voice. "You were so happy to see me that you-" "I forgot," she admitted lamely.

1.​Set your target price (your goal). 2.​Set your first offer at 65 percent of your target price. 3.​Calculate three raises of decreasing increments (to 85, 95, and 100 percent). 4.​Use lots of empathy and different ways of saying “No” to get the other side to counter before you increase your offer. 5.​When calculating the final amount, use precise, nonround numbers like, say, $37,893 rather than $38,000. It gives the number credibility and weight. 6.​On your final number, throw in a nonmonetary item (that they probably don’t want) to show you’re at your limit. The genius of this system is that it incorporates the psychological tactics we’ve discussed—reciprocity, extreme anchors, loss aversion, and so on—without you needing to think about them.

We warily sipped ‘fresh’ buffalo milk in a Krishna temple. We travelled into the Himalayas until, at a height of two kilometres above sea level where we found ourselves surrounded by men as hard and tough as the mountains that bred them. We negotiated a price of 100 rupees for one of these men to carry our two heaviest bags the 15-minute walk to the hotel with nothing more than rope and a forehead strap. I paid him 300 rupees and his face lit up! We watched the morning mist clear to reveal views of the green Doon Valley and the distant white-capped Himalayan peaks. We rode an elephant up to the Amber Fort of Jaipur, and the next day we painted, washed and fed unpeeled bananas to another elephant, marvelling at her gentle nature as we placed the bananas on her huge bubble-gum coloured tongue.

Revenue Multiples. In the section on myths we also discussed the problems associated with revenue multiples and why they are poor indicators of value. Multiples of revenues are bogus for four reasons. First, because the range of multiples is too wide to be useful. Second, because comparisons using the multiple are simply not valid. Just because one company sold for a certain multiple of revenue does not mean that another company will sell for that same multiple, even if the companies are similar. Third, revenue multiples do not consider cost structures, management talent, pricing, profitability, or growth. And fourth is the problem of narrow markets; there are only a limited number of strategic buyers who can benefit from the seller’s key assets. These buyers care only about the strategic fit with their company, not some revenue multiple. WHAT

One can hardly fault China for seizing on a great bargain, but for Zambia, the auctioning off of its most lucrative economic resources at fire-sale prices constituted another big stroke of bad national luck. Copper prices were still depressed and the government’s state of near bankruptcy at the time meant that Zambia had little negotiating power. Edith Nawakwi, who was the Zambian finance minister at the time of the sale, said that the country was pressured by its more traditional partners to accept this pittance. “We were told by advisers, who included the International Monetary Fund and the World Bank, that … for the next twenty years, Zambian copper would not make a profit. [Conversely, if we privatized] we would be able to access debt relief, and this was a huge carrot in front of us—like waving medicine in front of a dying woman. We had no option [but to go ahead].” The

A nuclear dispute between post-Soviet republics was an outlandish idea for anyone living in the Soviet Union. A few days earlier, however, a troubling incident had occurred. Vice-President Rutskoy had used the nuclear argument in his negotiations with Ukrainian government officials. He was acting as an envoy of Gazprom, to bargain on the commercial price of natural gas in pipelines that ran from Siberia to Western Europe across Ukraine. The talks quickly touched on other issues, including the future of Crimea, and grew heated. Rutskoy, no diplomat, said that Ukraine should not behave so stubbornly “with a nuclear power.” The Ukrainian negotiators responded that their republic also had nuclear weapons and would defend its borders by all means available. Newspapers wrote about the threat of “a Russian nuclear strike against Ukraine.” Yeltsin was forced to provide explanations.

Buffett was asked why he hadn't bought more Costco shares, considering that Munger owns shares and is on the board of directors. "Yeah, you hit on a good one here," Buffett replied. "We should've owned more Costco, and probably if Charlie had been sitting in Omaha, we would've owned more Costco. Charlie was constantly telling me about this terrific method of distribution, and after 10 years or so I started catching on to what he was saying, and we bought a little of Costco at Berkshire. "We actually negotiated to buy more. I made the most common mistake that I make . . . We started buying it, and the price went up, and instead of following it up and continuing to buy more. . . . If Costco had stayed at $15 a share or so, where we were buying it, we would've bought a lot more. But instead it went to 15⅛ and who could pay 15⅛ when they'd been paying $15—it wasn't quite that bad. But I have made that mistake a lot of times, and it's very irritating."23

When we subtract two numbers, say, 9 − 6, the time that we take is directly proportional to the size of the subtracted number34—so it takes longer to perform 9 − 6 than, say, 9 − 4 or 9 − 2. Everything happens as if we have to mentally move along the number line, starting from the first number and taking as many steps as the second number: the further we have to go, the longer we take. We do not crunch symbols like a digital computer; instead, we use a slow and serial spatial metaphor, motion along the number line. Likewise, when we think of a price, we cannot help but attribute to it a fuzzier value when the number gets larger—a remnant of our primate-based number sense, whose precision decreases with number size.35 This is why, against all rationality, when we negotiate, we are ready to give up a few thousand dollars on the price of an apartment and, the same day, bargain a few quarters on the price of bread: the level of imprecision that we tolerate is proportional to a number’s value, for us just as for macaques.

You often find this difference between different types of investors. Some will tell you that all the value is in driving down the price you pay as low as possible. These investors revel in the transaction itself, in playing with the deal terms, in beating up their opponent at the negotiating table. That has always seemed short term to me. What that thinking ignores is all the value you can realize once you own an asset: the improvements you can make, the refinancing you can do to improve your returns, the timing of your sale to make the most of a rising market. If you waste all your energy and goodwill in pursuit of the lowest possible purchase price and end up losing the asset to a higher bidder, all that future value goes away. Sometimes it’s best to pay what you have to pay and focus on what you can then do as an owner. The returns to successful ownership will often be much higher than the returns on winning a one-off battle over price. At the price I suggested, I calculated that we would lock in a 16 percent annual yield.

