Negotiation Baby Steps

Wouldn't it be great if each negotiation we had to face came with its own set of instructions? Unfortunately, almost every negotiation is different and some are far more complex than others, but there are some basic skills everyone can learn.

Think about how you prepare for a negotiation. Most likely, you take time to do some research on the topic and, if this is a person you've dealt with before, you may review any history you have with them. This is a great start for preparing yourself for a negotiation. Obviously, when you call the cable company to negotiate a lower rate because you are "thinking" of switching to satellite, your preparation may differ from an important salary negotiation. However, the following 3 ideas will provide you with some guidance in most situations.

1. Know Thyself: Are you a morning person, or a night owl? Are you a good listener or do you prefer to control the pace of a conversation? What are some of your strengths when dealing with others? Weaknesses? Are you likely to give up on the first "No" or would you be willing to ask more questions in order to understand why the other sides is saying No?

2. Know Your BATNA: Your BATNA is your Best Alternative To a Negotiated Agreement. Do you know at what point you are better off not doing a deal at all rather than doing a bad deal? That is, what is your break-even point? If you reach a point where your BATNA is more attractive than the deal being offered, you can walk away knowing you've made the right decision as long as you know your BATNA going into the negotiation.

3. Know What You Want: Know your destination. If you don't know where you are going you have at least two problems. First, you won't know how to get there. Second, how will you know when you've arrived?

By keeping these three points in mind while preparing for your next negotiation, you'll have a much clearer picture of how the negotiation will unfold, your own purpose and vision along with a break-even point and, most importantly, a destination.

First Day of Spring - Less Than A Month Away!

Encouraging thoughts - we all need them. Tom related a little life lesson that I have often repeated since he told it to me. E + R = O. That is, Experience + our Reaction to those experiences equals our Outcome. We often don't have a lot of control over our Experiences, but our Reactions are something we have direct control over.

Along those same lines, we had a great motivational speaker - Boaz Rauchwerger - come and speak to us in the Studio. I will be the first to admit that I often find motivational speakers to be a bit cheesy and I don't often take much from their message, but Boaz was different. He is the definition of an optimist and his attitude is infectious, you know, in a good way. He left us with his "31-day charge" which has a short story along with a motivational Attitude Affirmation for each day of the month. I find myself often repeating my favorites. We made up signs after Boaz's presentation with a variation on the famous Notre Dame sign tapped by the football players on their way to the field. Our sign reads: Ever Day, I Play Like A Champion!

I've found that applying Boaz's advice in my everyday life has helped me make the impact of the E a little less and strenghtened my R and that has led to better O. (e + R = O!)

Back Country Checklist @ Grand Targhee Wyoming 2009

I was skiing in the back country last week. And I came across this sign:



I read Back Country Checklist carefully and could not help but see this checklist's application to life. When I read the sign I interpreted the questions to mean:

1. Do you have the required knowledge or training to do what you want?

2. Do you know where you’re going?

3. Do you understand your current situation?

4. Have you sought help from those that are informed?

5. Do you have the right tools to succeed?

6. Are you prepared for what lies ahead?

7. Are you willing to take 100% responsibility for your life?

Going forward, I will use this checklist on and off the mountain.

Learning About Contracts

Whew! Life in the Studio has been busy! Tom just got back from a little ski vacation in Alta, WY and a subsequent client meeting in NYC where they had a lot of great discussion around social media. Kendra has been out landing whale clients and dealing with sick kids, I'm not sure when she sleeps - she's amazing! Stephanie is the glue holding us all together as always, now I just have to trick her into coming back to the gym with me.

So, enough with the firm update. My focus for 2009 is going to be learning how to do deals and understanding the subtle ins and outs that separate good deals from great deals. Well, that's great, but how do you get started? One of the first things I learned was to use a methodology. Use the same approach to analyzing deals each time, so that you aren't reinventing the wheel over and over again. From our website, you can download our approach to contract analysis, here.

Second, and equally important is using a visual representation of complex deals that highlight important deal points. This makes it so much easier to come back to a deal, months later, and pick out the key pieces of information that you might need to know (e.g., payment, indemnification, termination, etc.). We use software called Mindmap Pro. It's very easy to use and allows for a wide range of customizable options. You can check out a free trial, here.

Why WieseLaw?

Hi all - Thanks for stopping by to see our blog. As the newest member of the WieseLaw Contract Studio, I thought I'd share with you some of my impressions and why I knew I wanted to be a part of what Tom, Kendra, Stephanie, Pace and Don have worked so hard to build.

It was obvious pretty early on, that WieseLaw was going to be unconventional. Even the interview process was different. Tom's first question to me was: "What's your favorite movie?" (Intolerable Cruelty, by the way). I was floored and excited. They were a lot more interested in finding out what I was good at, what I enjoyed doing and how I could help them develop the vision for their practice than they were about figuring out where my weaknesses were.

After I joined the firm, I got to see first hand how important relationships and people are here at WieseLaw. We aren't anything without our cool clients. It's definitely not unusual to hear questions about people's families and backgrounds along with whatever deal is being worked. All part of the holistic approach that's taken here.

I have thoroughly enjoyed my year and half I've been here and I can't imagine doing anything else.

Harley, the Golden Retriever

One of the great things about working in the Contract Studio is that we have lots of visitors of the 4-pawed persuasion. We've had Bauer the Bernese Mountain Dog in for a visit (while he was recovering from surgery) and Walter the Pug was a lot of fun.

Our latest office mascot is Harley the Golden Retriever and he loves tennis balls:

We're not sure how long we'll have Harley with us, but we're so glad he's here.

2009 – It’s Going To Be A Great, Tough Year

The media is putting a death wrapper on everything. What the media is not reporting, however, is the incredible duality of the situation. Yes, it’s bad out there, but it’s also fantastic – the world now abounds with unparalleled opportunities. This is an exciting time. We have many constraints: money is tight, time is scarce, attitudes are negative, fear is running high. Yet these “constraints” can actually be turned on their heads and leveraged into fostering wonderful creativity.

Think World War II, think Manhattan Project, think Apollo programs. All of these periods in history were characterized by massive constraints, yet amazing things were accomplished. The constraints were turned on their heads to unleash a torrent of creativity. In fact, our opportunities are even greater still -- because everything is on the table, there are no more sacred cows. When constraints rise to this level, everything must be reexamined, which actually spells the ultimate creative freedom.

Unconstrained Constraints = Ultimate Creative Freedom

During this period of time great things will be done and accomplished by those who lean into this situation and provide value. Lets get busy. . . It’s show time.