Here are some great business negotiating tips from Richard Parker, a professor at Trump University (Donald Trump's online business school). Parker bought his first business when he was 12, and sold it for a profit when he was 13. He has since spent many years buying and selling many other businesses, and is an expert negotiator.
Here are his 16 negotiating tips:
1) Don't beat an issue to death. If you can't agree, move on and come back to it.
2) Don't quote facts that you can't back up.
3) Don't try to be something you are not.
4) Don't think you have to give in on one point because you won the previous one.
5) Don't hold a grudge. Once a point is agreed to, move on to the next one, and don't bring it up again.
6) Don't fight on every point for the sake of "negotiating".
7) Don't become emotionally attached to a business (or any other deal) simply because you are getting closer to an agreement.
8) Don't get so wrapped up in the moment that you forget what you are there for. Take a step back and see what is happening.
9) Don't be insulting.
10) Don't interrupt.
11) Don't give up.
12) This isn't war; don't treat it as such.
13) Don't argue over pennies.
14) Don't threaten to walk away from the deal unless you are fully prepared to do so and never return.
15) Don't let the amount of time you have spent on the deal influence any of your decisions (even if it is to walk away from the deal after a lot of hard work and time).
16) Don't let lawyers or anyone else control the deal or take hard stances on your behalf. If you hit a wall, get everyone into a room and hammer out a resolution.
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