QUESTIONS TO IDENTIFY AND DIFFUSE DEAL-KILLING ISSUES Internal negotiating influence often sits with the people who are most comfortable with things as they are. Change may make them look as if they haven’t been doing their job. Your dilemma in such a negotiation is how to make them look good in the face of that change. You’ll be tempted to concentrate on money, but put that aside for now. A surprisingly high percentage of negotiations hinge on something outside dollars and cents. Often they have more to do with self-esteem, status, autonomy, and other nonfinancial needs. Think about their perceived losses. Never forget that a loss stings at least twice as much as an equivalent gain. For example, the guy across the table may be hesitating to install the new accounting system he needs (and you are selling) because he doesn’t want to screw anything up before his annual review in four months’ time. Instead of lowering your price, you can offer to help impress his boss, and do it safely, by promising to finish the installation in ninety days, guaranteed.

Look around you, piglet. What do you see? Same thing you see in the mirror—fat, weak, lazy slugs. The gene pool so diluted that you can barely recognize these pale blobs as human, all their juice watered down. We did this to ourselves, piglet. Back before you and me were born, all the politicians got scared about all the crime, and all the wars, so they pumped everybody full of antidepressants and soy and estrogen, trying to dull that fire, that natural fire that’s supposed to burn inside all of us. They gave all the men porn and video games, to soak up their conqueror instincts. Worked like a charm—crime went way down, rape went way down, pregnancy went way down. And the only price was they turned all the men into fat little toothless blobs and the girls into arrogant, squealing little piglets, like you. Puttin’ that fire out forever, that natural fire that comes from the balls. The fire that built this world. Well, I’m here to tell you, there are still some men left. So no, there’s not gonna be no negotiation. The lion don’t negotiate with the gazelle.” He

Believe me," Dr. Tamalet summed up, "if you wanted that operation in France, you could get it" Which is, of course, the boon and the bane of France's health care system. It offers a maximum of free choice among skillful doctors and well-equipped hospitals, with little or not waiting, at bargain-basement prices [in out-of-pocket terms to the consumer]. It's a system that enables the French to live longer and healthier lives, with zero risk of financial loss due to illness. But somebody has to pay for all that high-quality, ready-when-you-need-it care--and the patients, so far, have not been willing to do so. As a result, the major health insurance funds are all operating at a deficit, and the costs of the health care system are increasing significantly faster than the economy as a whole. That's why the doctors keep striking and the sickness funds keep negotiating and the government keeps going back to the drawing board, with a new 'major health care reform' every few years. So far, the saving grace for France's system has been the high level of efficiency, as exemplified by the 'carte vitale,' that keeps administrative costs low--much lower than in the United States.

When Joe and I went to meet Goldman’s real estate team, though, we found they had a different view of the risks of this deal. Goldman wanted to bid as low as possible to avoid overpaying. For me, the biggest risk was not offering enough and missing out on a tremendous opportunity. I wanted to make sure we beat Bankers Trust’s expected bid. You often find this difference between different types of investors. Some will tell you that all the value is in driving down the price you pay as low as possible. These investors revel in the transaction itself, in playing with the deal terms, in beating up their opponent at the negotiating table. That has always seemed short term to me. What that thinking ignores is all the value you can realize once you own an asset: the improvements you can make, the refinancing you can do to improve your returns, the timing of your sale to make the most of a rising market. If you waste all your energy and goodwill in pursuit of the lowest possible purchase price and end up losing the asset to a higher bidder, all that future value goes away. Sometimes it’s best to pay what you have to pay and focus on what you can then do as an owner. The returns to successful ownership will often be much higher than the returns on winning a one-off battle over price.

Decouplers often trip up on this step in two ways. First, they are overly generic in articulating the CVC. When mapping the process of buying a car, auto executives tend to describe it as: feel the need to buy car > become aware of a car brand > develop an interest in the brand > visit the dealer > purchase the car. This is a start, but it is not specific enough. Decouplers must ask: When do people actually need a new car? How exactly do people become aware of car brands? How do people become interested in a make or model? And so on. The generic process of awareness, interest, desire, and purchase isn’t specific enough to help. Decouplers also flounder by failing to identify all the relevant stages in the value chain. For the car-buying process, a better description of the CVC might be: become aware that your car lease will expire in one month > feel the need to purchase a new car > develop a heightened interest in car ads > visit car manufacturers’ websites > create a set of two or three brands of interest > visit third-party auto websites > compare options of cars in the same category > choose a model > shop online for the best price > visit the nearest dealer to see if they have the model in stock > see if they can beat the best online price > test-drive the cars > decide about financing, warranty, and other add-ons > negotiate a final price > sign the contract > pick up the car > use it > wait for the lease to expire again. With this far more detailed CVC, we can fully appreciate the complexity of the car-buying

It was in her abode, in the janitorial quarters assigned her on the ground floor rear, that seemingly inoffensive Mrs. Shapiro set up a clandestine alcohol dispensary—not a speakeasy, but a bootleg joint, where the Irish and other shikkers of the vicinity could come and have their pint bottles filled up, at a price. And several times on weekends, when Ira was there, for he got along best with Jake, felt closest to him, because Jake was artistic, some beefy Irishman would come in, hand over his empty pint bottle for refilling, and after greenbacks were passed, and the transaction completed, receive as a goodwill offering a pony of spirits on the house. And once again those wry (rye? Out vile pun!), wry memories of lost opportunities: Jake’s drab kitchen where the two sat talking about art, about Jake’s favorite painters, interrupted by a knock on the door, opened by Mr. Shapiro, and the customer entered. With the fewest possible words, perhaps no more than salutations, purpose understood, negotiations carried out like a mime show, or a ballet: ecstatic pas de deux with Mr. McNally and Mr. Shapiro—until suspended by Mr. Shapiro’s disappearance with an empty bottle, leaving Mr. McNally to solo in anticipation of a “Druidy drunk,” terminated by Mr. Shapiro’s reappearance with a full pint of booze. Another pas de deux of payment? Got it whole hog—Mr. Shapiro was arrested for bootlegging several times, paid several fines, but somehow, by bribery and cunning, managed to survive in the enterprise, until he had amassed enough wealth to buy a fine place in Bensonhurst by the time “Prohibition” was repealed. A Yiddisher kupf, no doubt.

Regret can improve decisions. To begin understanding regret’s ameliorative properties, imagine the following scenario. During the pandemic of 2020–21, you hastily purchased a guitar, but you never got around to playing it. Now it’s taking up space in your apartment—and you could use a little cash. So, you decide to sell it. As luck would have it, your neighbor Maria is in the market for a used guitar. She asks how much you want for your instrument. Suppose you bought the guitar for $500. (It’s acoustic.) No way you can charge Maria that much for a used item. It would be great to get $300, but that seems steep. So, you suggest $225 with the plan to settle for $200. When Maria hears your $225 price, she accepts instantly, then hands you your money. Are you feeling regret? Probably. Many people do, even more so in situations with stakes greater than the sale of a used guitar. When others accept our first offer without hesitation or pushback, we often kick ourselves for not asking for more.[2] However, acknowledging one’s regrets in such situations—inviting, rather than repelling, this aversive emotion—can improve our decisions in the future. For example, in 2002, Adam Galinsky, now at Columbia University, and three other social psychologists studied negotiators who’d had their first offer accepted. They asked these negotiators to rate how much better they could have done if only they’d made a higher offer. The more they regretted their decision, the more time they spent preparing for a subsequent negotiation.[3] A related study by Galinsky, University of California, Berkeley’s, Laura Kray, and Ohio University’s Keith Markman found that when people look back at previous negotiations and think about what they regretted not doing—for example, not extending a strong first offer—they made better decisions in later negotiations. What’s more, these regret-enhanced decisions spread the benefits widely. During their subsequent encounters, regretful negotiators expanded the size of the pie and secured themselves a larger slice. The very act of contemplating what they hadn’t done previously widened the possibilities of what they could do next and provided a script for future interactions.[4]

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Think about it,” Obama said to us on the flight over. “The Republican Party is the only major party in the world that doesn’t even acknowledge that climate change is happening.” He was leaning over the seats where Susan and I sat. We chuckled. “Even the National Front believes in climate change,” I said, referring to the far-right party in France. “No, think about it,” he said. “That’s where it all began. Once you convince yourself that something like that isn’t true, then…” His voice trailed off, and he walked out of the room. For six years, Obama had been working to build what would become the Paris agreement, piece by piece. Because Congress wouldn’t act, he had to promote clean energy, and regulate fuel efficiency and emissions through executive action. With dozens of other nations, he made climate change an issue in our bilateral relationship, helping design their commitments. At international conferences, U.S. diplomats filled in the details of a framework. Since the breakthrough with China, and throughout 2015, things had been falling into place. When we got to Paris, the main holdout was India. We were scheduled to meet with India’s prime minister, Narendra Modi. Obama and a group of us waited outside the meeting room, when the Indian delegation showed up in advance of Modi. By all accounts, the Indian negotiators had been the most difficult. Obama asked to talk to them, and for the next twenty minutes, he stood in a hallway having an animated argument with two Indian men. I stood off to the side, glancing at my BlackBerry, while he went on about solar power. One guy from our climate team came over to me. “I can’t believe he’s doing this,” he whispered. “These guys are impossible.” “Are you kidding?” I said. “It’s an argument about science. He loves this.” Modi came around the corner with a look of concern on his face, wondering what his negotiators were arguing with Obama about. We moved into the meeting room, and a dynamic became clear. Modi’s team, which represented the institutional perspective of the Indian government, did not want to do what is necessary to reach an agreement. Modi, who had ambitions to be a transformative leader of India, and a person of global stature, was torn. This is one reason why we had done the deal with China; if India was alone, it was going to be hard for Modi to stay out. For nearly an hour, Modi kept underscoring the fact that he had three hundred million people with no electricity, and coal was the cheapest way to grow the Indian economy; he cared about the environment, but he had to worry about a lot of people mired in poverty. Obama went through arguments about a solar initiative we were building, the market shifts that would lower the price of clean energy. But he still hadn’t addressed a lingering sense of unfairness, the fact that nations like the United States had developed with coal, and were now demanding that India avoid doing the same thing. “Look,” Obama finally said, “I get that it’s unfair. I’m African American.” Modi smiled knowingly and looked down at his hands. He looked genuinely pained. “I know what it’s like to be in a system that’s unfair,” he went on. “I know what it’s like to start behind and to be asked to do more, to act like the injustice didn’t happen. But I can’t let that shape my choices, and neither should you.” I’d never heard him talk to another leader in quite that way. Modi seemed to appreciate it. He looked up and nodded.

Who was it that made the salesman think that way? Clearly, it was you. You put those thoughts in his head, you pulled the strings, you controlled the tone and progress of the negotiation, and eventually you set the final price and terms. You had power.

DIRECT TRADE. This is a practice in which a cacao buyer works directly with the producers to negotiate a fair price and ensure that the farms are paying good wages, not using child labor, and using sustainable growing methods.

Finally, I ask the listing agent my favorite question: Is there any room for negotiation on the price? If so, how much?

the price that will be paid in any negotiation—is directly related to the clarity of the vision of pain?

The Wow Moment also gave me a clear understanding of what products were in my price range. It helped manage my expectations. No one wants to hear, “Well, your budget is small, and therefore the sofas in your price range really aren’t that great. That’s probably why you hate all of them.” The Wow Moment is a kinder way to educate and assure a customer about their purchase. Serhant Secret #10 You can’t negotiate with someone’s wallet, but you can negotiate with their feelings. I first tried the Wow Moment on my client Amanda, who was looking for a rental on the west side of Manhattan and had a budget of about $3,500.

Between 2006 and 2013, Chinese gas consumption had tripled. Yet despite the decade of negotiations, the “big deal” on gas was mainly stuck on one question—price. Moscow wanted prices commensurate with what it charged Europeans and indexed to oil (which was still high), while Beijing wanted lower prices in line with domestic energy prices and competitive with coal.

It is often relatively easy to find companies that are being disrupted and will eventually disappear, but they are not always easy to short and make money. The flawed business model company may have potential acquirers, they may have new management teams excite investors for a turnaround, or they may negotiate desperate partnerships to keep the company alive. All these things can make the stock price spike from very low valuation levels and cause material losses.

But bridging the gap isn’t as simple as coming down or coming up in price. You have to play to the fears. Remember how we discussed having Walls? And the Wall being our motivation to succeed? Buyers and sellers have the same thing. The seller’s biggest wall is a future in which they have Not Sold. The buyer’s biggest wall is a future in which they have Not Bought. Seems simple, right? I play to those fears in every negotiation. With my seller on 12th Street, I reminded him that the risk of not countering was going on the market and not selling at all.

If both you and the other party are solely focused on price, most of your real estate negotiations are going to fail. Good negotiators are able to focus on terms other than price. Great negotiators are able to get the other party to do the same thing.

All negotiations, no matter how large or small, are built on a common “currency.” This negotiation currency is known as concessions. To illustrate this, imagine a negotiation as a big pot filled with things that both parties want, sitting between them on the table. The concessions are all the shiny, glittering things inside that pot. In many cases, the most important concession is money (price), but good negotiators realize that the pot is actually filled with many other things as well, depending on the specific nature of the negotiations. As a negotiation progresses, either party may take things out of the pot and give them to the other party (“making a concession”). A party may also put things back in the pot that had previously been taken out. Great negotiators will continually find new things to add to the pot as the negotiation progresses. When both parties agree on how all the stuff in the pot is distributed, a deal has been reached. A skilled negotiator realizes that the more concessions they can add to the pot throughout the negotiation, the more likely it is that both parties will feel like they got a lot out of the negotiation.

Fasal is an online system that connects farmers in rural India directly with market agents and other buyers. Via Fasal, farmers can quickly learn the price of goods at a number of nearby markets, choose the sales location most advantageous to them, and use the data to negotiate a better deal, a challenge that exists around the world.2 Sangeet Choudary, one of the authors of this book, led the commercialization and launch of the Fasal initiative. One of the challenges facing Choudary and his team was figuring out what kind of communications infrastructure they could use to enable producers and consumers to share value units. They realized that the big advantage working in their favor was cell phones. More than half of Indian farmers, even the poorest, own and use cell phones. In fact, as in much of the developing world, cell phone use in rural India has spread rapidly. Cellular telephony, with its instant communications capability, became the conduit for the market data the small farmers so desperately needed.

Me: “Okay, so we agree, you guys stay in the house until the school year ends. This is going to make it hard for us to make a profit on this deal, as the house needs a good bit of work, and we wouldn’t be able to get it renovated and back on the market until after the selling season. But, that’s now our problem—it’s a risk we’re just going to have to take. How much cash are you guys looking to get out of the sale?” Notice a couple things from my follow-up comment: I reinforced both the fact that I had given a concession and that it was a big sacrifice for us; I subtly mentioned that the house needed a good bit of work, planting the idea in their head that their house may not be worth what they expected; Immediately after bragging about my sacrifice and lowering their expectation for what their house would be worth, I ask them to throw out a price (now is a first opportunity for them to reciprocate, potentially asking for less than they otherwise would have). Long story short, always take the opportunity to point out the value of your concessions to the other party.

Determine Motivating Factors Other than Price In addition to determining motivation and trying to get as much information as possible from the seller, you’ll also want to use this discussion to determine if there are motivating factors other than price, or other requirements the seller has. For example, you might ask: Investor: “Assuming we can agree to a price, is there anything else you want or need out of this deal?” This gives seller the opportunity to give you more information about her situation—information that could be used to help formulate an offer and then later be able to better negotiate that offer. For example, the seller might respond in a half-joking manner with: Seller: “Price is the most important thing… But, if you know anyone who can haul all of our furniture to Nebraska for us, that would help too!

And an Executive Business Review? An executive business review (EBR) should present information at a much higher level, with a focus on executive leadership. It is one of the most influential meetings you will have with your customer all year, yet it’s the one most organizations tend to forget. QBRs happen frequently, across the industry, but EBRs? Not so much. Less tactical and less operational than a QBR, an EBR is typically reserved for your customer’s executive leadership team because it’s a high-level review of the value your product is providing the customer. When you draft an EBR, you should be thinking along the lines of, Who is my stakeholder’s boss? How do I co-present to my stakeholder and their boss the value my product has offered and will continue to offer them? An EBR is a way to move up the value chain, promote your stakeholder’s brand inside their own company, and share wins with the executive leader. It’s a strategic meeting that should focus on reinforcing the value in your customer ROI. It should also validate the goals of the organization, because like you did with your QBRs, you’re building a partnership through open dialogue. The only difference is now you’re doing it at an executive level. EBRs should be scheduled twice a year. I typically recommend scheduling one at least three months before the customer’s renewal because if the meeting goes well, it may help move the renewal along faster. I have seen executives stop pushing on price when they’re negotiating terms, and I’ve even seen some CSMs contact a stakeholder’s executive directly to ask for their help. “We’re having trouble with this renewal. Can you step in and assist?” More often than not, the executive will call whoever they need to call and say, “Just get it done.” Plus, when you reach out and ask for help, you’re engaging executive-level advocates, which is always a good thing.

Don’t back yourself into a corner and start negotiating against yourself at the start, like “It’s ten thousand dollars per seat, but don’t worry, I can get you a deal.” Just state the pricing and the rationale that backs it, shut the hell up, and see what the reaction is.

While great negotiators can sometimes turn situations where there is a gap between buyer and seller MAOs, in many cases, the price gap is impossible to overcome and the likelihood of a deal is small. For that reason, we typically like to take one of two approaches to these types of negotiations: Go in with a very low offer (typically at or below your target price) in hopes of shocking the seller into realizing that his property is worth much less than he had thought. If he doesn’t walk away and is still willing to negotiate, there is a chance that he is more highly motivated than you had anticipated, and he may reduce his MAO. If we wanted to go this route for the example above, we’d likely pick an opening price bid somewhere in the $140,000 to $150,000 range. Communicate to the seller that you don’t want to insult him with a low price and that you don’t plan to make an offer. The seller will either thank you for your honesty (in which case there was no deal to be made), or the seller will ask you what your price would have been. If the seller is interested in what you would have offered, that’s an indication that he may be more motivated than we suspected, and again, may be willing to move off his MAO. If the seller asks you what your offer would have been, we typically will present the offer exactly as we did in the first example above, but indicate that we might have a bit of flexibility in that price.

What American Healthcare Can Learn from Italy: Three Lessons It’s easy. First, learn to live like Italians. Eat their famous Mediterranean diet, drink alcohol regularly but in moderation, use feet instead of cars, stop packing pistols and dropping drugs. Second, flatten out the class structure. Shrink the gap between high and low incomes, raise pensions and minimum wages to subsistence level, fix the tax structure to favor the ninety-nine percent. And why not redistribute lifestyle too? Give working stiffs the same freedom to have kids (maternity leave), convalesce (sick leave), and relax (proper vacations) as the rich. Finally, give everybody access to health care. Not just insurance, but actual doctors, medications, and hospitals. As I write, the future of the Affordable Care Act is uncertain, but surely the country will not fall into the abyss that came before. Once they’ve had a taste of what it’s like not to be one heart attack away from bankruptcy, Americans won’t turn back the clock. Even what is lately being called Medicare for All, considered to be on the fringe left a decade ago and slammed as “socialized medicine,” is now supported by a majority of Americans, according to some polls. In practice, there’s little hope for Italian lessons one and two—the United States is making only baby steps toward improving its lifestyle, and its income inequality is worse every year. But the third lesson is more feasible. Like Italy, we can provide universal access to treatment and medications with minimal point-of-service payments and with prices kept down by government negotiation. Financial arrangements could be single-payer like Medicare or use private insurance companies as intermediaries like Switzerland, without copying the full Italian model of doctors on government salaries. Despite the death by a thousand cuts currently being inflicted on the Affordable Care Act, I am convinced that Americans will no longer stand for leaving vast numbers of the population uninsured, or denying medical coverage to people whose only sin is to be sick. The health care genie can’t be put back in the bottle.

When you go into a store, instead of telling the salesclerk what you “need,” you can describe what you’re looking for and ask for suggestions. Then, once you’ve picked out what you want, instead of hitting them with a hard offer, you can just say the price is a bit more than you budgeted and ask for help with one of the greatest-of-all-time calibrated questions: “How am I supposed to do that?

The game of negotiation takes place at two levels. At one level, negotiation addresses the substance; at another, it focuses—usually implicitly—on the procedure for dealing with the substance. The first negotiation may concern your salary, the terms of a lease, or a price to be paid. The second negotiation concerns how you will negotiate the substantive question: by soft positional bargaining, by hard positional bargaining, or by some other method. This second negotiation is a game about a game—a “meta-game.” Each move you make within a negotiation is not only a move that deals with rent, salary, or other substantive questions; it also helps structure the rules of the game you are playing. Your move may serve to keep the negotiations within an ongoing mode, or it may constitute a game-changing move. This second negotiation by and large escapes notice because it seems to occur without conscious decision. Only when dealing with someone from another country, particularly someone with a markedly different cultural background, are you likely to see the necessity of establishing some accepted process for the substantive negotiations. But whether consciously or not, you are negotiating procedural rules with every move you make, even if those moves appear exclusively concerned with substance.

The dispositions proper to the mental egoic level reflect the growing sense of equality with other humans, accountability for the care and preservation of the earth and its living and inorganic resources, and a more mature relationship to God. Respect for others diminishes the drive to dominate and control. Cooperation replaces unbridled competition. Harmony replaces rigid value systems. Negotiating replaces exclusive self-interest or national interests. Living in peace with others becomes a more important value, though not at any price. Accessing full mental egoic consciousness is the door leading to the great adventure of recovering and developing union with God.

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In the old days of enterprise computing, companies typically paid millions of dollars to license a package of software, millions more to buy the hardware and to get the software installed properly, and then more money for yearly maintenance contracts. Think Oracle. Then came Software-as-a-Service, or SaaS. The customer negotiated a price with the software supplier and paid monthly to use software that ran in the cloud. Think Salesforce. Now, we have the utilization model, with payments based on consumption. You buy credits and use them when you need them. Think Amazon’s AWS and Snowflake. We believe it’s a superior model and that someday most enterprise software will be purchased and delivered this way.

Father paid a non-negotiable price to redeem his own. He bought the whole field because only he knew the treasure it holds. Jer. 1:5, 2 Cor. 4:7 and Matt. 13:44.

But while U.S. Soccer was making a windfall with higher ticket prices, the players didn’t see anything from it other than the $1.20 per ticket they’d negotiated in 2013. While U.S. Soccer’s merchandise for the national team flew off the shelves, the players didn’t get anything from that. The team’s popularity was surging, but they weren’t in any position to capitalize on it. “I thought it was bullshit,” says defender Meghan Klingenberg, who played every minute of the 2015 World Cup as a left back. “All these people are making money from our likeness and our faces and our value, but we’re not. We’re only getting money from our winnings, and that doesn’t seem right.” “We didn’t have any rights,” she adds. “We had basically assigned our likeness rights, for sponsorships and licensing, to U.S. Soccer to do with them whatever they wanted.

of climate change. What was needed was a massive nudge in the right direction. In the past, the stick of regulation and the rod of taxation were the methods that environmentalists believed could break the fossil fuel economy. But the Inflation Reduction Act doesn’t rely on such punitive tactics, because Manchin culled them from the bill. Instead, it imagined that the United States could become the global leader of a booming climate economy, if the government provided tax credits and subsidies, a lucrative set of incentives. There was a cost associated with the bill. By the Congressional Budget Office’s score, it offered $386 billion in tax credits to encourage the production of wind turbines, solar panels, geothermal plants, and battery storage. Tax credits would reduce the cost of electric vehicles so that they would become the car of choice for Middle America. But $386 billion was an estimate, not a price tag, since the legislation didn’t cap the amount of money available in tax credits. If utilities wanted to build more wind turbines or if demand for electric vehicles surged, the government would keep spending. When Credit Suisse studied the program, it estimated that so many businesses and consumers will avail themselves of the tax credits that the government could spend nearly $800 billion. If Credit Suisse is correct, then the tax credits will unleash $1.7 trillion in private sector spending on green technologies. Within six years, solar and wind energy produced by the US will be the cheapest in the world. Alternative energies will cross a threshold: it will become financially irresponsible not to use them. Even though Joe Biden played a negligible role in the final negotiations, the Inflation Reduction Act exudes his preferences. He romanticizes the idea of factories building stuff. It is a vision of the Goliath of American manufacturing, seemingly moribund, sprung back to life. At the same time that the legislation helps to stall climate change, it allows the United States to dominate the industries of the future. This was a bill that, in the end, climate activists and a broad swath of industry could love. Indeed, strikingly few business lobbies, other than finance and pharma, tried to stymie the bill in its final stages. It was a far cry from the death struggles over energy legislation in the Clinton and Obama administrations, when industry scuppered transformational legislation. The Inflation Reduction Act will allow the United States to prevent its own decline. And not just economic decline. Without such a meaningful program, the United States would have had no standing to prod other countries to respond more aggressively to climate change. It would have been a marginal player in shaping the response to the planet’s greatest challenge. The bill was an investment in moral authority.

The principle: The main components of a flagship device should be high-end, while other components can be mid-range or high-range, but not more than 30% of them. The device should not use low-end components that would affect its performance in some situations, especially those related to the core calculation and transport. Different companies have different abilities to negotiate with the suppliers, so the price does not reflect the quality of the materials used.

Non-Round Numbers Are Better at Anchoring Choosing a round number will send the message—especially to experienced negotiators—that you have no specific rationale for that price. And, if you have no rationale for a price, it’s reasonable to assume that you aren’t committed to that price. For example, if a house is listed at $250,000, and you offer $200,000, a smart seller will realize that it’s unlikely that $200,000 number has any specific meaning to you, and that you’re likely just fishing to see if the seller will budge on their price. On the other hand, if you were to offer, $204,200 on that same house, the seller will assume there was thought put into that offer, and will likely believe that the number has some specific meaning. You could reinforce this belief by communicating additional information to the seller when making the offer. For example, before offering $204,200, you might say to the seller: Investor: “I’m glad I met you today… this is actually perfect timing. I just left a closing this morning where I sold a previous property, and I have some cash available to make another purchase.” You haven’t said that the amount of cash you have available is $204,200, but given that your offer is so specific, the seller will likely assume a connection. The seller is now anchored to your $204,200 number, subconsciously thinking that this number is important to your side of the negotiation, perhaps even a requirement for you. Later in the negotiation, you can reinforce this anchor by saying something to the effect of: Investor: “I only have a specific amount of cash available to invest right now. I may be able to increase my offer a little bit, but not much.” Without saying it, you have reinforced the belief that $204,200 is the specific amount you have available to purchase the property, though you’re willing to reluctantly try to find a few more nickels under the sofa cushion.

While the payoff price of the property shouldn’t necessarily drive your opening offer, you should realize that in most cases, the payoff price of the house will be the seller’s worst-case MAO (this is what they need to get from the sale). In many cases, their MAO will be higher than the payoff (they want to walk away with additional cash from the sale), but rarely will it be lower.

Before we begin let’s think back to Chapter 5, where we attempted to get the following three key pieces of information from the seller or the seller’s agents: The seller’s source and level of motivation. The payoff price of the house. The seller’s stated lowest acceptable sale price.

By focusing on the agreeable issues, the other party will get the sense that progress is being made—that an agreement is on the horizon—and they will be more inclined to continue moving forward with the discussions. For example, you might write down a counteroffer and say to a seller: Investor: “Okay, it sounds like we both agree on the major points— we’re going to pay for the property in cash, we’ll close on your preferred date of February 16, and my partner will need to see the property and sign off on the deal. Now, all we need to do is come together on price. I know you said that you couldn’t do $87,500—what if I can increase my offer to $90,000, and we include a five-day inspection period for me to bring in my contractors to take a look at the property? Will that work for you?” In this case, even if the parties were far apart in price, we’re sending the message to the seller that we’re actually pretty close to a deal. In fact, I like to reiterate all the things we agree upon every time I make a counteroffer.

This is also a great tactic if negotiations ever stall—revisit the things both parties agree upon and remind the seller of more of those things that may not have been discussed for a while. For example, if things have come to a standstill in the negotiation, you might say: Investor: “I know we haven’t yet agreed on price, but I think we’re pretty close here. Remember, we’re happy to take the house as-is— you don’t have to clean out the basement or the garage. And our title company is happy to come here to your house to sign all the paperwork, just to make everything more convenient. My offer of $90,000 really is my top number, but I want you to be confident you are getting a great deal, so I’ll give up some of my profit and go to $91,500. Can we close on that?

When substantive negotiations were finally conducted in 1867, the Americans agreed to purchase the land. Not to be outdone by his predecessor, Secretary of State William Seward made the purchase of the vast region for a price of two cents per acre.

Investor: “Great! Now, I know we talked about the fact that you want $110,000 for the house. I already mentioned that I’d be purchasing your house as an investment, and unfortunately, I just can’t afford to pay that much and still be able to make a profit on the deal. But, here’s what I can do. I can either pay you $90,000 in cash for the property or I can pay you $100,000 if you’re willing to owner finance the sale. That means we would complete the sale in ten days, but you would wait six months to collect your $100,000. Which of those options would you prefer?” At this point, if you’ve done a good job of selecting your offer prices (e.g., you weren’t too generous), there is a good chance the seller isn’t going to accept either of those offers without some additional negotiation. The good news is that we’ve gotten the seller to implicitly agree to all the other terms and contingencies in the contract. Not only that, but we’ve now given the seller two options for the sale price, and his response to your final question (“Which of those options would you prefer?”) will give insight into which direction the negotiation goes.

Start by redistributing a chunk of your own authority. Step back from critical decisions and let your team decide. (We’ll say more about this in chapter 15.) If your company doesn’t have a profit-sharing plan, lobby for one and make sure it’s available to every employee. In a good year, profit sharing should raise average compensation by 10 percent or more. Wherever possible, disaggregate big units into small ones. In general, keep operating units to fewer than fifty people. Give every unit a full-fledged P&L. Minimize corporate overhead allocations and avoid building targets around detailed KPIs. Expand the decision-making prerogatives of frontline operating teams. Give them responsibility for decisions around unit strategy, operations, and people. Roll back legacy policies that have truncated the freedom of frontline units. Give businesses the right to negotiate the price of centrally provided services and opt out if they don’t think they’re getting a good deal. Once every unit has a genuine P&L, significantly increase the proportion of individual or team compensation that’s at risk. Ensure that above-average performance brings above-average rewards.

Deal-making is not so much about negotiation as it is about putting a price on your appetite and then sticking to it in every deal.

naive. Childish. From then on, butterflies mocked me. I didn’t thieve a single thing in my travels with the lepidopterist, though I made myself useful by negotiating with guides and hoteliers on the prices of donkeys and hammocks. I typed reports on typewriters that weighed half a ton, in Ceylon, in Singapore, in Trinidad. And

1.​Textile production produces an estimated 1.2 billion tonnes of CO2e per year, which is more than international flights and maritime shipping combined.47 2.​The average person buys 60 per cent more items of clothing than they did just fifteen years ago, and keeps them for about half as long.48 3.​By 2030, global clothing consumption is projected to rise by 63 per cent, from 62 million tonnes to 102 million tonnes. That’s equivalent to more than 500 billion extra T-shirts.49 4.​By 2050, the equivalent of almost three earths could be required to provide the natural resources it would take to sustain our current lifestyles.50 5.​A polyester shirt has more than double the carbon footprint of a cotton shirt.51 And yet the cotton needed to make a single T-shirt can take 2,700 litres of water to grow – that’s enough drinking water to last a person three years.52 6.​At its current rate, the fashion industry is projected to use 35 per cent more land to grow fibres by 2030. That’s an extra 115 million hectares of land that could otherwise be used to grow food, or left to protect biodiversity.53 7.​Approximately 80 per cent of workers in the global garment industry are women aged 18–35.54 But only 12.5 per cent of clothing companies have a female CEO.55 8.​Among seventy-one leading retailers in the UK, 77 per cent believe there is a likelihood of modern slavery (forced labour) occurring at some stage in their supply chains.56 9.​More than 90 per cent of workers in the global garment industry have no possibility of negotiating their wages and conditions.57 10.​Increasing the price of a garment in the shop by 1 per cent could be enough to pay the workers who made it a living wage.58

STRATEGY 4: REFUSE TO ANSWER CERTAIN QUESTIONS. You do not need to answer every question that your counterpart asks. If he asks you to reveal your reservation value, for example, you should not feel compelled to answer. Suppose that the other party asks, “What’s the lowest price you will accept for this shipment?” One way to respond, and to defuse the awkward moment with humor, is to say: “I think you already know the answer—it happens to be the most you are willing to pay for it!” More generally, it is often acceptable to respond to a question that you do not wish to answer with one of the following remarks: • “This is a discussion that we can have later on, once we have both committed to the deal. I don’t feel comfortable divulging this information at the moment.” • “As you undoubtedly understand, we cannot share that information for strategic reasons.” • “The answer to your question depends on many other factors that we need to discuss.

You can use standards of legitimacy both as a sword to persuade others, and as a shield to help you resist pressure to give in arbitrarily. (“I would like to give you a discount, but this price is firm. It is what General Motors paid for the same item last week; here is the bill of sale.”) Just as, by finding relevant precedent and principles a lawyer enhances his or her ability to persuade a judge, so a negotiator can enhance his or her negotiation power by finding precedents, principles, and other external criteria of fairness and by thinking of ways to present them forcefully and tellingly: “I am asking for no more and no less than you are paying others for comparable work.” “We will pay what the house is worth if we can afford it. We are offering what the similar house nearby sold for last month. Unless you can give us a good reason why your house is worth more, our

Gay couples are sometimes an exception to this rule. Having lived for so long outside the standard social norms and fought valiantly for sexual self-determination, they are highly aware of the price of sexual confinement and not so eager to shackle themselves. They are more likely to openly negotiate monogamy than tacitly assume it.

At Elxis – At Home in Greece, we take you step by step through purchasing a house in Greece. Start by clicking on ‘Properties’ and then on the region where you want to buy a home. Our team of experts can advise on your investment, helping you view properties, prepare the required documents, and negotiate the price. We guide you through the process in your desired language: English, Dutch, Greek, or German – so that you spend less time translating and more times turning your dream home in Greece into reality.

The breaking of the old model of price support was perhaps inevitable in the face of the pressures that the CAP had faced over the previous forty years. The combination of enlargement, WTO negotiations, rising environmental concerns, and public health scares ultimately proved too powerful to resist. Despite new member states supporting a CAP that makes substantial payments to farmers, the notion of a more multifunctional approach to rural development has become a much more dominant discourse within the institutions and is likely to lead to yet more change.

Stepped Approach World Class Pricing Inc. (2010) introduced the “Stepped Approach” for the execution of value-based pricing strategy. This approach starts with a Customer Targeting step that leading to mapping value drivers for customers (Value Assessment step). Having defined the business’s value delivery, the next step offers a ‘menu’ with different options available to its customers (Offering Structure step). The success of the ‘menu’ offering depends on the next step – the Value Communication one - as it is important that a clear message be communicated about value delivery to the clients. Successful communication will prompt the negotiation step that will push customers to seek value for themselves which will result in gaining competitive advantage for both the supplier and its customer (Value Negotiation step). Concluding the process is the Price Setting step that allows delivery of value with the offering.

Napoleon saw a chance to finally get rid of his troublesome American colonies and to make some money to fund his European wars at the same time. He offered to sell the United States all of Louisiana for only $15 million in cash. Without waiting for Jefferson’s approval, after just nineteen days of negotiation, Livingston accepted the offer on behalf of his nation. It was a massive purchase at a bargain price. The new territory doubled the young republic’s size. Jefferson’s $15 million bought what comprises about a quarter of the current geography of the United States

Ask the Most Important Question The information we’ve gathered on motivation and property payoff amount are likely enough to allow us to generate a reasonable opening price bid. But, given that we’re great negotiators, there’s one more tactic that will often provide an even clearer picture of the seller’s minimum acceptable price. And that’s asking the seller flat out, “What is the lowest price you’d accept?” Now, you may be thinking that’s a bit too direct and any reasonable seller is going to be unlikely to give you an honest answer. And I’d agree with you. But if you phrase that same question just a little bit differently, you can get the information you’re looking for, while at the same time sending the message to the seller that she’d benefit from answering the question. Instead, what if we asked the question: Investor: “If I were to offer you all cash and close as quickly as you’d like, what is the best price you could give me in return?” Do you see what we just did there?

Here are some specific things we look for in a real estate listing: Price: If a house is priced below market value, that is the best indication that the seller is motivated. They are willing to give up at least some profit in return for a quicker sale. On the other hand, when a house is listed above market value, this typically indicates that seller is not desperate to sell and is more interested in a high sale price than a quick sale. Additionally, once a seller lists a property above market value, they will become anchored to that above-market price, and—barring any major realizations by the seller—it will be difficult to break that anchor and get a great deal on the property. Days on Market (DOM): The second piece of information a listing can provide with respect to motivation is the number of days the property has been listed for sale. Typically, when a seller first lists a property, they are confident (or at least optimistic) that they will get an offer close to list price. For that reason, it’s generally difficult to purchase newly listed properties much below list price.

Price Changes: If a property has had a price drop, that indicates that the seller has accepted the fact that the list price was incorrect.

I am thankful that sacrifice is non-negotiable, and that counting the cost in giving to another is foolishly assuming that we can put a price on sacrifice.

Hell, you knew she had baggage. Layers. You told me you wanted to find out everything about her. Find out why she doesn’t have a family. Find out why she’s all alone in New York. Find out why she’s living in Pete’s spare room until tomorrow.” I spin to face him. “She’s living with Pete and Reagan?” I didn’t know about that. “Why?” He shrugs. “She had to move out of the dorm after graduation. They had an empty room. But Reagan’s parents are coming to stay for two weeks, so she’s going somewhere else.” “Where?” I ask quickly. He shrugs. “Does it matter?” But he’s grinning. Fuck yeah, it matters. “Is she going to stay with one of the douchebags?” “What douchebags?” Matt scratches his head. “Never mind,” I say. Hope swells within me. I shouldn’t let it, but it does. I get out a piece of paper and write on it in magic marker: ROOM FOR RENT PRICE NEGOTIABLE ONLY BEAUTIFUL LITTLE BOMBSHELLS NEED APPLY PREFERABLY ONES NAMED FRIDAY I walk out of the back room and go to the bulletin board. I stick a thumbtack in the “advertisement” and walk away. I hear a snicker from behind me and turn to grin at Logan. You’re a d-o-o-f-u-s, he signs, fingerspelling the last word because there’s no sign for something so stupid. I know, I sign back. He looks a little worried for me, but I don’t care. I can’t get where I want to go if I don’t take a first step. Regardless of whether or not she’s pregnant, she needs a place to stay and I have two empty rooms. And she’s family, for Christ’s sake. I’ve never wanted to eat out a member of my family, though. I scratch my head. I should probably stop thinking like that. I whistle to myself as I walk to my office. I have some paperwork to do before my first appointment arrives. And I need to give Friday time to find my ad.

The problems facing America have become much more complex over time, and the political class lacks the capacity to deal with them. The problems are global, interconnected across many areas of politics and policy, and often highly technical. The climate change challenge, for example, involves agriculture (both as a source of greenhouse gas emissions and as a highly vulnerable sector), electricity generation and distribution, federal and private land use, transportation, urban design, nuclear power, disaster risk management, climate modeling, international financing, public health, and global negotiations. Could one imagine a problem less easily handled by a layman Congress operating on a two-year election cycle? The